Court Freezes Fairmont Petroleum Accounts Over Alleged $274,620 and ₦256.98m Debt

A Federal High Court in Port Harcourt has granted an interim Mareva injunction restricting Fairmont Petroleum Limited from withdrawing, transferring or dissipating funds in its bank accounts over an alleged debt to PP Energy Suppliers Limited. PP Energy claims it is owed $274,620 and ₦256.98 million for vessel hire, mooring, pushing, towing and related professional services involving the MV Ocean Lady Tiana. The court order also seeks to preserve Fairmont Petroleum’s assets pending the hearing of the substantive application. Banks in Nigeria were directed to disclose funds standing to the company’s credit within seven days of receiving the order.

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