First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized - Business (4)

First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized - Business (4) - Nairaland

Nairaland Forum › Nairaland General › Business › First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized (16818 Views)

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Re: First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized by Elzazzi: 1:31pm On Jan 15, 2025

nwirinedu:
A guy that has a vessel like that should be able to pay off N200m debt, something is not adding up, but I think the bank, or someone is using the bank to strip the guy of his assets. I mean a vessel like that is certainly worth mor that N500 million.

If you re borrowing money from a bank beware, make sure you understand the terms, it would be a shame to lose that vessel for a mere N200m.

Bro it's 250 million dollars and not naira.

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Re: First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized by mu2sa2: 2:47pm On Jan 15, 2025

purrgold:
When two elephants flights... na the grass dey suffer pass

Dis time around na de less smarter of the two elephants go suffer wella, grass no dey where they're fighting.

Re: First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized by Konquest: 2:49pm On Jan 15, 2025*

FreeStuffsNG:
Smh.
This action further confirms the likely authenticity of this letter https://www.nairaland.com/8315301/response-obaigbenas-smear-campaign-femi credited to Mr Femi Ote$, Chairman of First Bank

With the fairly high oil prices over the last few years, the debt of 225.8 million USD (close to half a billion USD) shouldn't be too much to pay back through a proper restructuring of the debt.

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Re: First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized by Konquest: 2:54pm On Jan 15, 2025*

[quote author=Fergie.001 post=133724309]The legal battle between Femi Otedola’s First Bank and Nduka Obaigbena’s General Hydrocarbons Limited has intensified. In the latest development, the Federal High Court in Port Harcourt has granted an order to arrest and detain the crude oil cargo on board the Floating Production Storage and Offloading (FPSO) Vessel Tamara Tokoni.

Personnel of the Nigerian Navy have since detained the cargo in line with the court order, PREMIUM TIMES learnt early Wednesday morning.

The FPSO on board vessel Tamara Tokoni belongs to General Hydrocarbons, an oil servicing firm owned mainly by Mr Obaigbena, who also serves as Chairman and Editor-in-Chief of THISDAY and ARISE Media Group.

The businessman’s oil firm and First Bank are locked in a knotty legal conflict over credit facilities his company took, which the bank claimed missed several repayment deadlines.

First Bank is claiming $225.8 million, which it said is the indebtedness on General Hydrocarbons‘ account with the lender as of 30 September 2024.

The 9 January ruling by Justice E.A. Obile ordered the detention of the crude oil cargo on board FPSO Tamara Tokoni pending the provision of a “satisfactory Guarantee from a first-class Nigerian Bank of $19.7 million plus interest and costs by the said Defendants…”
The order also directed officers of 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 provide the necessary assistance in implementing the order of arrest of the FPSO Vessel Tamara Tokoni.

The judge also ordered the security officials to take necessary steps, including providing “regular patrols and surveillance around the cargo of crude oil to prevent General Hydrocarbons Limited from dissipation until the Order of this Court has been complied with in respect of the arrest of the FPSO on board Tamara Tokoni.”

The court then adjourned the matter to 9 February 2025 for a continuation of the substantive suit.

In a subsequent letter to the Chief of Naval Staff, the Federal High Court sought the Nigerian Navy’s assistance executing the court order to arrest and detain the crude cargo on board FPSO Tamara Tokoni.

Background: First Bank Vs General Hydrocarbons
First Bank had filed a debt recovery suit against Mr Obaigbena and his family members, including Efe Damilola Obaigbena and Olabisi Eka Obaigbena, saying they used their oil company General Hydrocarbons Limited to amass millions of dollars in debt.

The bank secured an order from the Federal High Court, Ikoyi, Lagos, blocking the accounts and assets of Mr Obaigbena, his company and those of his two daughters holding directorship roles on the board of General Hydrocarbons in all commercial banks in Nigeria.

General Hydrocarbons issued a statement through Abiodun Layonu & Co, its solicitors, describing the order obtained by First Bank as an “abuse of court process.”

The lawyers called attention to a previous order granted by Justice A. Lewis-Allagoa of the same court on 12 December 2024, prohibiting First Bank from hindering General Hydrocarbons from accessing loan facilities or funding required for the exploration and operation of oil and mining lease (OML) 120

Both parties had entered into a loan agreement requiring the lender to finance the running of OML 120, with the understanding that they would share any profit from the investment equally.

General Hydrocarbons alleged that First Bank had breached some of the facility’s terms, including not disbursing the credit on time.

According to a document seen by PREMIUM TIMES, General Hydrocarbons also obtained an injunction from the judge, restraining First Bank from hindering the company from “making any calls or demands, or taking any steps whatsoever to enforce any security, receivables, instrument, finance documents or assets of the applicant which have been charged as security for the facility agreements in respect of the applicant’s operation of OML 120.”

In their statement, General Hydrocarbons remarked that First Bank has persisted in ignoring and disobeying a persisting court judgement and has chosen to mislead the public.

But First Bank denied breaching any court order, saying the assets freezing order it obtained did not violate the court’s earlier ruling in favour of General Hydrocarbons.

https://www.premiumtimesng.com/business/business-news/766916-otedola-vs-obaigbena-crude-oil-cargo-owned-by-general-hydrocarbons-arrested.html[/quote]The oil and gas industry is a very capital-intensive sector denominated in USD. Therefore, any company going into that sector MUST be well grounded and have technically-minded and financially savvy promoters. Some of the Nigerian folks who floated companies to explore the deep offshore oil blocks back in the early 1990s lost a lot due to the fact that they didn't strike crude oil and gas in commercial quantities based off of the technologies available as of that period before 3-D imaging kicked in.

To even hire oil rigs per day costs millions of USD. So, it's NOT a piece of cake. But when you strike that crude oil in commercial quantities, then you're good to go and you and your technical partners can easily repay all the loans you've incurred.

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Re: First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized by mu2sa2: 2:55pm On Jan 15, 2025

Hopss:
And bank no gree gave me 5million for my farm business but can give out millions of dollars to certain persons. hmmm

In this corn3 banks don't give usable loans to serious biz people. The 225.8m dollars is about 350b in naira - just imagine the number of serious businesses that would have benefited if this humongous amount were disbursed at 5m naira to each business.

Re: First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized by Johnn74: 3:01pm On Jan 15, 2025

Hopss:
And bank no gree gave me 5million for my farm business but can give out millions of dollars to certain persons. hmmm

Hahahaha with juicy Collateral of appropriate Houses, Land documents; Real Estate and seizable Properties in choice Locations with verifiable C/O certifying you as the owner of the Landed properties;

5million loan is chicken workover.
All the Nigerian banks will be fighting themselves to be the one to loan you 20million naira if that's what you want grin

Re: First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized by Kilometres: 5:22pm On Jan 15, 2025

nwirinedu:
A guy that has a vessel like that should be able to pay off N200m debt, something is not adding up, but I think the bank, or someone is using the bank to strip the guy of his assets. I mean a vessel like that is certainly worth mor that N500 million.

If you re borrowing money from a bank beware, make sure you understand the terms, it would be a shame to lose that vessel for a mere N200m.

Go and read again..
The debt is not N200m
It is $200m

Re: First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized by kedeojo(m): 7:57pm On Jan 15, 2025

fergie001:
SOURCE

Obiagbena should know, he is too small to fight Otedola. He should have begged him for a little time to pay back the debts but wanted to use his media outfit to smear the image of the icon. He will be reduced by otedollars. Who pass u don't pass u oh.

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Re: First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized by kedeojo(m): 8:03pm On Jan 15, 2025

Tjra:
Nduka Obaigbena onigbese, pay your debt.

No wonder his media outlet has been publishing rubbish news about First Bank and Otedola.

Only in Nigeria, audio billionaires borrow money, live above their means and then attempt to gag Banks with their media outlets.

FBN is blessed to have a no-nonsense man like Femi as its chairman.

Everything the debtor own should be sold off. The Bank should contract me for this recovery job, I will start from that useless Arise TV.

Rufai, Abati and the other mofos will soon be out of job

Honestly they should sold his properties to raise back his debt. Some of us who also operate first bank are worry because we may just wake up one day and said first bank is liquidated because of this caliber of debtors. Criminals who don't want to pay back loans. After some of his people will say they are the best in business. Otedola ride on and recovered all the money. As usual some of his foolish demented apes will still cry victim.

Re: First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized by ogaontop(m): 10:39pm On Jan 15, 2025

Tareq1105:
Innoson doesn't have a strong case, it was just noise without serious evidence.

I even thought there was a time he sealed some GTB branches before they changed name to GTCO to prevent him from taking over GTB!

Re: First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized by Ublaize: 2:15am On Jan 16, 2025

Tjra:
Nduka Obaigbena onigbese, pay your debt.

No wonder his media outlet has been publishing rubbish news about First Bank and Otedola.

Only in Nigeria, audio billionaires borrow money, live above their means and then attempt to gag Banks with their media outlets.

FBN is blessed to have a no-nonsense man like Femi as its chairman.

Everything the debtor own should be sold off. The Bank should contract me for this recovery job, I will start from that useless Arise TV.

Rufai, Abati and the other mofos will soon be out of job

You’re a VERY big fool not to know that Hydrocarbons is different legal entity from Arise despite being owned by one man and you want to do recovery. Please, recover your lost senses first , also try to wash your smelling nyash and dead blokos before coming to spew the shit from your anus which you call head. You don’t even know elementary corporate law, ode!

Re: First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized by nwirinedu(m): 8:41am On Jan 16, 2025

Kilometres:
Go and read again..
The debt is not N200m
It is $200m

I see it.

Re: First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized by Dshocker(m): 5:48pm On Jan 16, 2025

Manny21:
Most wealthy people live above their means borrowing here and there to show off. Compete and prove to friends, family and rivals that they could actually afford certain luxuries of life even though they lack the means to procure it

So which of them listed here shows off, abi you just want to talk.

Every business man or entrepreneur uses loan and credit facility to build his empire.

Re: First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized by Dshocker(m): 5:50pm On Jan 16, 2025

Tjra:
Nduka Obaigbena onigbese, pay your debt.

No wonder his media outlet has been publishing rubbish news about First Bank and Otedola.

Only in Nigeria, audio billionaires borrow money, live above their means and then attempt to gag Banks with their media outlets.

FBN is blessed to have a no-nonsense man like Femi as its chairman.

Everything the debtor own should be sold off. The Bank should contract me for this recovery job, I will start from that useless Arise TV.

Rufai, Abati and the other mofos will soon be out of job

When a mentally unstable fellow talks

Re: First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized by Tjra: 8:51pm On Jan 16, 2025

Ublaize:
My father is a VERY big fool not to know that Hydrocarbons is different legal entity from Arise despite being owned by one man and you want to do recovery. Please, let me recover your lost senses first , also I will also try to wash my Mama's toto before coming to spew the shit from my anus. I be real ode! 😂

Re: First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized by Tjra: 8:53pm On Jan 16, 2025

Dshocker:
When a mentally unstable fellow talks.

This is funny coming from the biggest fool on Nairaland 😂

Re: First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized by Ublaize: 9:29am On Jan 17, 2025

[quote author=Tjra post=133748107][/quote]

Re: First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized by Ublaize: 9:35am On Jan 17, 2025

[quote author=Tjra post=133748107][/quote]Hungry and clueless piece of shit I see how long it takes you to respond, no money for data. Hungry BASTARD. I have quoted the original post for you to see it again and die. You know NOTHING. F**K your mum and your sisters for me

Re: First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized by Ublaize: 9:35am On Jan 17, 2025

Ublaize:
Hungry and clueless piece of shit I see how long it takes you to respond, no money for data. Hungry BASTARD. I have quoted the original post for you to see it again and die. You know NOTHING. F*ck your mum and your sisters for me

Re: First Bank V Nduka Obaigbena: Oil Vessel Owned By General Hydrocarbons Seized by QuestLINKsPrpty(f): 10:07am On Jan 18, 2025

bigcil2:
Two friends are fighting

They'll definitely be able to settle their rift when no one will know... Because they are both business guys and there can be common interests anytime.

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