NewStats: 3,265,167 , 8,185,867 topics. Date: Friday, 13 June 2025 at 05:45 PM x2n6f

The legal battle between Femi Otedola’s First Bank and Nduka Obaigbena’s General Hydrocarbons Limited has intensified. In the latest development, the Federal High Court in Port Harcourt has granted an order to arrest and detain the crude oil cargo on board the Floating Production Storage and Offloading (FPSO) Vessel Tamara Tokoni.

Personnel of the Nigerian Navy have since detained the cargo in line with the court order, TIMES learnt early Wednesday morning.

The FPSO on board vessel Tamara Tokoni belongs to General Hydrocarbons, an oil servicing firm owned mainly by Mr Obaigbena, who also serves as Chairman and Editor-in-Chief of THISDAY and ARISE Media Group.

The businessman’s oil firm and First Bank are locked in a knotty legal conflict over credit facilities his company took, which the bank claimed missed several repayment deadlines.

First Bank is claiming $225.8 million, which it said is the indebtedness on General Hydrocarbons‘ with the lender as of 30 September 2024.

The 9 January ruling by Justice E.A. Obile 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, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Maritime istration and Safety Agency (NIMASA), and the Harbour Master of the Nigerian Ports Authority (NPA) to provide the necessary assistance in implementing the order of arrest of the FPSO Vessel Tamara Tokoni.

The judge also ordered the security officials to take necessary steps, including providing “regular patrols and surveillance around the cargo of crude oil to prevent General Hydrocarbons Limited from dissipation until the Order of this Court has been complied with in respect of the arrest of the FPSO on board Tamara Tokoni.”

The court then adjourned the matter to 9 February 2025 for a continuation of the substantive suit.

In a subsequent letter to the Chief of Naval Staff, the Federal High Court sought the Nigerian Navy’s assistance executing the court order to arrest and detain the crude cargo on board FPSO Tamara Tokoni.

Background: First Bank Vs General Hydrocarbons
First Bank had filed a debt recovery suit against Mr Obaigbena and his family , including Efe Damilola Obaigbena and Olabisi Eka Obaigbena, saying they used their oil company General Hydrocarbons Limited to amass millions of dollars in debt.

The bank secured an order from the Federal High Court, Ikoyi, Lagos, blocking the s and assets of Mr Obaigbena, his company and those of his two daughters holding directorship roles on the board of General Hydrocarbons in all commercial banks in Nigeria.

General Hydrocarbons issued a statement through Abiodun Layonu & Co, its solicitors, describing the order obtained by First Bank as an “abuse of court process.”

The lawyers called attention to a previous order granted by Justice A. Lewis-Allagoa of the same court on 12 December 2024, prohibiting First Bank from hindering General Hydrocarbons from accessing loan facilities or funding required for the exploration and operation of oil and mining lease (OML) 120.

Both parties had entered into a loan agreement requiring the lender to finance the running of OML 120, with the understanding that they would share any profit from the investment equally.

General Hydrocarbons alleged that First Bank had breached some of the facility’s , including not disbursing the credit on time.

According to a document seen by TIMES, General Hydrocarbons also obtained an injunction from the judge, restraining First Bank from hindering the company from “making any calls or demands, or taking any steps whatsoever to enforce any security, receivables, instrument, finance documents or assets of the applicant which have been charged as security for the facility agreements in respect of the applicant’s operation of OML 120.”

In their statement, General Hydrocarbons remarked that First Bank has persisted in ignoring and disobeying a persisting court judgement and has chosen to mislead the public.

But First Bank denied breaching any court order, saying the assets freezing order it obtained did not violate the court’s earlier ruling in favour of General Hydrocarbons.

SOURCE

Wonderful

Two friends are fighting

Smh.
This action further confirms the likely authenticity of this letter https://nairaland.unblockandhide.com/8315301/response-obaigbenas-smear-campaign-femi credited to Mr Femi Ote$, Chairman of First Bank

fergie001:


SOURCE

Lawyers wey dey this case don hammer.

Most wealthy people live above their means borrowing here and there to show off. Compete and prove to friends, family and rivals that they could actually afford certain luxuries of life even though they lack the means to procure it

Rich circle men problem

Small matter.

Rufai Oseni has the solution.

Nduka only needs to speak to Rufai.
Datsall

The reason why otedola visited Tinubu in UAE. When two elephants fight.

Nduka Obaigbena onigbese, pay your debt.

No wonder his media outlet has been publishing rubbish news about First Bank and Otedola.

Only in Nigeria, audio billionaires borrow money, live above their means and then attempt to gag Banks with their media outlets.

FBN is blessed to have a no-nonsense man like Femi as its chairman.

Everything the debtor own should be sold off. The Bank should contract me for this recovery job, I will start from that useless Arise TV.

Rufai, Abati and the other mofos will soon be out of job

His servants reluctant to talk about this on his TV, if isn't their pay master that happened to, it would have been "a hot sacrifice" for them, to feast on since Monday the news broke.


Very easy to CRITICIZE, ATTACK & CONDEMN, give human slightly opportunity,he would do worst.

When two elephants flights... na the grass dey suffer

Forumites:
The reason why otedola visited Tinubu in UAE. When two elephants fight.

Well, same reason Nduka Obaigbena and his newpaper gave Tinubu man of the year award.

For Thisday to give their self-sworn enemy such a prestigious award ahead of PitObi, I knew something was fishy.

The debtor wanted to win Tinubu over. E no fit work

iwaeda:
Erin ogbodo wo. Elephant must not fall, First Bank must not fall o.

First Bank no fit fall, the debt is too small to shake them.

Meanwhile, Otedola would rather sell off Nduka, Rufai, Abati, etc. and their entire families than allow them go without paying back.

Don't like otedola but nduka should pay his gbese.

This is a a warning to all those who took paddy paddy loans from first bank

Likely also the real reason for the sacks and dismissals

Clearing the ranks of those compromised by or beholden to the debtors.

What of GTbank vs Innoson, have they resolved?

This media recovery is very unnecessary.

Season 2

Over the last 15 years or so, First Bank has proven to be one of the most poorly run banks in Nigeria.

The bank almost collapsed and was on financial life for about 10 years due to a terrible $100 million that it gave to an oil services company over a decade ago.

Since then, the bank has gone from being the largest and most profitable bank in the country to being number 5 now.

It is shocking to hear that the bank did not learn from the previous experience and went ahead to give a $200 million loan to a company owned by a journalist

What does a journalist know about developing and running an oil well.

The current management of first bank needs to investigate the compromising role played by some of the banks previous directors.

No wonder the corrupt elements are fighting Mr Otedola through the media.

All of them have hands in our oil business.
They are just using other business to cover up.
They are the real guys behind the oil bunkery at the expense of the future of Nigeria.

Nduka has been doing it since military days and going scot free. Now he has finally met his match

Otedola vs king of una billionaire

Otedola vs king of una billionaire
We are watching

Something isn't adding up.

A guy that has a vessel like that should be able to pay off N200m debt, something is not adding up, but I think the bank, or someone is using the bank to strip the guy of his assets. I mean a vessel like that is certainly worth mor that N500 million.

If you re borrowing money from a bank beware, make sure you understand the , it would be a shame to lose that vessel for a mere N200m.

they should close arise tv too

fergie001:


SOURCE

#

hi

Waiting for Arise Tv and that loud mouthed rufai to analyze this issue as he always does to others.
Awon onigbese.

nwirinedu:
A guy that has a vessel like that should be able to pay off N200m debt, something is not adding up, but I think the bank, or someone is using the bank to strip the guy of his assets. I mean a vessel like that is certainly worth mor that N500 million.

If you re borrowing money from a bank beware, make sure you understand the , it would be a shame to lose that vessel for a mere N200m.

they are not talking about 200m naira, check well, First Bank is claiming $225.8 million, that is over 400B naira

Are you looking for a loan?

Please see our signature

He who must come to equity must come with clean hands.

You have Issues around your financial dealings, yet you are giving the government woto-woto with your platforms.

Now, the government is after you, albeit indirectly.

Its your turn to receive woto-woto.

The This Day Man Of The Year politics will not save you.

Sack Rufai first then we can talk.

Erin ogbodo wo. Elephant must not fall, First Bank must not fall o.