A Federal High Court in Rivers State has ordered the Nigerian Navy to arrest and detain an oil vessel, FPSO Tamara Tokoni, belonging to General Hydrocarbons Limited, a company promoted by Nduka Obaigbena, Chairman of the ThisDay Editorial Board. The court order follows an application by the First Bank of Nigeria over a $225 million debt owed by General Hydrocarbons Limited.
According to the court document, the order was issued and sealed by Justice E.A Obile, the presiding Judge in Suit No: FHC/PH/CS/02/2025. The suit is between First Bank of Nigeria Limited as Plaintiff and General Hydrocarbns 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.
The court 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 Administration 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.
In compliance with the court order, security operatives arrested and detained the oil vessel belonging to General Hydrocarbons Limited at the Escravos, in Delta state. The Navy personnel with Naval Gunship are currently in the FPSO and have taken over the Vessel.
The legal conflict between General Hydrocarbons Limited and First Bank of Nigeria started over credit facilities taken by the company, which the bank claimed missed several repayment deadlines. First Bank is claiming $225.8 million, which it said is the indebtedness on General Hydrocarbons’ account with the lender as of 30 September 2024.
The court 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.
About The Author
