Alleged Debt of N3.17 Billion, $835,486.76: Court Freezes Plural Oil’s Accounts 

Justice Akintayo Aluko of the Federal High Court in Lagos has issued an interim order to freeze the bank accounts of Plural Oil Marketing Limited, along with the accounts of two of its directors.

This action is linked to an alleged debt totaling N3.17 billion and $835,486.76 owed to Providus Bank Limited.

The order, which was granted on October 7, 2025, came in response to an ex parte application filed by Providus Bank, represented by its counsel, Mr. Mitchel Aribisala.

The bank sought this court order to safeguard funds associated with the defendants pending the outcome of a more comprehensive legal motion.

Listed as defendants in the suit marked FHC/L/CS/2015/2025 are Plural Oil Marketing Limited, Mr. Babatunde Oyefolu, and Ms. Oluwatobiloba Oyefolu.

Meanwhile, Plural Oil Marketing Limited and its director, Oyefolu, have filed a motion seeking to set aside the freezing order.

Their application, filed through Dr. Sulaiman Usman, SAN, described the order as oppressive, unconstitutional, and made in breach of their rights.

Justice Aluko had directed 30 commercial and merchant banks to freeze all accounts belonging to, or associated with, the defendants up to the value of the alleged debt.

The court also ordered the banks to place a lien or post-no-debit restriction on any accounts operated by the defendants, whether directly or indirectly, pending the hearing of the bank’s motion on notice.

Digital payment platforms and settlement systems, including NIBSS, Interswitch, Opay, MoMo PSB, Unified Payments, Hydrogen Payments, and Hope PSB, were equally restrained from honouring any debit instructions on the accounts until further notice.

Justice Aluko further directed all respondent banks to file an affidavit of return within seven days, disclosing all accounts linked to the BVNs, their balances, and six-month transaction histories.

The court granted leave to Providus Bank to serve court processes on Babatunde and Oyefolu by substituted means via pasting at their last known address in Ikoyi, Lagos.

A similar request regarding Plural Oil Marketing Limited was refused because a corporate entity cannot be served in that manner.

According to an affidavit deposed to by Ms. Arith Esin, a Recovery and Remedial Officer at Providus Bank, the defendants’ indebtedness arose from credit facilities granted to Plural Oil for the importation of Base Oil used in lubricant production. The bank alleged persistent default despite several restructurings between 2021 and 2023.