COURT FREEZES FAIRMONT PETROLEUM FUNDS OVER ALLEGED DEBT TO PP ENERGY

The Federal High Court sitting in Port Harcourt, Rivers State, has ordered restrictions on the bank accounts and assets of Fairmont Petroleum Limited over an alleged debt of $274,620 and ₦256,976,600 owed to PP Energy Suppliers Limited. Justice Phoebe M. Ayua issued the Mareva injunction in a suit marked FHC/PH/CS/157/2026 following an ex parte application filed by PP Energy through its lawyer, ThankGod E. Nwugha. The order prevents Fairmont Petroleum from withdrawing, transferring or otherwise dissipating funds up to the value of the alleged indebtedness pending the hearing of the substantive application.

The court also restrained the company from dealing with, transferring, selling or dissipating its movable and immovable assets, shares and funds held in financial institutions. PP Energy had asked the court for the protective order while pursuing its claim against Fairmont Petroleum, as well as an order directing banks in Nigeria to disclose, under oath, the amount standing to the company's credit within seven days of receiving the court order. The application was filed under relevant provisions of the 1999 Constitution, the Admiralty Jurisdiction Act, the Admiralty Jurisdiction Procedure Rules 2023 and the Federal High Court Civil Procedure Rules 2019.

According to PP Energy, the alleged outstanding debt arose from charges for the use of its vessel, MV Ocean Lady Tiana, for mooring, pushing and towing Fairmont Petroleum’s marine equipment, in addition to other professional services. The company told the court that the services were provided from 777 Jetty in Port Harcourt to Fairmont Petroleum’s operational base at Cawthorne Channel 1 and Bonny Anchorage within the Port Harcourt coastal and territorial waters. PP Energy maintained that the sums claimed represented unpaid hire charges connected with those services.

Justice Ayua granted the Mareva injunction after considering the affidavit of urgency, the affidavit supporting the motion ex parte and the submissions of counsel to PP Energy. The order specifically restricts Fairmont Petroleum from dealing with funds in its Nigerian bank accounts up to $274,620 and ₦256,976,600. The court also extended the restriction to the company’s other assets and shares pending the determination of the motion on notice, making the order an interim measure to preserve the disputed funds and assets while the case progresses.

The court directed PP Energy to serve Fairmont Petroleum with the relevant court documents, including the ex parte order, writ of summons, motion on notice and Mareva injunction. The matter has been adjourned until September 30, 2026, for hearing of the motion on notice, with hearing notice to be issued and served on the defendant. The alleged indebtedness remains a claim before the court and has not been finally determined, while the interim injunction is intended to preserve the position of the parties pending further proceedings.