Court Dismisses Petrocam’s Bid to Change N9.05bn Security Order

The Federal High Court in Lagos has rejected Petrocam Trading Nigeria Limited’s attempt to replace a bank guarantee or bond securing a disputed N9.05 billion claim with another form of undertaking.

Justice Akintayo Aluko ruled that the application filed on July 15, 2026, abused the court process. He said the defendants were trying to disguise an effort to discharge, overturn or reopen an earlier substantive ruling as an application to vary its conditions.

The dispute began when the claimant sought to preserve funds allegedly owed by Petrocam and other defendants. On March 30, the court issued an interim injunction restricting dealings with the defendants’ bank accounts up to the value of the claimant’s alleged N9,057,511,855.63 claim.

The defendants challenged that order. On May 4, the court declined to discharge the injunction but modified the arrangement, allowing the defendants to protect their interests by providing a bond or guarantee from a reputable bank. It set the security at N9,511,185,353.53 and required the claimant to give an undertaking as to damages.

The defendants later sought more time and asked the court to replace the bank security requirement. Their lawyers argued that Order 26 Rule 9(1) and (2) of the Federal High Court Civil Procedure Rules 2019 allowed the variation. Justice Aluko rejected that argument, saying the rule applied to orders made ex parte. Although the March injunction began as an ex parte order, the defendants had challenged it and both sides had been heard before the May ruling. The judge therefore dismissed the application after a hearing on August 27, 2026.