The Federal High Court in Rivers State has ordered the Nigerian Navy to arrest and detain the Tamara Tokoni, a Floating Production Storage and Offloading (FPSO) vessel owned by General Hydrocarbons Limited, a company associated with Nduka Obaigbena, Chairman of the ThisDay Editorial Board. This dramatic ruling follows a legal dispute between General Hydrocarbons and First Bank of Nigeria, which claims the oil company owes $225 million in outstanding debts.
The order, issued on January 9, 2025, by Justice E.A. Obile, mandates that the vessel, which is currently stationed in Nigerian waters, be held until a satisfactory financial guarantee is provided. First Bank filed the legal action in response to General Hydrocarbons’ failure to meet several repayment deadlines on a significant loan. The bank claims that as of September 30, 2024, the total amount owed by General Hydrocarbons stands at $225.8 million.
The court’s decision specifically targets the cargo of crude oil aboard the *Tamara Tokoni*, which is located in Rivers State, Nigeria. According to the court documents, the vessel was at risk of leaving Nigerian territorial waters, potentially evading the jurisdiction of the court. The order effectively blocks any such movement, directing the Nigerian Navy and other relevant maritime authorities to detain the vessel and ensure it remains under their control.
In addition to the Navy’s involvement, the order also calls on the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Maritime Administration and Safety Agency (NIMASA), and the Nigerian Ports Authority (NPA) to assist in the enforcement of the detention. The court emphasized the importance of continuous surveillance and patrols around the vessel to prevent any efforts to move the crude oil cargo or the FPSO out of Nigerian jurisdiction.
The ruling is part of a broader legal conflict between General Hydrocarbons and First Bank, which dates back several months. The bank claims that despite numerous requests for repayment, General Hydrocarbons, under the leadership of Obaigbena, failed to honor its financial obligations. The dispute has escalated to the point where the bank sought a legal remedy to secure its debt by taking action against the oil company’s assets.
The *Tamara Tokoni* itself is flagged under Panama, but it operates in Nigerian waters under the ownership of General Hydrocarbons. Reports from sources familiar with the situation state that security operatives from the Nigerian Navy, equipped with a naval gunship, boarded the vessel early in the morning on January 15, 2025. According to the source, the Navy took control of the vessel and secured it at the Escravos, located in Delta State.
General Hydrocarbons Limited’s legal troubles have intensified as the company faces mounting pressure from First Bank to repay the outstanding loan. The court has set conditions for the vessel’s release, requiring General Hydrocarbons to provide a financial guarantee of $19.7 million, along with interest and costs, to secure the debt.
This case highlights the growing tension between financial institutions and major corporations in Nigeria, particularly those involved in the oil sector. With the Nigerian economy heavily reliant on oil exports, disputes over debts tied to energy companies often escalate into significant legal battles with far-reaching implications.
The court has adjourned the case to February 9, 2025, for further hearings. Meanwhile, General Hydrocarbons has not yet commented publicly on the court’s ruling or the arrest of the *Tamara Tokoni*. The Nigerian Navy, along with the other regulatory agencies involved, is expected to continue monitoring the situation closely, ensuring that the vessel remains under detention until the matter is resolved in court.
Discussion about this post