First Bank: Court Orders Seizure Of ThisDay Publisher, Nduka Obaigbena’s Oil Vessel Over Debt

First Bank: Court orders seizure of ThisDay publisher, Nduka Obaigbena’s oil vessel over debt

By Aremu Adebayo

Personnel of the Nigerian Navy have detained the cargo carrying crude for Mr Obaigbena’s General Hydrocarbon

A Federal High Court in Port Harcourt, Rivers State, has ordered an immediate seizure of an oil vessel belonging to General Hydrocarbons Limited, a company owned by the Chairman and Editor-in-Chief of the ThisDay Media Group and Arise Group, Nduka Obaigbena. .

However, police or any other agencies were not enjoined to specifically implement the seizure.

It was learnt that the order to seize cargo, Floating Production Storage and Offloading (FPSO) Vessel Tamara Tokoni, was in respect of an application by the First Bank of Nigeria over $ 225 million debt.

According to the court document, the order was based on the suit numbered FHC/PH/CS/02/2025 and between First Bank of Nigeria Limited as Plaintiff and General Hydrocarbons Ltd; the Cargo of Crude Oil on Board FPSO Tamara Tokoni; owners/operators of the FPSO Tamara Tokoni and the master, FPSO Tamara Tokoni as 1st to 4th defendants.

“This is, therefore, to require and order you forthwith to arrest and detain the cargo of crude oil on board the floating production storage and offloading (fpso) vessel Tamara Tokoni and to keep same under detention until you shall receive further order(s) from the Court,” said the presiding judge, Justice E.A Obile.

Background: First Bank Vs General Hydrocarbons

First Bank had filed a debt recovery suit against Mr Obaigbena and his family members, 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 accounts 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 terms, including not disbursing the credit on time.

According to a document, 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.

The court order is the latest development in the legal battle between Mr Obaigbena’s oil firm GHL and FBN over credit facilities taken by the oil company which the bank claimed had not been repaid.

According to the financial institution, General Hydrocarbons was indebted to the tune of $225.8 million as of 30 September 2024.

It was gathered that First Bank filed a debt-recovery suit against Mr Obaigbena and his family members, including Efe Damilola Obaigbena and Olabisi Eka Obaigbena, saying they used their oil servicing firm General Hydrocarbons Limited to assume debt of about $718 million.

While ruling on the suit FHC/L/CS/2378/2024, Justice Deinde Dipeolu of Lagos Division of the Federal High Court ordered banks operating in Nigeria to blacklist Mr Obaigbena and members of his family over alleged debt to First Bank of Nigeria.

The order also particularly sought to prevent Mr Obaigbena from moving any assets linked to him from the jurisdiction of the Federal High Court.