Court Freezes Kofa Energy, Two Others’ Accounts Over Alleged $1.6m and ₦1.31bn Vessel-Hire Debt

A Federal High Court in Port Harcourt has frozen the bank accounts and assets of Kofa Energy Limited, Redstar Oil & Gas Limited and Halkoff Logistics International Limited over an alleged vessel-hire debt of $1.602 million and ₦1.314 billion. The order restrains the companies from withdrawing, transferring or dissipating funds and assets up to the value of the claimed debt. It covers bank balances, movable and immovable property, shares and other funds held in Nigeria. The court also directed banks to disclose, under oath, the amounts held in the companies’ accounts within seven days of being served. The claim concerns the alleged hire of barges and tugboats used to store and transport crude oil at OML 18 in Rivers State.

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