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FBN vs Obaigbena: Crude Oil Cargo Owned By GHC Arrested By Navy
A crude oil cargo owned by General Hydrocarbons, chaired by the Chairman and Editor-in-Chief of THISDAY and ARISE Media Group, Nduka Obaigbena, has been seized by the Nigerian Navy following the legal tussle with First Bank of Nigeria, with Femi Otedola as Chairman.
A report by an online media confirmed the development, which followed a ruling by the Federal High Court in Port Harcourt, Rivers State.
The court had granted an order to arrest and detain the crude oil cargo on board the Floating Production Storage and Offloading Vessel, Tamara Tokoni.
According to the report, operatives of the Nigerian Navy have since detained the cargo in line with the court order.
Obaigbena and FBN Limited are locked in a legal battle over an alleged indebtedness of GHC to the tune of $225.8 million as at September 30, 2024.
The January 9, 2025 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, 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.
© PREMIUM TIMES
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