First Bank of Nigeria Plc has secured the order of a Federal High Court sitting in Port Harcourt, Rivers State, to arrest a cargo belonging to General Hydrocarbons Limited.
The court, in Suit number: FHC/PH/CS/02/2025, ordered that the entire cargo of crude oil on board the Floating Production Storage and Offloading Vessel Tamara Tokoni, presently located at Rivers State, be arrested pending the provision of a satisfactory guarantee from a first-class Nigerian bank in the sum of $19,752,304.84.
FBN had dragged General Hydrocarbons Ltd., the cargo of crude oil on board FPSO Tamara Tokoni, and the owners/operators of FPSO Tamara Tokoni.
The bank filed a motion ex parte dated January 6, 2025, and filed on January 9, 2025, before the court.
The plaintiff prayed for the following orders: “An order arresting and/or attaching and/or liening the entire cargo of crude oil on board the Floating Production Storage and Offloading Vessel Tamara Tokoni presently located at Rivers State or wherever she may be found within the jurisdiction of this Honourable Court pending the provision of a satisfactory guarantee from a first-class Nigerian bank in the sum of $19,752,304.84 plus interest and costs by the said defendants to secure the plaintiff’s claim herein, or until this Honourable Court otherwise orders.
“An order directing officers of the Nigerian Navy, NUPRC, NIMASA, and Harbour Master of the Nigeria Ports Authority to render necessary assistance to the Admiralty Marshall of this Honourable Court in giving effect to the order of arrest of the 2nd Defendant in order to secure same and also take other steps, including the provision of regular patrols and surveillance around her to prevent the 1st defendant from dissipation until the order of this court has been complied with in respect of the arrest of the 2nd defendant.”
Upon reading the affidavit in support deposed to by Mr. Temitayo Osundosumu, after hearing the counsel for the plaintiff, E. C. Unachukwu, the court considered the application and granted the same on January 9, 2025.
In his ruling, Justice E. A. Obile said, “It is hereby ordered as follows:
“That order is granted arresting and/or attaching and/or liening the entire cargo of crude oil on board the Floating Production Storage and Offloading Vessel Tamara Tokoni presently located at Rivers State or wherever she may be found within the jurisdiction of this Honourable Court pending the provision of a satisfactory guarantee from a first-class Nigerian bank in the sum of $19,752,304.84 plus interest and costs by the said Defendants to secure the Plaintiff’s claim herein, or until this Honourable Court otherwise orders.
“That order is made directing officers of the Nigerian Navy, NUPRC, NIMASA, and Harbour Master of the Nigeria Ports Authority to render necessary assistance to the Admiralty Marshall of this Honourable Court in giving effect to the order of arrest of the 2nd Defendant in order to secure same and also take other steps, including the provision of regular patrols and surveillance around her to prevent the 1st Defendant from dissipation until the order of this court has been complied with in respect of the arrest of the 2nd Defendant.”
Following the order, the court issued a warrant for the arrest and detention of the cargo.
On January 10, the court issued a notice of arrest, saying, “The above-named cargo being in custody or possession of the Admiralty Marshall by virtue of a warrant from the Federal High Court, Port Harcourt, all persons are hereby cautioned not to attempt to remove the same or interfere therewith without the authority in writing of the said Marshall or his substitutes; otherwise they will be immediately proceeded against.”
The case has since been adjourned to February 10, 2024.
Meanwhile, First Bank spoke on its ongoing dispute with General Hydrocarbons Limited, emphasising the need for good governance and transparency in a commercial transaction that has become the subject of litigation.
The bank issued a detailed public statement to clarify the matter and refute what it described as “sponsored but false narratives” in certain media reports.
FBN disclosed that the controversy centred around credit facilities extended to GHL for the development of oil mining lease assets. These loans, the bank explained, were governed by robust agreements that clearly outlined the obligations of both parties, as well as security arrangements to safeguard the transaction.
Despite FBN fulfilling its obligations under the agreements, the bank alleged that GHL violated key terms, including the diversion of proceeds from the financed project.
“At the root of the present dispute is First Bank’s demand for good governance and transparency in the transaction, which GHL rejected,” the bank stated.
FBN had proposed appointing an independent operator, mutually acceptable to both parties, to manage the financed assets transparently. The goal was to enhance visibility, protect all stakeholders, and ensure value creation.
However, GHL declined the proposal and instead demanded additional funding, which the bank says was unjustifiable given the circumstances.