A Federal High Court in Lagos Thursday stopped the Nigerian National Petroleum Corporation (NNPC), Ministry of Petroleum Resources and National Petroleum Investment & Management Respondent Services (NAPIMS) from allocating crude oil to Addax Oil Exploration Plc.
The trial Justice,Tijjani Ringim, in his verdict held that the firm should not be allocated crude oil explored from OMLS 123, 124, 126 and 137 as stipulated in the Production Sharing Contract (PSC) of 1998 between the Addax and NNPC.
The plaintiffs in the suit are the Federal Government and the Attorney-General of the Federation while Addax Petroleum Development of (Nigeria) Limited and Addax Petroleum Exploration (Nigeria) Limited are the first and second defendants/respondents.
In the same vein, the NNPC, Ministry of Petroleum Resources, Department of Petroleum Resources (DPR) and NAPIMS are the third to fifth respondents respectively.
The order was consequent upon a motion for Mareva Injunction filed and argued by the counsel to Federal Government, Romeo Ese Michael of D.A Awosika (SAN) and Co.
The judge agreed with the government that it would serve the interest of justice to preserve the rest owing to the government’s claim that Addax Petroleum is taking steps to liquidate some of its subsidiaries in Nigeria.
The Judge held further, “It will serve the interest of justice if this application is granted because the applicant has established that there is fear of dissipating the res before the hearing and determination of the substantive suit.
“I find that this application is meritorious and same ought to be granted. Accordingly, it is hereby granted as prayed.”
He however, ordered the government to swear to an affidavit that it would indemnify the defendants in the event that it misled the court to grant the injunction.
At the proceedings, the judge equally dismissed the defendants’ notice of preliminary objection which was filed through their counsel I.O Olateru-Olagbegi, affirming that the suit was properly filed and should be allowed to be heard at trial.
Justice Ringim has since adjourned the matter till March 21, 2022 for mention.
