Court freezes 3 firms’ accounts over non-disclosure of lifted crude oil

Agency Report

Justice Daniel Osiagor, of the Federal High Court, Lagos, has directed 18 commercial banks to freeze and place a Post No Debt (PND) on any sum of money, standing to the credit of accounts belonging to three oil and gas companies, Petralon 54 Limited; Petralon Energy Limited and Tako E&P Solutions Limited, for their alleged failure to declare total quantity of crude sold, the amount it was sold and the royalty paid to government.

The court 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’ accounts.

The banks affected by the court orders are; Access Bank Plc; Ecobank Bank Plc, First Bank of Nigeria Plc; First City Monument Bank Plc; Guaranty Trust Bank Plc; Jaiz Bank Plc; Keystone Bank Plc; Polaris Bank Plc; and Stanbic Ibtc Bank Plc.

Others include; Standard Chartered Bank Plc; Sterling Bank Plc; Union Bank of Nigeria Plc; United Bank for Africa Plc; Zenith Bank Plc; Globus Bank Plc; Titan Bank Plc; Providus Bank Plc and Fidelity Bank Plc.

The court order directed the above mentioned banks to file their affidavit of compliance within 14 days of receipt of the order made herein.

The court also ordered the three firms, their agents, directors, representatives and any person acting for or in trust for them, to disclose on oath the total quantity of crude sold, the amount for which it was sold, the royalty paid to government and the balance left.

Justice Osiagor made the above orders, after listened to George Duru, counsel to the applicant, Eurafric Energy Limited, who moved in terms of the Motion Exparte, of a suit marked FHC/L/CS/1686/22, filed against the three firms and Nigerian Upstream Regulatory Commission, listed as third respondent in the suit.

Meanwhile, further hearing of the suit has been adjourned to October 14, 2022 for mention