These are not the best of times for Femi Otedola as the Court of Appeal in Lagos has ordered the interim seizure of his Zenon Petroleum & Gas Limited’s headquarters in Lagos over an unpaid judgment debt of $1.8 million.
Thisday reports that in a ruling delivered on June 26, 2025, the appellate court directed the seizure of the company’s prime asset, Victoria Island Towers, located at 7, Tiamiyu Savage Street, pending the determination of a Motion on Notice scheduled for July 8, 2025.
The dispute originated from a contractual disagreement between a British national, Mr. James Lloyd-Jennings, and Zenon Petroleum over agency fees from an aircraft purchase arrangement.
In April 2025, the Lagos High Court ordered Zenon to pay Mr. Lloyd-Jennings $1.8 million as his entitled fee. Dissatisfied with the decision, Zenon filed an appeal.
Following an ex parte application by Lloyd-Jennings, the Court of Appeal granted an interim order restraining Zenon and its management from selling, transferring, or encumbering the property until the case is concluded.
The order, signed by Musa Mohammed Imam, Deputy Chief Registrar of the Court of Appeal, declared: “The application is granted as prayed, pending the determination of the Motion on Notice which is fixed for 8/7/25. The Appellant and 2nd Respondent are to be duly served before that date.”
Affidavits filed by Lloyd-Jennings alleged that Zenon had already initiated steps to transfer ownership of the property through an unregistered Deed of Gift, a move he argued would undermine recovery efforts if allowed to proceed.
Lawyers representing Mr. Lloyd-Jennings from CLP Legal welcomed the ruling, describing it as “timely and just,” while noting that the order reinforces the rule of law and protects the rights of all parties involved.
Court filings further suggest that Zenon is weighed down by significant indebtedness, with the Victoria Island property standing as its only visible asset. The interim order was therefore deemed necessary to prevent the dissipation of assets before the appeal is resolved.
These are not the best of times for Femi Otedola as the Court of Appeal in Lagos has ordered the interim seizure of his Zenon Petroleum & Gas Limited’s headquarters in Lagos over an unpaid judgment debt of $1.8 million.
Thisday reports that in a ruling delivered on June 26, 2025, the appellate court directed the seizure of the company’s prime asset, Victoria Island Towers, located at 7, Tiamiyu Savage Street, pending the determination of a Motion on Notice scheduled for July 8, 2025.
The dispute originated from a contractual disagreement between a British national, Mr. James Lloyd-Jennings, and Zenon Petroleum over agency fees from an aircraft purchase arrangement.
In April 2025, the Lagos High Court ordered Zenon to pay Mr. Lloyd-Jennings $1.8 million as his entitled fee. Dissatisfied with the decision, Zenon filed an appeal.
Following an ex parte application by Lloyd-Jennings, the Court of Appeal granted an interim order restraining Zenon and its management from selling, transferring, or encumbering the property until the case is concluded.
The order, signed by Musa Mohammed Imam, Deputy Chief Registrar of the Court of Appeal, declared: “The application is granted as prayed, pending the determination of the Motion on Notice which is fixed for 8/7/25. The Appellant and 2nd Respondent are to be duly served before that date.”
Affidavits filed by Lloyd-Jennings alleged that Zenon had already initiated steps to transfer ownership of the property through an unregistered Deed of Gift, a move he argued would undermine recovery efforts if allowed to proceed.
Lawyers representing Mr. Lloyd-Jennings from CLP Legal welcomed the ruling, describing it as “timely and just,” while noting that the order reinforces the rule of law and protects the rights of all parties involved.
Court filings further suggest that Zenon is weighed down by significant indebtedness, with the Victoria Island property standing as its only visible asset. The interim order was therefore deemed necessary to prevent the dissipation of assets before the appeal is resolved.
These are not the best of times for Femi Otedola as the Court of Appeal in Lagos has ordered the interim seizure of his Zenon Petroleum & Gas Limited’s headquarters in Lagos over an unpaid judgment debt of $1.8 million.
Thisday reports that in a ruling delivered on June 26, 2025, the appellate court directed the seizure of the company’s prime asset, Victoria Island Towers, located at 7, Tiamiyu Savage Street, pending the determination of a Motion on Notice scheduled for July 8, 2025.
The dispute originated from a contractual disagreement between a British national, Mr. James Lloyd-Jennings, and Zenon Petroleum over agency fees from an aircraft purchase arrangement.
In April 2025, the Lagos High Court ordered Zenon to pay Mr. Lloyd-Jennings $1.8 million as his entitled fee. Dissatisfied with the decision, Zenon filed an appeal.
Following an ex parte application by Lloyd-Jennings, the Court of Appeal granted an interim order restraining Zenon and its management from selling, transferring, or encumbering the property until the case is concluded.
The order, signed by Musa Mohammed Imam, Deputy Chief Registrar of the Court of Appeal, declared: “The application is granted as prayed, pending the determination of the Motion on Notice which is fixed for 8/7/25. The Appellant and 2nd Respondent are to be duly served before that date.”
Affidavits filed by Lloyd-Jennings alleged that Zenon had already initiated steps to transfer ownership of the property through an unregistered Deed of Gift, a move he argued would undermine recovery efforts if allowed to proceed.
Lawyers representing Mr. Lloyd-Jennings from CLP Legal welcomed the ruling, describing it as “timely and just,” while noting that the order reinforces the rule of law and protects the rights of all parties involved.
Court filings further suggest that Zenon is weighed down by significant indebtedness, with the Victoria Island property standing as its only visible asset. The interim order was therefore deemed necessary to prevent the dissipation of assets before the appeal is resolved.
These are not the best of times for Femi Otedola as the Court of Appeal in Lagos has ordered the interim seizure of his Zenon Petroleum & Gas Limited’s headquarters in Lagos over an unpaid judgment debt of $1.8 million.
Thisday reports that in a ruling delivered on June 26, 2025, the appellate court directed the seizure of the company’s prime asset, Victoria Island Towers, located at 7, Tiamiyu Savage Street, pending the determination of a Motion on Notice scheduled for July 8, 2025.
The dispute originated from a contractual disagreement between a British national, Mr. James Lloyd-Jennings, and Zenon Petroleum over agency fees from an aircraft purchase arrangement.
In April 2025, the Lagos High Court ordered Zenon to pay Mr. Lloyd-Jennings $1.8 million as his entitled fee. Dissatisfied with the decision, Zenon filed an appeal.
Following an ex parte application by Lloyd-Jennings, the Court of Appeal granted an interim order restraining Zenon and its management from selling, transferring, or encumbering the property until the case is concluded.
The order, signed by Musa Mohammed Imam, Deputy Chief Registrar of the Court of Appeal, declared: “The application is granted as prayed, pending the determination of the Motion on Notice which is fixed for 8/7/25. The Appellant and 2nd Respondent are to be duly served before that date.”
Affidavits filed by Lloyd-Jennings alleged that Zenon had already initiated steps to transfer ownership of the property through an unregistered Deed of Gift, a move he argued would undermine recovery efforts if allowed to proceed.
Lawyers representing Mr. Lloyd-Jennings from CLP Legal welcomed the ruling, describing it as “timely and just,” while noting that the order reinforces the rule of law and protects the rights of all parties involved.
Court filings further suggest that Zenon is weighed down by significant indebtedness, with the Victoria Island property standing as its only visible asset. The interim order was therefore deemed necessary to prevent the dissipation of assets before the appeal is resolved.
