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

In a statement signed by the company’s management through its lawyer, Paschal Chimezie, and titled “Re: Appeal Court Seizes Zenon Property over Unpaid Judgment Debt,” Zenon denied the reported seizure.

It stated, “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 clarified that its Victoria Island headquarters has not been seized by any Court of Appeal order, emphasizing that “the purpose of the misleading media reports is not only to use extra-judicial means to extort money from Mr. Otedola, but also to tarnish his reputation in an attempt to coerce him into settling a matter that is still sub judice.”

The company affirmed that its Victoria Island headquarters has not been seized by any Court of Appeal order, stressing that “the misleading reports in the media aim not only to use extra-judicial methods to extort money from Mr. Otedola, but also to damage his reputation and pressure him into settling a matter that is still sub judice.”

It was earlier report that the Lagos Division of the Court of Appeal, on June 26, 2025, issued an interim order to attach Zenon Petroleum & Gas Limited’s property at 7 Tiamiyu Savage Street, Victoria Island, Lagos, in relation to an ongoing legal dispute over a N7.2 billion debt owed to British national James Lloyd-Jennings.

The Order read in part, “Upon reading the Motion Ex-parte dated and filed on the 16th day of June, 2025 and the affidavit deposed to by Uylosa Erhabor on the 16th day of June, 2025, it is hereby ordered as follows: 1. That the application is granted as prayed pending the determination of the Motion on Notice which is fixed for 8/7/25. 2. The Appellant and 2nd Respondent to be duly served before that date.”

Meanwhile, in a statement by Lloyd-Jennings, it was revealed that the Court of Appeal also barred Zenon and the public from dealing with the property in any way until a Motion on Notice requesting similar orders is heard, warning that non-compliance could attract legal consequences.