Femi Otedola’s First Bank loses in court again to Nduka Ibaigbena’s General Hydrocarbons.
You would recall the ongoing debt recovery battle between Nduka Obaigbena-owned General Hydrocarbons and First Bank under the chairmanship of Mr. Femi Otedola, where the lender obtained an order of court to arrest and detain Tamara Tokoni, a crude oil cargo on board the Floating Production Storage and Offloading Vessel belonging to the Thisday Publisher’s company.
ENigeria News reports that on January 9, 2025, a ruling by Justice E. A. Obile of the Federal High Court in Port Harcourt ordered the detention of the crude oil cargo on board FPSO Tamara Tokoni pending the provision of a “satisfactory guarantee from a first-class Nigerian bank of $19.7 million plus interest and costs by the said defendants.”
The order also directed officers of the Nigerian Navy, Nigerian Upstream Petroleum Regulatory Commission, Nigerian Maritime Administration and Safety Agency, and Harbour Master of the Nigerian Ports Authority to provide the necessary assistance in implementing the order of arrest of the FPSO vessel Tamara Tokoni.
However, in a surprising turn of events, the court, in its ruling on Tuesday, held that the matter is not a maritime claim but rather a simple case of debt recovery. First Bank’s legal representative holds the view that the ruling of the court is quite surprising considering the fact that the order sought was to prevent further fraudulent sale of crude on the FPSO.
The court also held that the arrest order against the cargo, because it was ex parte in nature, expired by effluxion of time within 14 days of its issuance.
Aggrieved by the decision, FirstBank lodged an appeal against the decision of the FHC. Also, First Bank filed an application for an injunction of the court against GHL, pending the determination of the appeal. The cargoes of crude oil on the FPSO TAMARA TOKONI remain arrested.
