Zenon Petroleum & Gas Limited has refuted claims that its Victoria Island headquarters was seized in connection with a N7.2 billion legal dispute. The company, through its legal counsel Paschal Chimezie, described the reports as misleading and inaccurate.

In a statement, Zenon clarified that the ongoing dispute concerns an agency fee related to an aircraft Zenon intended to purchase, which was later taken over by the Asset Management Corporation of Nigeria (AMCON). The company emphasized that the Court of Appeal has yet to determine liability and review the validity of an interim order of attachment involving a property that is not owned by Zenon but by a third party.

“The circulation of these reports appears aimed at pressuring Mr. Otedola extrajudicially and tarnishing his reputation,” the company said.

Earlier reports indicated that the Lagos Division of the Court of Appeal had issued an interim order on 26 June 2025, preventing Zenon from dealing with its property at 7 Tiamiyu Savage Street, Victoria Island, pending further court hearings. British national James Lloyd-Jennings, who is involved in the case, also confirmed that the court had restricted any dealings with the property until the Motion on Notice is heard.

Zenon’s management reiterated that its headquarters remains unaffected and that the company continues to operate without disruption while the matter remains before the court.