As a result, personnel from the Nigerian Navy have detained the cargo in compliance with the court’s directive, according to PREMIUM TIMES, which reported the news early Wednesday morning.
The FPSO vessel Tamara Tokoni belongs to General Hydrocarbons, an oil services company primarily owned by Obaigbena, who is also the Chairman and Editor-in-Chief of THISDAY and ARISE Media Group.
The conflict centers around a legal dispute between First Bank and Obaigbena’s company over a series of unpaid credit facilities. First Bank claims that General Hydrocarbons failed to meet several repayment deadlines.
The bank is seeking $225.8 million in repayment, which it asserts is the outstanding debt on General Hydrocarbons’ account as of September 30, 2024.
In a ruling on January 9, Justice E.A. Obile ordered the detention of the crude oil cargo on the Tamara Tokoni until a “satisfactory guarantee” of $19.7 million, plus interest and costs, is provided by the defendants.
The court also instructed 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 assist in implementing the arrest order for the vessel.
Additionally, the judge directed security forces to take necessary precautions, including regular patrols and surveillance around the crude oil cargo, to prevent any attempts to dissipate it before the court order is fulfilled.
The court has adjourned the matter until February 9, 2025, for the continuation of the main case.
In a follow-up letter, the Federal High Court requested the assistance of the Chief of Naval Staff to ensure the execution of the arrest and detention order for the crude cargo aboard the Tamara Tokoni.
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