{"id":122184,"date":"2025-09-12T06:28:27","date_gmt":"2025-09-12T05:28:27","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=122184"},"modified":"2025-09-12T06:28:27","modified_gmt":"2025-09-12T05:28:27","slug":"appeal-court-orders-sale-of-64m-crude-in-first-bank-obaigbena-dispute","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/appeal-court-orders-sale-of-64m-crude-in-first-bank-obaigbena-dispute\/","title":{"rendered":"Appeal Court Orders Sale of $64M Crude in First Bank\u2013Obaigbena Dispute"},"content":{"rendered":"<div style=\"text-align: justify;\">By Lizzy Chirkpi<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The Court of Appeal has ruled in favour of First Bank of Nigeria Plc, overturning a High Court decision that earlier dismissed the bank\u2019s claims against General Hydrocarbons Limited (GHL), a company owned by media entrepreneur, Nduka Obaigbena.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">In its judgment, the appellate court directed the immediate sale of crude oil cargo worth $64 million currently stored on the FPSO Tamara Tokoni, declaring that the proceeds should go towards offsetting the debt owed to First Bank.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The court held that GHL had \u201cfraudulently diverted proceeds from crude oil sales\u201d rather than repaying the loans it had collected from the bank, thereby breaching contractual obligations.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The legal tussle between First Bank and Nduka Obaigbena\u2019s General Hydrocarbons Limited dates back several years, following allegations that the company obtained substantial loan facilities but failed to meet repayment obligations.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">In the High Court ruling, the now overturned First Bank\u2019s claims were dismissed, providing temporary relief for Obaigbena. However, the Appeal Court has now affirmed the bank\u2019s position, noting that evidence showed a deliberate diversion of funds that should have serviced the loan.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">This is not Obaigbena\u2019s first brush with controversy over unpaid debts. In 2015, he was named in the Dasuki Arms Scandal, accused of collecting \u20a6670 million from the then National Security Adviser, Col. Sambo Dasuki (rtd.).<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Following the revelations, Obaigbena reportedly left the country for a period, sparking criticism over his financial dealings. The businessman, who has often been accused of borrowing without repayment, is now faced with yet another legal setback.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">With this ruling, First Bank is legally empowered to dispose of the crude oil cargo aboard FPSO Tamara Tokoni to recover part of its outstanding debt.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">For Obaigbena, the judgment adds to a history of financial disputes that continue to cast a shadow over his business empire.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The case could set a precedent in the enforcement of loan recoveries within Nigeria\u2019s oil and gas sector, where defaults are common and recovery processes are often protracted.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Lizzy Chirkpi The Court of Appeal has ruled in favour of First Bank of Nigeria Plc, overturning a High Court decision that earlier dismissed the bank\u2019s claims against General&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":122187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-122184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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