Court Freezes Accounts Of World Oil Industries Over ₦407m Unpaid Diesel Debt

The Lagos State High Court sitting at Tapa, Lagos Island, has ordered the freezing of all bank accounts linked to World Oil Industries Limited and one of its directors, Kunle Abiodun Enitilo, over an alleged unpaid diesel supply debt of ₦407,125,000 owed to Q&M Oil & Gas Limited.

The freezing order was granted by Justice (Dr.) Rosul O. Olukolu following an ex-parte motion filed by the legal team of Q&M Oil & Gas Limited in Suit No: LD/851CM/2026.
In a ruling delivered at the Commercial Courthouse in Tapa, Lagos, the court issued a Mareva injunction restraining several financial institutions operating in Nigeria from releasing or allowing transactions on any funds linked to the defendants up to the value of the claimant’s total claim.

The order affects accounts held by the defendants across multiple financial institutions, including Guaranty Trust Bank Limited, Access Bank Plc, Ecobank Nigeria Plc, Fidelity Bank Plc, First Bank of Nigeria Limited, United Bank for Africa Plc, Zenith Bank Plc, and other commercial and digital financial service providers.

Justice Olukolu directed the banks to immediately halt any withdrawals, transfers, or dealings involving funds connected to the defendants, their agents, subsidiaries, or related companies tied to the Bank Verification Number (BVN) of the second defendant.
The court further ordered the affected banks to disclose within seven days the balances of any accounts maintained by the defendants as of the date of the order.

The legal action stems from a diesel supply agreement dated February 3, 2025, under which Q&M Oil & Gas Limited supplied diesel to World Oil Industries Limited to meet the fuel demands of its customers.

According to the ex-parte motion filed by the claimant, the agreement led to the delivery of diesel valued at approximately ₦1.85 billion.
The claimant alleged that despite benefiting from the full supply, the defendants failed to settle all invoices issued for the product and that repeated efforts to recover the outstanding balance were unsuccessful, leaving an alleged unpaid sum of ₦407,125,000.

In an affidavit deposed to by Tossa Godwin Oluwasegun in support of the application, the claimant alleged that the defendants had been evasive and failed to demonstrate a clear commitment toward repaying the debt.

The claimant further alleged that the defendants had begun dissipating their assets in a manner that could frustrate any eventual judgment. According to the affidavit, there were indications that some petrol stations and other assets belonging to the defendants had been leased or transferred to third parties, raising concerns that funds could be moved beyond the jurisdiction of the court.

Lawyers to the claimant urged the court to grant the application to preserve the defendants’ assets pending the hearing of the substantive suit.

Justice Olukolu held that the application was necessary to safeguard the subject matter of the dispute and granted the requested interim reliefs.

In addition to freezing the accounts, the court restrained the defendants from selling, transferring, assigning, or otherwise dealing with any traceable assets during the pendency of the suit.

The court also granted permission for substituted service of court processes by pasting the documents at the last known address of the second defendant located at No. 1, Great Favour Street, Ikota Estate, Lekki, Ibeju-Lekki, Lagos.

The matter was adjourned to April 2, 2026, for a report of service and further proceedings.