October 11, (THEWILL) – 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.
In an order of interlocutory injunction, the court restrained 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.
It further 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 the government, and the balance left.
The presiding judge, Justice Osiagor, who gave the order, also directed 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 banks directed to comply with the 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 are 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 directed the above-mentioned banks to file their affidavit of compliance within 14 days of receipt of the order.
