A federal high court in Lagos has vacated an order freezing bank accounts belonging to Petralon 54 Limited, an oil company and Petralon Energy Limited, its parent company, following the
The court had placed a ‘no-debit’ order on the accounts of the oil firms domiciled in 18 commercial banks in Nigeria.
However, in a motion filed by Petralon 54, praying the court to lift the order banning operation of its account, the oil company argued that the defendants, particularly Eurafric Energy, “suppressed and deliberately hid material facts concerning the case from the court”.
Specifically, the court considered Petralon 54’s affidavit in response to Eurafric’s counter affidavit deposed to on October 12, 2022.Therefore, Osiagor, in his consolidated judgment, ruled that ‘exhibit volte face F’ exhibited in the plaintiff’s counter affidavit and ‘exhibit G’ exhibited in the defendant’s counter, clearly indicated that the plaintiff —Eurafric Energy — gave consent for a loan of $2.2 million to be obtained.
Others are Fidelity Bank Plc; Standard Chartered Bank Plc; Sterling Bank Plc; Union Bank of Nigeria Plc; and United Bank for Africa Plc.
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