A Federal High Court in Lagos has granted an interim order freezing the bank accounts of Plural Oil Marketing Limited and two of its directors over alleged indebtedness of N3.17 billion and $835,486.76 to Providus Bank Limited.
Justice Akintayo Aluko granted the order on October 7, 2025, following an ex parte application filed by the bank through its counsel, Mitchel Aribisala.
In the suit marked FHC/L/CS/2015/2025, the defendants are Plural Oil Marketing Limited, Mr. Babatunde Oyefolu, and Ms. Oluwatobiloba Oyefolu. The bank asked the court to freeze and preserve funds in accounts linked to the defendants pending the determination of a substantive motion.
Justice Aluko directed 30 commercial and merchant banks to place a post-no-debit restriction on the defendants’ accounts and to freeze all funds associated with them up to the value of the alleged debt.
However, Plural Oil and one of its directors, Babatunde Oyefolu, have filed a motion seeking to set aside the freezing order.
In the application, filed through their counsel, Dr. Sulaiman Usman, SAN, they described the interim ruling as oppressive, unconstitutional, and a violation of their fundamental rights.
The matter is expected to proceed with a hearing on the motion on notice, after which the court will determine whether to uphold or discharge the interim asset preservation order.
As of press time, there was no official response from Providus Bank or the defendants outside the court filings.
