Court Freezes KOFA Energy, 2 Other Firms’ Accounts Over Alleged Unpaid $1.6m, N1.31bn For Hire Of Vessels

The Federal High Court sitting in Port Harcourt, Rivers State, has granted a Mareva injunction freezing the bank accounts and restraining the assets of Kofa Energy Limited and two other oil and gas companies over an alleged outstanding debt of $1.602 million and N1.314 billion.

The two other oil and gas companies whose accounts were frozen alongside Kofa Energy Limited by Justice Stephen Dalyop Pam, who presided over the court are: Redstar Oil & Gas Limited and Halkoff Logistics International Limited.

Justice Pam made the orders on Wednesday, September 23, 2026, in a suit marked FHC/PH/CS/163/2026, following an ex-parte application argued by ThankGod Nwugha Esq, lawyer to Gimbrowns Marine Security Oil and Gas Limited, the plaintiff/applicant in the suit.

The court restrained the defendants were jointly and severally from withdrawing, tampering with or dissipating funds in their respective accounts in any bank or financial institution in Nigeria up to $1,602,000 and N1,314,470,000.

The court also extended the restraining order to all the defendants’ assets, including movable and immovable property, shares and funds held in financial institutions.

Justice Pam further directed all banks in Nigeria to disclose on oath the sums standing to the credit of each of the three defendants in their custody. And also to provide the information within seven days of being served with the court’s order.

While arguing the application, the Plaintiff’s counsel, Mr Nwugha informed the court that the sums allegedly owed arose from the hire of barges and tugs for storage and transportation of crude oil totaling 150,000 metric tonne which were stored in his client’s barge, MICLYN 301, at Cawthorne Channel 2, OML 18, within the territorial waters Nigeria.

In freezing the companies accounts, Justice Pam after listening the submissions of ThankGod Nwugha Esq, ruled that: “after reading the Affidavit in support of the Motion paper sworn to by Patric Otuya, adult, male, Christian, Nigerian citizen Of no. 2B New Heaven Estate, Off Mandela Car Wash, GRA Phase 3, Port Harcourt, Rivers State and filed at this Court’s Registry.

“AND after hearing ThankGod Nwugha Esq., Learned Counsel for the Plaintiff/Applicant Moved in term of the Motion paper;

“And this Honourable Court having ruled this 23rd day of September, 2026.

“IT IS hereby ordered as follows; “an order of Mereva Injunction is hereby granted restraining the 1st, 2nd and 3rd Defendants jointly and severally from withdrawing, tampering with or otherwise dissipate the funds in their respective bank accounts in any bank or other financial institutions within Nigeria up to the sum of $1, 602, 000. 00 USD (One Million, Six Hundred and Two Thousand United States Dollars) only and the sum of N1,314,470,000.00 (One Billion, Three Hundred and Fourteen Million, Four Hundred and Seventy Thousand Naira) only being unpaid sums accruable to the Plaintiff for the hire, professional services and storage of the 150,000 metric tons of crude oil on board the Plaintiff’s Barge MICLYN 301 at Cawthorne Channel 2, OML 18, Port Harcourt Coastal waters within the territorial waters of Nigeria pending the hearing and determination of the motion on notice filed in this suit.

“An order of Mereva Injunction is hereby granted restraining the Defendants from dealing with, dissipating, transferring, selling or however tampering with any assets (be it movable or immovable), shares, funds in any financial institution (howsoever described) pending the hearing and final determination of the motion on notice.

“A consequential order is hereby granted directing all banks within the jurisdiction of this Honourable Court to depose on oath the sums standing to the credit of the Defendants respectively in their custody within 7 days from being served with a copy of the order of this Honourable Court.

“This case is accordingly adjourned to the 9th day of October, 2026 for Mention.”