Court rejects Petrocam’s bid to vary N9.05bn security order

Summary

A Federal High Court in Lagos has dismissed Petrocam Trading Nigeria Limited’s application to change conditions attached to a security order over a disputed N9.05bn claim.

Highlights

• Justice Akintayo Aluko said the July 15 application was an abuse of court process because it sought to reopen a ruling already made after both sides were heard.
• The case stems from a March 30 interim injunction restraining dealings with the defendants’ bank accounts over an alleged N9,057,511,855.63 claim.
• On May 4, the court refused to discharge the injunction but allowed the defendants to secure the disputed sum with a bank bond or guarantee.
• Petrocam and the other defendants later asked the court for more time and for the bond-or-guarantee condition to be replaced with another form of undertaking.
• The application was heard on August 27, 2026 before the ruling dismissed it.