Court dismisses Petrocam’s bid to change N9.05bn security order

On Wednesday, Justice Akintayo Aluko dismissed a bid by Petrocam Trading Nigeria Limited and others to alter a security order requiring a N9.05bn bank guarantee or bond. The judge deemed their application as an abuse of court process, as it aimed to indirectly overturn an earlier ruling after both sides had been heard. In March 2026, the court issued an interim injunction, preventing Petrocam and the others from dealing with their bank accounts to the extent of the N9.057,511,855.63 claimed by the claimant.

The defendants contested the order on May 4, 2026, but the court refused to discharge the injunction and allowed them to secure the claim with a bond or guarantee from a reputable bank. When the defendants filed an application on July 15, 2026, seeking changes to the order, Justice Aluko held that it was an attempt to discharge the May 4 ruling, which was delivered after a contested hearing involving all parties.

The court found no basis for the defendants to escape the conditions imposed in the May 4 ruling, as the March 30 injunction had already become an inter partes order after the defendants were heard.