A Federal High Court sitting in Port Harcourt has ordered the immediate seizure of an oil vessel belonging to General Hydrocarbons Limited, a company owned by Nduka Obaigbena, Chairman and Editor-in-Chief of ThisDay Media Group and Arise Group.
The court’s order, issued by Justice E.A. Obile, directed the arrest and detention of the crude oil cargo aboard the Floating Production Storage and Offloading (FPSO) vessel Tamara Tokoni. The seizure was initiated at the request of First Bank of Nigeria over an alleged $225 million debt.
“This is, therefore, to require and order you forthwith to arrest and detain the cargo of crude oil on board the FPSO vessel Tamara Tokoni and to keep same under detention until you shall receive further order(s) from the Court,” Justice Obile stated in the ruling.
The case, numbered FHC/PH/CS/02/2025, lists First Bank as the plaintiff, with General Hydrocarbons Ltd, the FPSO vessel, its owners, and the vessel’s master as defendants.
Background: Loan Agreement In Dispute
First Bank had previously filed a debt recovery suit against Mr. Obaigbena and his family members, alleging that they had used their company, General Hydrocarbons Limited, to accumulate over $718 million in debt. The bank argued that $225.8 million remained unpaid as of September 30, 2024.
The legal battle stems from a loan agreement in which First Bank provided funding for the operation of Oil Mining Lease (OML) 120 under terms that included profit-sharing. General Hydrocarbons accused First Bank of breaching the agreement by delaying loan disbursement, which the company claimed hampered its operations.
In December 2024, Justice A. Lewis-Allagoa of the Federal High Court in Lagos had barred First Bank from obstructing General Hydrocarbons’ access to loans or funding necessary for its operations. General Hydrocarbons alleges that First Bank’s actions, including obtaining the recent asset-freezing order, amount to an abuse of court processes.
Escalating Legal Tussle
Despite General Hydrocarbons’ assertions, First Bank maintains that its actions do not violate prior court rulings. The bank insists the vessel seizure is a lawful step in recovering the outstanding debt.
Justice Deinde Dipeolu of the Federal High Court in Lagos had earlier directed all commercial banks in Nigeria to freeze accounts linked to Mr. Obaigbena and his family members. The court also ordered a restriction on the movement of any assets linked to them outside the jurisdiction of the Federal High Court.
The legal dispute continues to evolve as both parties defend their positions over the disputed loan facilities and operational agreements.