A Lagos High Court has ordered the freezing of all bank accounts belonging to World Oil Industries Limited and its director, Kunle Abiodun Enitilo, over an alleged unpaid debt of N407,125,000 owed to Q&M Oil & Gas Limited.
The ruling was delivered by Rosul O. Olukolu at the Commercial Courthouse in Tapa, Lagos Island, following an ex-parte motion filed by Q&M Oil & Gas in Suit No: LD/851CM/2026.
Justice Olukolu granted a Mareva injunction, a strict legal measure designed to prevent the dissipation of assets, restraining several Nigerian banks from processing any transactions linked to the defendants’ accounts.
“The order of this court is that all accounts belonging to the defendants be frozen pending the determination of this suit,” the judge ruled.
The affected financial institutions include Guaranty Trust Bank, Access Bank, Zenith Bank, United Bank for Africa, First Bank of Nigeria, Ecobank, and Fidelity Bank, among others.
“The banks are hereby directed to disclose within seven days all balances in accounts linked to the defendants,” the court further ordered.
The court also restrained the company and its director from dealing with their assets. “The defendants are prohibited from selling, transferring, or disposing of any traceable assets while this matter is pending,” the ruling stated.
In its application, Q&M Oil & Gas Limited alleged that the defendants had been evasive and were taking steps to move assets beyond the reach of the court.
“The defendants have begun leasing petrol stations to third parties, raising a real risk that they may frustrate the enforcement of any judgment,” the claimant argued.
The case has been adjourned to April 2, 2026, for further proceedings.