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

First Bank alleged that Mr Obaigbena’s General Hydrocarbons Limited was indebted to the tune of $225.8 million as of 30 September, 2024.

News Agency of Nigeria • January 15, 2025

Nduka Obaigbena

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 $225million 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.

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.

Meanwhile, Peoples Gazette had reported 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.

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