- Safiu Kehinde
The Nigerian Navy has, on Wednesday, arrested and detained a crude oil-conveying vessel belonging to Media Entrepreneur, Nduka Obaigbena, in compliance with a court order over $225.8 million loan dispute with First Bank.
The Floating Production Storage and Offloading (FPSO) Vessel Tamara Tokoni reportedly belonged 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.
Sequel to a Lagos Federal High Court order freezing all assets belonging to Obaigbena over the $225.8 million unpaid loan to First Bank Holdings, a Federal High Court in Port Harcourt, in latest development, granted an order to arrest and detain the crude oil cargo on board.
NPO reported that the last week’s ruling at the Federal High Court in Ikoyi, Lagos, was contained in a court document detailing the prayers of the plaintiffs, First Bank of Nigeria Ltd and FBNQuest Trustees Ltd, both subsidiaries of FBN Holdings Plc, a publicly listed financial services company in Nigeria.
First Bank Holdings PLC had sued Obaigbena over credit facilities his company took, which the bank claimed missed several repayment deadlines.
The court had also restricted Commercial banks from releasing or dealing in all monies and assets up to the said amount belonging to Efe Damilola Obaigbena, Olabisi Eka Obaigbena and General Hydrocarbons Limited, an oil and gas firm in which all the three are directors and shareholders.
The injunctions were granted to prevent the defendants, General Hydrocarbons Limited and other associated entities, from transferring or dissipating assets while a legal dispute over unpaid loan facilities is resolved.
The loans, reportedly issued by the plaintiffs, amount to $225,802,379.69 as of September 30, 2024.
Financial Institutions restrained by the injunctions include Guaranty Trust Bank, Access Bank, Zenith Bank, First Bank of Nigeria, and emerging digital platforms like Flutterwave, Paystack, and Piggyvest from releasing funds or dealing with any accounts associated with the defendants.