Lagos Court Grants UBA Mareva Injunction Against Vitol in $242 Million Cargo Dispute

The Lagos State High Court has granted interim Mareva injunctions in favour of United Bank for Africa against Vitol SA and four shipping companies over a petroleum products diversion dispute involving $242 million. THISDAYLIVE reported that the orders restrain the dissipation of assets and dealings in funds up to the disputed amount.

How the Lagos Court Ruled on UBA's Application

Justice K. A. Jose granted three prayers in UBA's application, ruling that "Prayers 1-3 are granted as prayed against the second respondent only." Bode Olanipekun, SAN, lead counsel to UBA, had urged the court to grant the interim preservative orders against Vitol and the other shipping companies. The application was brought under Order 43, Rule 1 of the High Court of Lagos State (Civil Procedure) Rules 2019 and Lagos State High Court Practice Direction No. 2 of 2019.

UBA Group is a pan-African universal bank operating in 20 African countries plus the UK, US, France, and UAE, serving more than 45 million retail, SME, corporate, institutional, and diaspora customers through over 1,000 branches. In the substantive proceedings, the bank intends to contend that Vitol SA and the owners of the vessels are liable for alleged conversion, misrepresentation, and negligence arising from the non-delivery of the petroleum products.

In an affidavit supporting the application, UBA's Group Head of Recoveries and Remedial Management, Anthony Chilaka, stated that the bank issued a letter of credit in favour of Vitol SA to facilitate a petroleum products transaction. The cargo was transported to Nigeria, where the masters of the vessels issued several bills of lading, and Vitol subsequently endorsed the bills in favour of the bank and handed over the original copies, according to the affidavit. "The applicant has not been given possession of the gasoil despite completion of the voyage," the affidavit stated. UBA alleged the cargo was diverted for the benefit of another party.

UBA's Scale and Funding Record

According to akta.pro company records, UBA reported total assets of N32.49 trillion and shareholders' funds of N4.3 trillion as of September 2025, with gross earnings of N2.47 trillion for the nine months ending September 2025. The same records list four funding rounds, including a post-IPO equity round of $124.8 million in January 2026 and a post-IPO debt round of $3.3 million in August 2025 led by Bank of Industry.

Earlier UBA Developments This Year

In August 2026, UBA announced that Emmanuel Nnorom, a long-serving Non-Executive Director, had been welcomed as its new Group Chairman, succeeding Tony Elumelu, who retired after completing the maximum tenure allowed under Central Bank of Nigeria corporate governance guidelines, Punch Newspapers reported. That same month, UBA and Fidelity Bank of Nigeria said they had obtained NGX approval to extend their regulatory filing deadline for audited half-year results to 30 September 2026, pending clearance from the Central Bank of Nigeria, according to Punch Newspapers. In September 2026, Businessday reported that UBA was offering customers personal loans of up to N30 million to invest in the Dangote Petroleum Refinery initial public offering.

What Comes Next in the Proceedings

UBA plans to argue conversion, misrepresentation, and negligence in the substantive proceedings. The bank cited 34 financial institutions and public agencies, including commercial banks, merchant banks, microfinance banks, the Nigerian Ports Authority, and the Nigeria Customs Service, in connection with the application.