Court Freezes Three Energy Firms’ Accounts Over $1.6m, N1.3bn Crude Storage Debt

Wale Igbintade

The Federal High Court sitting in Port Harcourt, Rivers State, has granted a Mareva injunction restraining three energy and logistics companies from withdrawing, transferring or dissipating funds and assets over an alleged debt of $1.602 million and N1.314 billion arising from crude oil storage and related services.

The affected companies are Kofa Energy Limited, Redstar Oil & Gas Limited and Halkoff Logistics International Limited.

Justice Stephen Dalyop Pam granted the order in a ruling delivered on Wednesday, September 23, 2026, following an ex-parte application filed by Gimbrowns Marine Security Oil and Gas Limited in Suit No. FHC/PH/CS/163/2026.

The plaintiff, through its counsel, Joseph Thangod Olulu, asked the court to preserve the subject matter of the substantive suit pending the determination of its motion on notice.

According to court documents, the dispute arose from alleged unpaid charges relating to the charter, professional services and storage of 150,000 metric tonnes of crude oil aboard the plaintiff’s vessel, Barge MICLYN 301.

The operations were carried out at Cawthorne Channel 2 within Oil Mining Lease 18 (OML 18), in the Port Harcourt coastal waters.

In an affidavit sworn to by Patrick Otuya of Port Harcourt, the plaintiff alleged that the defendants defaulted in meeting their payment obligations for maritime, storage and security logistics services provided in the Niger Delta offshore sector.

In granting the application, Justice Pam restrained the three companies, jointly and severally, from withdrawing, tampering with or dissipating funds standing to their credit in any bank or financial institution in Nigeria, up to the value of the claims.

The restrained amounts are $1,602,000 and N1,314,470,000.
The order also extended to the defendants’ other assets, whether movable or immovable, including company shares held in any financial institution.

The defendants were consequently restrained from dealing with, selling, transferring or otherwise disposing of the assets pending further orders of the court.

The judge also directed all commercial banks within the court’s jurisdiction to disclose, on oath, the exact balances standing to the credit of the three defendants within seven days of being served with the order.

The case has been adjourned until October 9, 2026, for mention, when the court is expected to hear arguments on the plaintiff’s motion on notice.