Crude oil transparency: Declare total crude sales, Court orders Petralon, 2 others Declare total crude sales, Court orders Petralon, 2 others
…18 directs banks to freeze accounts
A Federal High Court in Lagos, has directed three oil and gas companies to declare total crude sales, amount sold and royalty remitted to the Federal Government and the balance. This includes, Petralon 54 Limited; Petralon Energy Limited and Tako Exploration and Production Solutions Limited. The accounts of the three oil and gas firms in 18 banks were also frozen.
The banks were directed to Post No Debt (PND) on any sum of money, standing to the credit accounts for their alleged failure to declare total quantity of crude sold, the amount it was sold and the royalty paid to government.
Justice Daniel Osiagor also ordered 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’ accounts.
The banks directed to comply with the orders include; 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 also directed the above mentioned banks to file their affidavit of compliance within 14 days of receipt of the order.
Besides,Justice Osiagor gave an order of interlocutory injunction restraining 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 pursuant to the Oil Mining Licence awarded to the plaintiff by Nigerian Upstream Regulatory Commission (NURC) the third defendant’s predecessor in title.
The court also 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 government and the remaining balance.
Justice Osiagor gave the orders, after listening to Barrister George Duru, counsel to the applicant, Eurafric Energy Limited, who moved in terms of the motion Exparte, of a suit marked FHC/L/CS/1686/22, filed against the three firms and NURC.
