The Federal High Court, Port Harcourt Division, has directed the arrest of crude oil onboard the FPSO Vessel Tamara Tokoni, located in Rivers State, due to a legal dispute involving General Hydrocarbons Limited (GHL) and First Bank of Nigeria Limited (FBN).
Justice E.A. Obile issued the ruling on January 9, 2025, following an ex parte motion filed by FBN. The bank is seeking a $19.75 million bank guarantee and the payment of costs by GHL and other parties before any transaction involving the crude oil can proceed.
FBN’s Claims
FBN’s affidavit, deposed by staff member Temitayo Osundosumu, asserts that the bank guarantee is critical to securing its financial investments in GHL. The bank’s lawyer, E.C. Unachukwu, emphasized the need to prevent GHL from diverting or wasting the crude oil products onboard the vessel.
The court order mandates the arrest of the crude oil cargo, with assistance from the Nigerian Navy, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Maritime Administration and Safety Agency (NIMASA), and the Nigerian Ports Authority (NPA).
Key Orders from the Court
Arrest of Crude Oil Cargo: The court instructed the detention of the cargo onboard FPSO Tamara Tokoni until GHL provides a bank guarantee of $19,752,304.84 plus interest and costs.
Surveillance Measures: Law enforcement agencies are tasked with regular patrols and monitoring to ensure compliance with the order and prevent the dissipation of assets.
Next Steps
The case has been adjourned to February 10, 2025, for mention. All parties have been warned against unauthorized removal or interference with the crude oil, and the cargo will remain under custody until further court directives are issued.
