Legal Dispute Escalates Between Femi Otedola's First Bank and Nduka Obaigbena's General Hydrocarbons

Legal Dispute Escalates Between Femi Otedola's First Bank and Nduka Obaigbena's General Hydrocarbons

The legal confrontation between Femi Otedola's First Bank and Nduka Obaigbena's General Hydrocarbons Limited has intensified significantly. Recently, the Federal High Court in Port Harcourt issued an order to arrest and detain the crude oil cargo aboard the Floating Production Storage and Offloading (FPSO) Vessel Tamara Tokoni. 

Following the court's directive, the Nigerian Navy has detained the cargo, as reported by PREMIUM TIMES early Wednesday. The FPSO belongs to General Hydrocarbons, an oil servicing company primarily owned by Obaigbena, who is also the Chairman and Editor-in-Chief of THISDAY and ARISE Media Group.

The ongoing legal dispute centers around credit facilities obtained by Obaigbena's company, which First Bank claims have missed multiple repayment deadlines. The bank is seeking $225.8 million, representing the amount owed by General Hydrocarbons as of September 30, 2024.

In a ruling on January 9 by Justice E.A. Obile, the court mandated the detention of the crude oil cargo until a satisfactory guarantee of $19.7 million, plus interest and costs, is provided by the defendants through a first-class Nigerian bank. The order also instructed the Nigerian Navy, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Maritime Administration and Safety Agency (NIMASA), and the Harbour Master of the Nigerian Ports Authority (NPA) to assist in enforcing the arrest of the FPSO Vessel Tamara Tokoni

The legal confrontation between Femi Otedola's First Bank and Nduka Obaigbena's General Hydrocarbons Limited has intensified significantly. Recently, the Federal High Court in Port Harcourt issued an order to arrest and detain the crude oil cargo aboard the Floating Production Storage and Offloading (FPSO) Vessel Tamara Tokoni. 

Following the court's directive, the Nigerian Navy has detained the cargo, as reported by PREMIUM TIMES early Wednesday. The FPSO belongs to General Hydrocarbons, an oil servicing company primarily owned by Obaigbena, who is also the Chairman and Editor-in-Chief of THISDAY and ARISE Media Group.

The ongoing legal dispute centers around credit facilities obtained by Obaigbena's company, which First Bank claims have missed multiple repayment deadlines. The bank is seeking $225.8 million, representing the amount owed by General Hydrocarbons as of September 30, 2024.

In a ruling on January 9 by Justice E.A. Obile, the court mandated the detention of the crude oil cargo until a satisfactory guarantee of $19.7 million, plus interest and costs, is provided by the defendants through a first-class Nigerian bank. The order also instructed the Nigerian Navy, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Maritime Administration and Safety Agency (NIMASA), and the Harbour Master of the Nigerian Ports Authority (NPA) to assist in enforcing the arrest of the FPSO Vessel Tamara Tokoni