Tuesday, November 29, 2022
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Court freezes oil firms’ accounts over non-disclosure of lifted crude oil

Justice Daniel Osiagor of the Federal High Court, Lagos, has placed a no-debit order on the accounts of three oil and gas firms domiciled in 18 commercial banks in Nigeria for failing to declare the total quantity of crude sold, the amount for which it was sold and the royalty they paid to the government.
The oil companies affected by the order made in the suit, instituted by Eurafric Energy Limited, are Petralon 54 Limited; Petralon Energy Limited and Tako E&P Solutions Limited
Justice Osiagor also ordered the 18 banks to disclose on oath, details of the amounts standing as credit balance in the respective accounts of the oil and gas companies.

The court also directed the banks to file their affidavit of compliance within 14 days of receipt of the order.
The judge granted the order of interlocutory injunction restraining the three firms from tampering with, withdrawing or dissipating the proceeds of the sale of the crude oil produced by the joint venture partners, plaintiff, Petralon Energy Limited and Tako E&P Solutions Limited, who are second and fourth defendants, in the exploration operation at Dawes Island under the Oil Mining Licence awarded to the plaintiff by Nigerian Upstream Regulatory Commission (NURC) the third defendant’s predecessor in title.

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