N9.5bn Dispute: Court Dismisses Petrocam’s Bid to Vary Security Order as Abuse of Process

A Federal High Court judge in Lagos has dismissed an application by Petrocam Trading Nigeria Limited and others seeking to vary an order requiring them to provide a bond or guarantee as security for a disputed N9.05 billion claim. Justice Akintayo Aluko ruled that the application constituted an abuse of the court's process, as it was an attempt to indirectly discharge and overturn an earlier ruling.

The dispute stems from the claimant's efforts to preserve alleged funds owed to it by Petrocam and others. Initially, an interim injunction was granted on March 30, 2026, restraining the defendants' dealings with their accounts to the extent of the claimant's N9.057,511,855.63 claim. The defendants later challenged the order, and on May 4, Justice Aneke modified the arrangement, allowing them to secure the claim with a bond or guarantee from a reputable bank.

The defendants now sought an extension of time and to vary the conditions imposed by the May 4 ruling. However, Justice Aluko rejected their argument, stating that the May 4 ruling had transformed the earlier ex parte order into an inter partes order after hearing both sides. The judge also found that the defendants' application amounted to an indirect attempt to discharge the May 4 order, describing it as an abuse of the court's process.