Court Orders Seizure Of GHL’s Crude Cargo Over Alleged First Bank Debt

Justice Emmanuel Obile of the Federal High Court in Port Harcourt, Rivers State, has ordered the seizure of a crude cargo owned by General Hydrocarbons Limited (GHL) due to allegations of indebtedness to First Bank of Nigeria.

The court ordered that the crude oil aboard the Floating Production Storage and Offloading (FPSO) Vessel Tamara Tokoni be held until GHL and other defendants in the lawsuit filed by First Bank provide a bank guarantee in the amount of $19,752,304.84.

The other defendants in the suit include the cargo of crude oil aboard the FPSO Tamara Tokoni, the owners/operators of the FPSO, and the master of the FPSO.

The judge specifically ordered the arrest and/or attachment and/or lien against the entire crude oil cargo on board the FPSO Tamara Tokoni, currently located in Rivers State or wherever it may be found within the court’s jurisdiction, pending the provision of a satisfactory guarantee from a reputable Nigerian bank in the amount of $19,752,304.84, plus interest and costs from the defendants.

Justice Obile also directed the Nigerian Navy, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Maritime Administration and Safety Agency (NIMASA), and the Harbour Master of the Nigeria Ports Authority to provide necessary assistance to the Admiralty Marshal of the court in executing the order for the arrest of the second defendant.

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This includes taking steps to ensure regular patrols and surveillance around the vessel to prevent the dissipation of the cargo until the court’s order has been complied with.

The case has been adjourned to February 10 for mention.

In an affidavit supporting the suit, Temitayo Osundosumu, a staff member of First Bank, argued that a bank guarantee provided by GHL and others is essential to securing the bank’s financial investments in GHL and the debts allegedly owed to the financial institution by the oil and gas company.