…Says dispute arose from agreement exclusively between Gimbrowns Marine Security and Kofa Energy Limited

…Points to subsequent Federal High Court judgment and challenges inclusion of non-contracting companies

Redstar Oil & Gas Limited has strongly refuted the impression created by recent media reports linking the company to an alleged crude oil storage debt arising from a commercial agreement between Gimbrowns Marine Security Oil and Gas Limited and Kofa Energy Limited.

The clarification follows a report published by THISDAY on September 28, 2026, titled “Court Freezes Three Energy Firms’ Accounts Over $1.6m, N1.3bn Crude Storage Debt.”

In a statement issued by its management, Redstar described its inclusion in the proceedings as erroneous and unjustified by the underlying contractual documentation, maintaining that the company was never a contracting party to the agreement from which the dispute originated.

According to the company, the transaction in question arose from a BIMCO charter party agreement dated November 23, 2024, executed between Gimbrowns Marine Security Oil and Gas Limited, as vessel owner, and Kofa Energy Limited, as charterer, for the deployment of Barge MICLYN 301 at Cawthorne Channel 2, OML 18, Rivers State.

The company explained that the charter party expressly identifies the contracting entities and does not name Redstar Oil & Gas Limited or Halkoff Logistics International Limited as parties to the agreement.

Redstar therefore questioned the legal and contractual basis upon which the two companies were joined in proceedings arising from obligations allegedly incurred under an agreement to which neither was a named contracting party.

“It is a fundamental principle of commercial dealings that companies are separate legal entities, with their respective contractual rights and obligations. The mere existence of commercial relationships, common business interests or operational associations does not automatically make one company liable for the contractual obligations of another,” the company stated.

Federal High Court Issues Subsequent Judgment

The company explained that, on September 29, 2026, the Federal High Court sitting in Port Harcourt, presided over by Honourable Justice Stephen Dalyop Pam, issued a judgment order in Suit No. FHC/PH/CS/163/2026, providing for the discharge of the earlier Mareva injunction in accordance with the terms recorded by the court.

Redstar noted that this subsequent judicial development is material to the earlier publication and should be appropriately reflected in any further reporting on the matter.

The company further disclosed that the parties it considers to have been erroneously joined to the suit are challenging the basis of their involvement in a contractual dispute arising from an agreement to which they were not named parties.

Redstar emphasised that the distinction between the original contracting parties and other entities subsequently named in litigation is critical to an accurate understanding of the dispute.

Redstar Rejects Misleading Impression of Corporate Indebtedness

The company expressed concern that the original publication could create an inaccurate perception among financial institutions, regulators, business partners, investors and the wider public regarding Redstar’s contractual responsibilities and financial standing.

It maintained that the naming of a company in legal proceedings should not, without proper examination of the underlying facts, be interpreted as conclusive evidence that the company directly incurred the alleged contractual debt.

“Redstar Oil & Gas Limited is a reputable indigenous energy and maritime services company with established commercial relationships and ongoing contractual engagements across Nigeria’s oil and gas industry.

“We consider it imperative to correct any impression that Redstar was a direct contracting party to the transaction giving rise to this dispute. The documentary record identifies the actual contracting entities, and that distinction must not be overlooked,” the statement added.

Company Reaffirms Commitment to Corporate Governance

Redstar reiterated its commitment to transparency, sound corporate governance, contractual integrity and responsible commercial conduct.

The company stated that it would continue to protect its legitimate commercial interests and corporate reputation through appropriate legal and institutional channels.

It also called on media organisations to exercise care when reporting commercial disputes involving multiple corporate entities, particularly where the contractual relationship underlying the dispute is clearly documented.

“Corporate reputation is built over years of responsible business conduct and should not be undermined by incomplete characterisations of commercial litigation.

“Redstar respects the judicial process and remains confident that the relevant contractual distinctions and legal issues will be appropriately addressed through established legal procedures.”

The company consequently urged THISDAY and other media organisations that reported the original proceedings to give appropriate prominence to its clarification and the subsequent judicial developments.

Redstar Oil & Gas Limited reaffirmed that its position remains that it was not a named party to the original charter agreement between Gimbrowns Marine Security Oil and Gas Limited and Kofa Energy Limited, and that it contests the contractual basis for its inclusion in the dispute.