Zenon Petroleum & Gas Limited has denied claim that its Victoria Island property has been seized over a judgment debt, in a case between the company and AMCON.
Last week, some reports claimed that Zenon owned by businessman Femi Otedola has lost the property because it failed pay N7.2 billion judgment debt as ordered by a Federal High court in Lagos.
Reacting, the company’s counsel, Pascahl Chimezie, in a statement said the report was a fabrication , and should not be taken serious.
The compnay, in a statement titled “Re: Appeal Court Seizes Zenon property over unpaid judgment debt,” also described the report as “mischivious and misleading” urging the public to ignore such, adding that those peddling the report were only trying to extort money from Otedola, who is not ready to succumbed to any blackmail.
“Zenon’s attention has been drawn to the mischievous and misleading reports circulating in the media… To 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,” the company said.
According to the report, the court of Appeal, had in a ruling delivered on June 26, 2025, directed the attachment of the company’s asset, Victoria Island Towers, following a prolonged legal battle between the Asset Management Corporation of Nigeria, AMCON, and Zenon Petroleum.
AMCON had previously 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.
Under the ruling, Zenon’s management, led by Otedola, was allegedly barred from selling, transferring, or dealing in the property until the debt is fully settled.
Also, the court allegedly appointed a Deputy Chief Registrar to oversee the enforcement process and ensure compliance with the order.
The magazine reports that Zenon Petroleum & Gas Limited is one of the businesses owned by the business mogul.
His chain of businesses also traversed power and recently banking, after he became the Chairman of FirstHoldco, the parent company of Nigeria’s premier bank, First Bank Limited.
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