The Lagos Court gave the order on Thursday.
A Lagos High Court, Thursday, ordered the freezing of the asset of Nasaman Oil Services, a company implicated in the fuel subsidy fraud.
The company, run by Mamman Ali, son of former chairman of the Peoples' Democratic Party, is allegedly involved in a N4.5 billion fuel subsidy fraud.
Mr. Ali and a co-director, Christian Taylor, are being prosecuted by the Economic and Financial Crimes Commission over the charges.
The court also ordered the forfeiture of the asset of Seun Ogunbambo, arraigned alongside Mr. Ali, and about three of his companies involved in both subsidy and bank frauds.
The frozen property
The judge ordered the freeze of Nasaman's bank account.
Mr. Ogunbambo's companies - Fargo Petroleum Services and Adeline Investment Limited - are under prosecution for fuel subsidy and bank frauds respectively.
In obtaining the order for the companies on Thursday, the EFCC urged the court to keep the asset frozen pending the determination of the charges against Mr. Ogunbambo.
Adeniyi Onigbanjo, the trial judge, ruled in the anti graft agency's favour.
Though the commission did not say the worth of the properties; the asset include eight bank accounts in Nigeria and the U.K. as well as a landed property in Parkview Estate in Ikoyi, Lagos.
The U.K. bank account, which has a £1 million credit, belongs to Mr. Ogunbambo's Seatac Petroleum Limited, according to the EFCC.
Four Nigerian banks have accounts belonging to Mr. Ogunbambo's Fargo Petroleum Gas Limited, Arnage Oil & Gas Limited and Seatac Petroleum Limited.
The banks include First Bank of Nigeria, Unity Bank Plc, Sterling Bank Plc and Zenith Bank Plc.
On Thursday, Mr. Ogunbambo, appearing before a judge for the fourth time in as many days for a N430 million fraud against Stanbic IBTC bank, forced Justice Olabisi Akinlade to adjourn after his lawyer failed to attend proceedings.
Adebayo Adenipekun, Mr. Ogunbambo's counsel, had at the last sitting urged the judge to adjourn so they could finalize their out of court settlement with the EFCC.
"I am no longer going to adjourn at your (Mr. Ogunbambo) instance again. The last time, your lawyer said you were willing to settle and I adjourned," said a visibly unimpressed Ms. Akinlade.
"At the next adjourned date if your counsel is not represented in court I will proceed to trial.
"The matter is hereby adjourned till March 14 for definite trial," the judge said.
Mr. Ogunbambo, alongside Habila Theck and his company Fargo Petroleum, is also appearing before Mr. Onigbanjo over a N976.7 million fuel subsidy fraud.
The trial continues on May 30 and June 10.