Zenon Refutes Claims of Headquarters Seizure Over N7.2bn Case

Zenon Petroleum and Gas Limited has denied reports alleging that its corporate headquarters was seized by authorities in connection with a pending N7.2 billion legal dispute. The company described the claims as misleading and unfounded, insisting that its operations and assets remain intact and unaffected by any such action.

In a statement issued by its management, Zenon clarified that while it is involved in an ongoing legal matter, the narrative circulating in some quarters that its head office had been taken over or sealed is entirely false. The company emphasized that it has continued business operations as usual and that there has been no disruption or loss of control over its facilities.

According to the firm, the case in question relates to a financial transaction dispute currently before the courts, but no order of forfeiture or seizure has been issued against Zenon’s property. The company further stressed that it has been cooperating with the relevant authorities and remains committed to resolving the matter legally and transparently.

Zenon’s management expressed concern that the misleading reports could damage its reputation and undermine stakeholder confidence. It reiterated that the company has a long-standing record of compliance with all regulatory and financial obligations and continues to uphold the highest standards of corporate governance.

Industry analysts note that legal disputes involving corporate entities are not uncommon and do not necessarily translate into asset seizures unless sanctioned by competent judicial authority. They also highlighted the importance of accurate reporting in sensitive financial matters, warning that misinformation can trigger unnecessary panic among investors and partners.

Zenon Petroleum further assured its clients and business associates that all contractual obligations remain in place and that there is no cause for alarm. It also reaffirmed its financial stability and commitment to expanding its investments in Nigeria’s oil and gas sector.

The company revealed that it is taking steps to address the false reports through appropriate legal and regulatory channels to prevent further reputational damage. It urged the public and stakeholders to disregard any claims suggesting that its assets or headquarters had been seized or taken over.

This development comes amid broader discussions about corporate debt disputes and the legal frameworks governing asset forfeiture in Nigeria. Legal experts maintain that such actions can only follow due process and valid court orders, which Zenon insists have not been issued against it.

As the case progresses, the company expressed confidence in a favorable resolution, assuring that it remains committed to conducting its operations lawfully and transparently. Stakeholders and industry watchers are expected to follow the legal proceedings closely, given Zenon’s significant role in Nigeria’s downstream petroleum sector.

Zenon’s denial underscores the need for stakeholders and the public to verify information before drawing conclusions on sensitive corporate matters. With the oil and gas sector already facing numerous challenges, including fluctuating global prices and regulatory pressures, the spread of unverified claims could further destabilize market confidence if left unchecked.

Going forward, Zenon reaffirmed its focus on business continuity and sustainable growth. The company pledged to keep its investors and partners fully informed of any developments while working closely with regulators to ensure transparency in all its dealings. Its management stressed that the firm remains financially sound and is positioned to weather any reputational storms caused by unfounded reports.