First Bank tussles with GHL: Court orders arrest of crude oil cargo onboard FPSO vessel  

 The Federal High Court, Port Harcourt Judicial Division, has ordered the arrest of the entire cargo onboard the Floating Production Storage and Offloading (FPSO) Vessel Tamara Tokoni, located in Rivers State, linked to General Hydrocarbons Limited (GHL).  

Justice E.A. Obile issued the ruling in an ex parte motion filed by First Bank of Nigeria Limited (FBN) on January 9, 2025, seen by Nairametrics.

FBN is insisting on a $19,752,304.84 bank guarantee and the payment of costs by GHL and others before they can tamper with or transact the crude oil products onboard the vessel.  

The application aims to secure FBN’s financial claim against GHL, the cargo of crude oil onboard FPSO Tamara Tokoni, as well as the owners, operators, and master of the vessel, listed as the first to fourth defendants in the motion obtained by Nairametrics.  

A bank guarantee is a promise by a bank to meet the liabilities of a business if it fails to fulfil its contractual obligations.  

According to an affidavit deposed by Temitayo Osundosumu, a staff member of FBN, a bank guarantee submitted by GHL and others is critical to securing FBN’s financial investments in GHL and debts allegedly owed to the financial institution by the oil and gas company.  

The applicant’s lawyer, E.C. Unachukwu Esq., also urged the court to prevent GHL from wasting or diverting crude oil products.

 He prayed for the following orders:  

“An order arresting or attaching the entire cargo of crude oil onboard the Floating Production Storage and Offloading (FPSO) Vessel Tamara Tokoni, presently located in Rivers State or wherever it 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 defendants to secure the plaintiff’s claim herein, or until this Honourable Court otherwise orders.  

“An order 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 the Cargo of Crude Oil on Board FPSO Tamara Tokoni in order to secure same and also take other steps including the provision of regular patrols and surveillance around her to prevent the GHL from dissipation until the Order of this Court have been compiled with in respect of the arrest of the 2nd defendant.”

According to the enrolled order, the court considered the application and granted FBN’s request on January 9, 2025.  

Nairametrics gathers that the case has been adjourned to February 10, 2025, for mention.  

The court has cautioned all parties against attempting to remove or interfere with the crude oil without authorization.

 Law enforcement agents have been directed to detain the said cargo onboard the FPSO vessel and keep it under custody until further orders are issued. 

Nairametrics learns that the Nigerian Navy has taken over FPSO Tamara in compliance with the court order and there is currently no loading on the vessel.

There are allegations by sources related to the development that GHL allegedly wants to continue taking the oil and divert the proceeds.