August 22, (THEWILL) — The Court of Appeal in Lagos has ordered the seizure of Zenon Petroleum & Gas Limited’s headquarters in Victoria Island over an outstanding judgment debt of N7.2 billion.
In a ruling delivered on June 26, 2025, the appellate court directed the attachment of the company’s asset, Victoria Island Towers, after a prolonged legal dispute between the Asset Management Corporation of Nigeria (AMCON) and Zenon Petroleum.
AMCON had earlier secured a judgment from the Federal High Court in Lagos against the company for its indebtedness, leading to the enforcement order by the appellate court.
The court also restrained Zenon’s management, led by billionaire businessman Femi Otedola, from selling, transferring, or otherwise dealing in the property until the debt is fully discharged.
It further appointed a Deputy Chief Registrar to supervise the enforcement process and ensure compliance with the order.
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