Court Freezes Fairmont Petroleum Funds, Assets over $274,620, N256.98m Claim - THISDAYLIVE

The Federal High Court in Port Harcourt, Rivers State, has frozen funds and assets belonging to Fairmont Petroleum Limited over a claim of $274,620 and N256.98 million allegedly owed to PP Energy Suppliers Limited for marine services.

Justice Phoebe M. Ayua, in an order, granted a Mareva injunction restraining Fairmont Petroleum from withdrawing, transferring or otherwise dissipating funds in its bank accounts up to the claimed amounts.

The court also restrained the company from transferring, selling or otherwise dealing with its movable and immovable assets, shares and funds held in financial institutions, pending the hearing and determination of the Motion on Notice.

The order followed a suit, marked FHC/PH/CS/157/2026, filed by PP Energy Suppliers against Fairmont Petroleum.

The plaintiff is claiming the sums as outstanding hire charges allegedly accruing from the use of its vessel, MV Ocean Lady Tiana, for mooring, pushing and towing Fairmont Petroleum’s marine equipment, as well as other professional services.

According to the court order, the services were rendered in connection with the movement of the defendant’s marine equipment from 777 Jetty, Port Harcourt, to its base of operation at Cawthorne Channel 1 and Bonny Anchorage within the Port Harcourt coastal waters.

Justice Ayua granted the interim relief after considering an affidavit of urgency and an affidavit filed in support of the plaintiff’s ex parte application.

Counsel for PP Energy Suppliers, T.G.E. Nwugha, appeared with H. Aigbiremolen and N.C. Kanu and urged the court to grant the application.

The court’s order covers $274,620 and N256.976 million claimed by PP Energy Suppliers as outstanding hire sums arising from the use of MV Ocean Lady Tiana and the related marine services.

However, the order does not constitute a final determination of Fairmont Petroleum’s alleged indebtedness. 

The injunction remains in place pending the hearing and determination of the Motion on Notice.

Justice Ayua directed PP Energy Suppliers to serve Fairmont Petroleum with the writ of summons, the ex parte order, the Motion on Notice and the Mareva injunction before the next adjourned date.

The court also directed that hearing notice be issued and served on the defendant.

The suit has been adjourned until September 30, 2026, for hearing of the Motion on Notice.

Justice Ayua further directed that the case file be remitted to the Administrative Judge of the Federal High Court, Port Harcourt Judicial Division, for assignment to a regular court.

A Mareva injunction is an interim order intended to prevent a party from dissipating or disposing of assets in a manner that could frustrate the enforcement of a potential judgment.

The order was issued on September 11, while its Certified True Copy was issued by the Registrar of the Federal High Court, Port Harcourt Division, on September 15, 2026.

The substantive dispute between the parties remains pending before the court.

Founded on January 22, 1995, THISDAY is published by THISDAY NEWSPAPERS LTD., 35 Creek Road Apapa, Lagos, Nigeria with offices in 36 states of Nigeria , the Federal Capital Territory and around the world. It is Nigeria’s most authoritative news media available on all platforms for the political, business, professional and diplomatic elite and broader middle classes while serving as the meeting point of new ideas, culture and technology for the aspirationals and millennials. The newspaper is a public trust dedicated to the pursuit of truth and reason covering a range of issues from breaking news to politics, business, the markets, the arts, sports and community to the crossroads of people and society.

You can email us at: hello@thisdaylive.com or visit our contact us page.