Zenon Petroleum & Gas Limited has debunked reports that claimed its Victoria Island property was seized over a N7.2bn judgment debt. In a response obtained by our correspondent and signed by Zenon’s management through its counsel, Paschal Chimezie, tagged “Re: Appeal Court Seizes Zenon property over unpaid judgment debt,” the company denied the allegation of the seizure.
It stated, “Zenon’s attention has been drawn to the mischievous and misleading reports circulating in the media… To set the record straight, the matter in question involves an agency fee in respect of an aircraft which Zenon planned to purchase but was ultimately taken over by AMCON, and the Court of Appeal is to determine the issue of liability as well as the merit of an ex parte order of Interim Attachment against a property not owned by Zenon but by a third party.”
The firm stated that its headquarters in Victoria Island was not seized by a Court of Appeal Order, stressing that “the whole purpose of the misleading reports circulating in the media is not only to use extra-judicial means to extort money from Mr Otedola but also to malign his reputation in order to blackmail him to settle a matter that is subjudice.”
It was earlier reported that the Court of Appeal, Lagos Division, on June 26, 2025, issued an interim order of attachment on Zenon Petroleum and Gas Limited’s property at 7, Tiamiyu Savage Street, Victoria Island, Lagos, in connection with an ongoing legal dispute over a N7.2bn debt owed to British national, James Lloyd-Jennings.
The Order read in part, “Upon reading the Motion Ex-parte dated and filed on the 16th day of June, 2025 and the affidavit deposed to by Uylosa Erhabor on the 16th day of June, 2025, it is hereby ordered as follows: 1. That the application is granted as prayed pending the determination of the Motion on Notice which is fixed for 8/7/25. 2. The Appellant and 2nd Respondent to be duly served before that date.”
Meanwhile, in a statement by Llloyd-Jennings, it was disclosed that the Appeal Court also restricted Zenon and the public at large from dealing with the property by any means until a Motion on Notice seeking similar orders can be heard, or risk facing the consequences of their non-compliance.
