Zenon Petroleum & Gas Limited has lost control of its Victoria Island headquarters after the Court of Appeal in Lagos ruled in favor of the Asset Management Corporation of Nigeria (AMCON). The judgment enforces a ₦7.2 billion debt owed by the oil trading firm.
The appellate court delivered its ruling on June 26, 2025. It ordered the seizure of Victoria Island Towers, Zenon’s flagship office complex, to settle the long-standing debt dispute. The decision came after years of litigation, with the court affirming the company’s liability.
AMCON had earlier secured a favorable judgment from the Federal High Court in Lagos. That ruling confirmed Zenon’s debt obligations and paved the way for the latest enforcement order. With the Court of Appeal’s decision, AMCON now has full authority to attach the prime asset.
The order also restrains Zenon’s management, led by billionaire businessman Femi Otedola, from leasing, selling, or interfering with the property until the debt is repaid in full.
To ensure compliance, the appellate court appointed a Deputy Chief Registrar to supervise the enforcement process and prevent any obstruction.
This ruling highlights AMCON’s aggressive debt recovery drive. The corporation has increasingly targeted oil and gas companies with large non-performing loans. Zenon Petroleum now joins a growing list of high-profile firms facing asset seizures as regulators tighten pressure on corporate defaulters.