*The Court of Appeal, in Lagos, in a ruling has directed the attachment of Zenon Petroleum & Gas Limited’s asset, Victoria Island Towers, following a prolonged legal battle between the company Asset Management Corporation of Nigeria

Isola Moses | 绿帽献妻

Following the reports on an alleged court-ordered seizure of the company鈥檚 headquarters, in Lagos, Zenon Petroleum and Gas Limited has debunked that its Victoria Island property had been seized over a N7.2 billion unpaid judgement debt between the company and Asset Management Corporation of Nigeria (AMCON).

Reports, last week, claimed that Zenon Petroleum owned by businessman Mr. Femi Otedola, has lost the property to AMCON because the company failed pay N7.2 billion judgment debt, as ordered by a Federal High Court, in Lagos.

Reacting to the claim, Paschal Chimezie, company鈥檚 counsel, in a statement, said the new reports were a fabrication, and should not be taken seriously.

Zenon Petroleum, in the statement titled, 鈥淩e: Appeal Court Seizes Zenon property over unpaid judgment debt鈥�, described the report as 鈥渕ischievous and misleading鈥�.

The oil firm, therefore, urged the Nigerian public to ignore such.

It also stated that those peddling the report were only trying to extort money from Otedola, who is not ready to succumb to any blackmail.

The statement further noted: 鈥淶enon鈥檚 attention has been drawn to the mischievous and misleading reports circulating in the media.

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鈥淭o set the record straight, the matter in question involves an agency fee in respect of an aircraft which Zenon planned to purchase but was ultimately taken over by AMCON, and the Court of Appeal is to determine the issue of liability as well as the merit of an ex parte order of Interim Attachment against a property not owned by Zenon but by a third party.鈥�

Earlier, the Nigerian appellate court, in a ruling delivered June 26, 2025, was reported to have directed the attachment of the company鈥檚 asset, Victoria Island Towers, after a prolonged legal battle between the Asset Management Corporation of Nigeria and Zenon Petroleum & Gas Limited.

Earlier, AMCON had secured a judgment from the Federal High Court, in Lagos, against the company for its indebtedness, which led to the enforcement order by the Court of Appeal.

In the ruling, the Management of Zenon, led by Mr. Femi Otedola, has been barred from selling, transferring, or dealing in the property until the debt is fully settled.

The Court of Appeal also appointed a Deputy Chief Registrar to oversee the enforcement process and ensure compliance with the property seizure order.

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