A Lagos State High Court sitting in the Tapa, has ordered the freezing of all bank accounts linked to World Oil Industries Limited and one of its directors, Kunle Enitilo, over an alleged debit of N407.12million debt allegedly owed Q&M Oil & Gas Limited for diesel supply.
The freezing order was granted by Justice Rosul Olukolu, following an ex-parte motion through the legal team of Q&M Oil & Gas Limited in suit No: LD/851CM/2026.
In freezing the accounts of World Oil Industries Limited and Enitilo, Justice Olukolu 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 numerous financial institutions and several 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 suit 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 by the claimant, the agreement led to the delivery of diesel valued at approximately N1.85 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 attempts to recover the outstanding balance were unsuccessful, leaving an alleged unpaid sum of N407,125,000.
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The claimants in an affidavit deposed to by Tossa Oluwasegun, in support of the application, alleged the defendants have been evasive and failed to demonstrate any clear commitment toward repaying the debt.
The claimant also alleged that the defendants had begun dissipating their assets in a manner that could frustrate any eventual judgment.
According to the claimant, 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 motion.
Justice Olukolu agreed 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 has been adjourned to April 2, 2026, for a report of service and further proceedings.
