Nigerian Court Freezes Petrocam Accounts Over ₦9.05bn Debt as South African Pension Platform Buckles
Federal High Court orders account freeze for Petrocam Trading and its principal over alleged ₦9.05 billion debt to Zenith Bank, while Alexander Forbes processes over 100,000 pension withdrawals in five days, causing technical strain.
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The Federal High Court in Lagos has ordered the freezing of all accounts linked to Petrocam Trading Nigeria Limited and its principal, Patrick Ilo, over an alleged ₦9.05 billion ($5.9 million) debt owed to Zenith Bank Plc. Justice Chukwujekwu Aneke granted the interim order in Suit No: FHC/L/CS/393/2026 following an ex parte application by the bank, according to court documents.
The court directive extends to all Nigerian financial institutions, mandating enforcement of Bank Verification Number (BVN) restrictions on the affected accounts. The order represents one of the largest account freezes in Nigeria's banking sector this year, highlighting intensified debt recovery actions by commercial lenders amid tightening liquidity conditions.
Zenith Bank, Nigeria's second-largest lender by assets, has not disclosed the nature of the underlying credit facility or the timeline of the alleged default. The bank reported gross loans of ₦4.89 trillion as of December 2024, with non-performing loan ratios remaining under regulatory thresholds.
In South Africa, Alexander Forbes reported processing over 100,000 withdrawal requests through its digital platform in the five days since March 1, causing technical disruptions and delays for pension fund members. The surge follows the implementation of the two-pot retirement system, which permits limited pre-retirement withdrawals from pension savings.
"More than 100,000 people have made withdrawals from the Alexander Forbes website since 1 March, causing technical issues and delaying withdrawals," according to The Citizen. The volume represents an unprecedented spike in transaction activity for South Africa's largest independent retirement fund administrator, which manages approximately R600 billion in assets.
The technical strain underscores infrastructure challenges facing financial services providers as regulatory changes drive mass customer activity. South Africa's Financial Sector Conduct Authority has not commented on the platform issues, though industry observers note similar capacity constraints affected other administrators during the two-pot system's September 2024 launch.
The account freeze and platform disruptions reflect broader operational pressures across African financial services, as institutions navigate debt enforcement, regulatory transitions, and digital service demands simultaneously.