Court freezes Fairmont Petroleum accounts over alleged $274,620, N256.98m debt - The Guardian Nigeria News
The Federal High Court sitting in Port Harcourt, Rivers State, has granted a Mareva injunction restraining Fairmont Petroleum Limited from withdrawing, transferring or dissipating funds in its bank accounts over an alleged debt of $274,620 and N256.98 million owed to PP Energy Suppliers Limited.
Justice Phoebe Ayua made the order in Suit No. FHC/PH/CS/157/2026, following an ex parte application filed by counsel to PP Energy Suppliers, ThankGod E. Nwugha.
PP Energy had asked the court to restrain Fairmont Petroleum from withdrawing or tampering with funds in its bank accounts up to the value of the alleged indebtedness, pending the hearing and determination of its Motion on Notice.
The company also sought an order restraining Fairmont Petroleum from dealing with, transferring, selling or otherwise dissipating its movable and immovable assets, shares and funds held in any financial institution.
In addition, PP Energy asked the court to direct all banks in Nigeria to disclose, on oath, the sums standing to the credit of Fairmont Petroleum within seven days of being served with the order.
In urging the court to grant the application, Nwugha said the alleged debt arose from outstanding hire charges for the use of PP Energy’s vessel (MV Ocean Lady Tiana) for mooring, pushing and towing Fairmont Petroleum’s marine equipment, as well as other professional services.
He told the court that the services were rendered from 777 Jetty, Port Harcourt, to Fairmont Petroleum’s operational base at Cawthorne Channel 1 and Bonny Anchorage, within the Port Harcourt coastal waters and the territorial waters of Nigeria.
The application was brought pursuant to relevant provisions of the 1999 Constitution, as amended, the Admiralty Jurisdiction Act, the Admiralty Jurisdiction Procedure Rules 2023, the Federal High Court (Civil Procedure) Rules 2019 and the court’s inherent jurisdiction.
After considering the affidavit of urgency, the affidavit in support of the Motion Ex Parte deposed to by Patric Otuya, and the submissions of Nwugha, who led H. Aigbiremolen and N.C. Kanu for the applicant, Justice Ayua granted the Mareva injunction.
The court specifically restrained Fairmont Petroleum from withdrawing, tampering with or dissipating funds in any of its bank accounts or other financial institutions in Nigeria up to the value of the alleged indebtedness of $274,620 and N256,976,600.
Justice Ayua also restrained the company from dealing with, transferring, selling or otherwise dissipating any of its movable or immovable assets, shares or funds held in any financial institution pending the hearing and determination of the Motion on Notice.
The judge directed PP Energy to serve Fairmont Petroleum with the ex parte summons and order, writ of summons, Motion on Notice and Mareva injunction before the next adjourned date.
The matter was adjourned to September 30, 2026, for hearing of the Motion on Notice, with the court directing that hearing notice be issued and served on the defendant before then.
