Lagos Court Freezes World Oil Industries’ Accounts Over ₦407m Diesel Debt

A Lagos State High Court has ordered the freezing of all bank accounts linked to World Oil Industries Limited and its director, Kunle Abiodun Enitilo, over an alleged unpaid diesel debt of ₦407,125,000 owed to Q&M Oil & Gas Limited. The order follows an ex-parte motion filed in Suit No LD/851CM/2026. Justice Rosul O. Olukolu granted a Mareva injunction restraining several banks – including Guaranty Trust Bank, Access Bank, Ecobank, Fidelity, First Bank, UBA and Zenith – from releasing or allowing transactions on any funds connected to the defendants up to the value of the claim. The banks must disclose account balances within seven days. The dispute stems from a diesel supply agreement dated February 3, 2025. Q&M Oil delivered diesel worth about ₦1.85 billion but says World Oil failed to settle invoices accounting for ₦407 million. The claimant alleges that repeated efforts to recover the balance failed and that the defendants may be dissipating assets to frustrate any eventual judgment. In addition to freezing the accounts, the court restrained the sale or transfer of traceable assets pending the suit. Substituted service was permitted at the director’s last known address. The next hearing is scheduled for April 2, 2026.

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