- A Federal High Court in Port Harcourt granted an order for the seizure of the crude oil cargo on board the Floating Production Storage and Offloading (FPSO) Vessel Tamara Tokoni.
An Oil Vessel belonging to General Hydrocarbons Limited, a company owned by Nduka Obaigbena, has been confiscated by the Nigerian Navy.
Obaigbena, a media mogul, is the Chairman of Thisday Newspapers and Arise Television.
The arrest and detention of his vessel is coming amid a lingering rift with Femi Otedola, the chairman of First Bank Plc over a $225.8 million loan.
According to reports, a Federal High Court in Port Harcourt granted an order for the seizure of the crude oil cargo on board the Floating Production Storage and Offloading (FPSO) Vessel Tamara Tokoni.
The order was issued by Justice E.A. Obile on January 9, while ruling on a suit instituted against Obaigbena and his company over debts owed to a Nigerian bank.
The judge mandated the detention of the crude oil cargo aboard the FPSO vessel Tamara Tokoni until the defendants provide a “satisfactory guarantee from a first-class Nigerian bank amounting to $19.7 million, along with interest and costs.”
The court further 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 executing the arrest order for the Tamara Tokoni vessel.
In addition, security agencies were directed to ensure effective enforcement by maintaining surveillance and conducting regular patrols around the crude oil cargo to prevent any dissipation by General Hydrocarbons Limited, pending compliance with the court’s directives.
The case was adjourned to February 9, 2025, for the continuation of proceedings on the substantive matter.
Within Nigeria understands that First Bank instituted dlegal action to recover debts owed by Mr. Nduka Obaigbena and members of his family, including Efe Damilola Obaigbena and Olabisi Eka Obaigbena, alleging that they leveraged their oil firm, General Hydrocarbons Limited, to accrue substantial financial obligations.
The Federal High Court in Ikoyi, Lagos, granted an order enabling the bank to freeze the accounts and seize the assets of Mr. Obaigbena, his company, and his daughters, who hold directorial positions at General Hydrocarbons, across all commercial banks in Nigeria.
General Hydrocarbons, through its legal representatives, Abiodun Layonu & Co, denounced the order secured by First Bank, labeling it an “abuse of court process.”
The solicitors highlighted a prior ruling by Justice A. Lewis-Allagoa, issued on December 12, 2024, from the same court. That ruling had expressly prohibited First Bank from obstructing General Hydrocarbons’ access to loan facilities or funding critical for the exploration and operations of Oil and Mining Lease (OML) 120.