A 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, belonging to General Hydrocarbons Ltd (GHL).

Justice E. A. Obile made the order based on an application by First Bank of Nigeria Ltd.

The defendants are GHL, the cargo of crude oil on board FPSO Tamara Tokoni, its owners/operators, and the master of the vessel.

GHL is an oil exploration firm owned by Mr. Nduka Obaigbena, Chairman of Arise TV and publisher of ThisDay Newspapers.

First Bank and Obaigbena are embroiled in a legal dispute over an alleged $225million transaction.

Premium Times, an online newspaper, reported yesterday that based on the order, FPSO Vessel Tamara Tokoni was arrested by the Navy.

The newspaper said the arrest was made in the early hours of yesterday on the high sea.

The bank had obtained a Mareva injunction from the Federal High Court in Lagos restraining all banks in Nigeria from releasing funds to GHL and its directors Obaigbena, Efe Damilola Obaigbena and Olabisi Eka Obaigbena.

In the latest order dated January 9, a copy of which our reporter obtained yesterday, Justice Obile held: ?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 (FSPO) 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, until this Honourable Court otherwise orders.?

A lien is the right to keep possession of property belonging to another person until a debt owed by that person is discharged.

The court mandated the 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 enforce the order.

Justice Obile added: ?That order is made directing officers of the Nigerian Navy, NUPRC, NIMASA, 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 second defendant (crude cargo) in order to secure same and also take other steps including the provision of regular patrols and surveillance around her to prevent the first defendant (General Hydrocarbons) from dissipation until the order of this court has been complied with in respect of the arrest of the second defendant.?

The court adjourned the suit, numbered FHC/PH/CS/02/2025, until February 10 for mention.

The court?s Deputy Chief Registrar, Naanlang Dashe, also issued a notice of arrest.

It reads: ?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 same or interfere therewith without the authority in writing of the said Marshall or his substitutes, otherwise they will be immediately proceeded against.?

The warrant of arrest and detention states that the cargo of crude oil ?currently located at Rivers State or any port within Nigeria territorial waters is about to leave Nigeria outside the jurisdiction of the court.?

It adds: ?This is, therefore, to require and order you forthwith to arrest and detain the said cargo of crude oil on board the FPSO Vessel Tamara Tokoni and keep same under detention until you shall receive further orders from the court.?

FirstBank said it extended several credit facilities to GHL for the development of some oil mining lease assets.

The bank said while it diligently performed its obligations under the loan agreements, GHL allegedly breached them and diverted proceeds.

However, GHL denied owing First Bank and accused it of abusing the court process, which the bank dismissed.

The company said it signed the agreement believing and trusting that FirstBank would comply with its obligations to fund OML 120, ?but it has clearly not done so?. (The Nation)

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