A Federal High Court in Abuja ordered a 120-day freeze on the bank accounts of Sterling Oil Exploration and Energy Production Company Limited and companies connected to it, following an investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) into alleged money laundering.
However, allegations have emerged that the ICPC Chairman, Dr. Musa Adamu Aliyu, subsequently interfered with the enforcement of the court order, preventing the accounts from being frozen as directed.
The Court Order
Court documents obtained by SaharaReporters reveal that on Tuesday, June 24, 2025, Hon. Justice J.K. Omotosho of the Federal High Court, Abuja Judicial Division, granted an order in Suit No: FHC/ABJ/CS/1041/2025, between the Federal Republic of Nigeria (Complainant) and Sterling Oil Exploration and Energy Production Company Limited (Respondent).
The order was made upon a Motion Exparte dated May 23, 2025, and filed on May 26, 2025, by Dr. Osuobeni Ekoi-Akponimisingha Esq., counsel for the applicant.
The motion was supported by an affidavit deposed to by Iliya Markus.
The motion originally sought an order freezing the bank accounts of Sterling Oil and connected companies in 16 banks, namely Access Bank, ECOBANK, First City Monument Bank, Fidelity Bank, First Bank, Globus Bank, Guaranty Trust Bank, FSDH Bank, Keystone Bank, Rand Merchant Bank, Standard Chartered Bank, Stanbic IBTC, Sterling Bank, United Bank for Africa, Union Bank, and Zenith Bank, for a period of 90 days for investigation activities.
However, Justice Omotosho granted the order for a period of 120 days to allow for investigation activities. The matter was adjourned till October 22, 2025, for a report.
The Scope of the Freeze
The court order attached extensive schedules listing over 4,000 accounts across the 16 banks.
The accounts belong to Sterling Oil Exploration & Energy Production Co. Ltd, as well as numerous connected entities, including Sterling Global Oil Resources Ltd, Sterling Exploration Ltd, Sterling Global Exploration and Production Ltd, Sterling International Resources Ltd, and SEEPCO Ltd.
Other companies listed in the schedules include Alacrity Production Systems Ltd, Advance Oil Production Systems Ltd, United Oil Production Systems Ltd, Prime Source Construction & Infra Ltd, British Oil & Gas Exploration Ltd, Deep Frontline Shippers Ltd, Texas Equipment Nigeria Ltd, Geo Mud Nigeria Ltd, Geo Seismic Survey Ltd, Cement Bond Nigeria Ltd, Ace Loggers Nigeria Ltd, and Yade Barge Operators Ltd.
The schedules also list individual accounts, including those of Subhradip Dey, Mohit Deepak Barot, Bhaskar Vamanbhai Trivedi, and Praveen Jain.
A significant portion of the court document is dedicated to hundreds of accounts belonging to Indorama Eleme Petrochemicals Limited and Eleme Petrochemical Co. Ltd.
The Alleged Interference
While the court ordered the accounts frozen for 120 days, allegations have surfaced that the ICPC Chairman, Dr. Musa Adamu Aliyu, interfered with the enforcement of the orders.
Sources allege that despite the court’s directive, the Chairman moved to prevent the accounts from being frozen.
The court documents confirm the existence of the freezing order and the scale of the investigation into Sterling Oil and its connected companies regarding allegations of money laundering.
“However, the ICPC boss interfered to stop the enforcement and freezing of the accounts. The matter concerns Sterling Oil and allegations of money laundering,” one of the sources said.
“The ICPC investigated the transactions and obtained a court order freezing the accounts involved. However, the Chairman subsequently interfered with the enforcement of the order and prevented the accounts from being frozen as directed by the court.”
Efforts by SaharaReporters to reach the ICPC Chairman, Dr. Musa Adamu Aliyu, for a reaction were unsuccessful, as he neither answered calls to his mobile phone nor responded to a text message sent to him.
Similarly, attempts to reach the ICPC spokesperson, John Okor Odey, for comments were unsuccessful, as he did not answer calls or respond to a text message sent to him.