The Court of Appeal in Lagos has ordered the takeover of Zenon Petroleum & Gas Limited’s Victoria Island headquarters following a protracted debt case worth ₦7.2 billion.

In its June 26, 2025 ruling, the court directed that Victoria Island Towers—the company’s flagship property—be attached as part of enforcement actions sought by the Asset Management Corporation of Nigeria (AMCON).

AMCON had earlier secured a judgment against the oil firm at the Federal High Court, paving the way for the appellate decision.

The order also restrains Zenon’s chairman, Femi Otedola, and his management team from transferring, leasing, or selling the property until the debt is repaid. A Deputy Chief Registrar has been assigned to supervise the enforcement and ensure full compliance.

The development underscores AMCON’s ongoing efforts to recover massive debts owed to the government by companies and high-profile debtors.