News
Otedola Vs Obaigbena: Crude oil cargo owned by General Hydrocarbons arrested
The legal tussle between Femi Otedola’s First Bank and Nduka Obaigbena’s General Hydrocarbons Limited has intensified.
In the latest development, the Federal High Court in Port Harcourt has granted an order to arrest and detain the crude oil cargo on board the Floating Production Storage and Offloading (FPSO) Vessel Tamara Tokoni.
A report by PREMIUM TIMES said that personnel of the Nigerian Navy had since detained the cargo in line with the court order.
The FPSO on board vessel Tamara Tokoni belongs to General Hydrocarbons, an oil servicing firm owned mainly by Mr Obaigbena, who also serves as Chairman and Editor-in-Chief of THISDAY and ARISE Media Group.
The businessman’s oil firm and First Bank are locked in a knotty legal conflict over credit facilities his company took, 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 9 January 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, 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.
The judge also ordered the security officials to take necessary steps, including providing “regular patrols and surveillance around the cargo of crude oil to prevent General Hydrocarbons Limited from dissipation until the Order of this Court has been complied with in respect of the arrest of the FPSO on board Tamara Tokoni.”
The court then 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.
● 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 seen by PREMIUM TIMES, 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.
Premium times
By Francesca Hangeior
The Federal Capital Territory Minister, Nyesom Wike, has directed the establishment of a Special Task Force to dislodge criminal elements hiding in uncompleted structures, abandoned plots of land, and buildings across the territory.
The Director of the Department of Security Services, FCT Administration, Mr. Adamu Gwary, who disclosed this in Abuja explained that this measure is aimed at curbing the menace of miscreants vandalising government assets and infrastructure.
He said that the FCT Security Committee had identified uncompleted structures, abandoned plots of land, and buildings as some of the hideouts for miscreants.
“The Commissioner of Police in the FCT has been mandated to work with his colleagues to form a task team to address this issue,” he said.
“They made a submission to the Minister on Tuesday regarding the financing of the exercise, which will cover not only Pantaker markets but also locations where scavengers are hiding. These include uncompleted and abandoned structures and any other location that intelligence has identified as a hideout for miscreants.”
The director said that in the next two to three weeks, there would be strategic efforts to clear all criminal hideouts in the FCT and other locations used by criminals to carry out their activities.
According to him, all uncompleted buildings, abandoned plots of land, and structures would be identified and cleared.
“This measure will ensure that criminal elements do not have a hiding place where they can organise to attack or vandalise our infrastructure or rob residents,” he said.
Regarding undeveloped lands, Gwary said that the FCTA Land Department is currently conducting a census of all undeveloped plots in the FCT, as directed by the Minister.
He recalled that Wike had directed owners of undeveloped plots to either develop their land or face revocation of their allocations.
He explained that if implemented, this measure would significantly address security concerns related to undeveloped plots, growing bushes, and their use as hideouts for criminals.
“The Land and other related departments are working diligently on addressing the security problems caused by undeveloped plots of land,” he said.
The director also revealed that the FCT Minister had directed the acting Executive Secretary of the Federal Capital Development Authority to take control of all under-bridges in the FCT.
“The Minister has directed the acting FCDA boss to make a submission on what it will take to secure all under-bridges in the territory.
“The idea is to deny miscreants access to such locations, which they use as hideouts,” he said.
Meanwhile, the Police Command in the FCT has commenced daily raids on identified criminal hotspots in Abuja.
The Command’s Public Relations Officer, SP Josephine Adeh, said in a statement that the effort was aimed at combating criminal activities and protecting public and private infrastructure in the territory.
By Francesca Hangeior
The South African Border Management Authority has temporarily closed a key border crossing with Botswana due to heavy rainfall and flooding.
The Grobler’s Bridge crossing in northern South Africa is used for trade, especially by miners in the Copperbelt region straddling Zambia and the Democratic Republic of Congo moving cargo to the port of Durban.
The authority said in a statement that “following consultations with our Botswana counterparts and thorough deliberation by the Port Management Committee, it has been decided that the temporary suspension of operations is necessary to prioritise safety.’’
The agency urged travelers and truck operators to use alternative routes.
The crossing links Botswana with SA northern Limpopo province, which witnessed heavy rainfall last weekend.
…as SHESTCO DG Attributes Uncompleted Projects to Envelope Budgeting
By Gloria Ikibah
Chairman, House of Representatives Committee on Science and Engineering, Rep. Inuwa Garba, has criticized some government agencies for failing to fulfill their mandates since their establishment. He warned that the Committee might recommend their scrapping.
This warning came during the 2024 budget defense and 2025 budget proposal session on Tuesday in Abuja, where the Committee took the Director-General of Sheda Science and Technology Complex (SHESTCO), Paul Onyenekwe, and other officials to task over uncompleted projects and questionable contract awards in Adamawa, Taraba, Bauchi, and Gombe states.
Rep. Garba highlighted discrepancies in the budget presentations of some agencies, stating that these irregularities raise concerns about their effectiveness, and noted that if such agencies continue to fall short of their responsibilities, the Committee would push for their closure, in line with recommendations from the Steve Oronsaye Report on public sector reforms.
The DG of SHESTCO attributed the challenges faced by the agency to the envelope budgeting system, which he said hampers the completion of critical projects. However, the Committee was unimpressed, insisting on greater accountability and proper utilization of allocated funds.
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