Zenon Petroleum & Gas Limited has refuted claims that its Victoria Island headquarters was seized over a N7.2 billion judgment debt.

In a statement issued by the company’s management through its legal counsel, Paschal Chimezie, and titled “Re: Appeal Court Seizes Zenon property over unpaid judgment debt,” Zenon described the reports as false and misleading.

The statement clarified, “Zenon’s attention has been drawn to mischievous and inaccurate media publications. For clarity, the matter relates to an agency fee concerning an aircraft Zenon intended to acquire, which was later taken over by AMCON. The Court of Appeal is currently considering the issue of liability and the validity of an ex parte interim attachment order on a property that does not belong to Zenon, but to a third party.”

Zenon emphasized that its Victoria Island office was not subject to any seizure order from the Court of Appeal, alleging that the media reports were part of a broader attempt to tarnish the reputation of its principal, Mr. Femi Otedola, and pressure him into settling a matter that is still under judicial consideration.

Reports had earlier indicated that the Court of Appeal in Lagos, on June 26, 2025, granted an interim order attaching the property located at 7, Tiamiyu Savage Street, Victoria Island, Lagos. The order relates to a legal dispute involving a N7.2 billion debt claim by British national, James Lloyd-Jennings.

The court order stated, “Upon reading the Motion Ex-parte dated and filed on June 16, 2025, and the affidavit sworn to by Uylosa Erhabor on the same date, the following is hereby ordered: 1. That the application is granted as prayed, pending the hearing of the Motion on Notice scheduled for 8/7/25. 2. The Appellant and 2nd Respondent shall be duly served before that date.”

Additionally, a statement from Lloyd-Jennings revealed that the Court of Appeal also directed Zenon and the general public to refrain from engaging in any dealings involving the property until the pending Motion on Notice is heard, warning of potential legal consequences for non-compliance.