Lagos, Nigeria – Thursday, September 11, 2025
The Court of Appeal has overturned Justice E.A. Obile’s earlier judgment, which had dismissed First Bank of Nigeria’s case against General Hydrocarbons Limited (GHL), a company linked to media entrepreneur Nduka Obiagbena.
The appellate court upheld First Bank’s appeal, filed by Senior Advocates of Nigeria Babajide Koku and Victor Ogude. The court found that GHL had fraudulently diverted proceeds from the sale of crude oil cargo aboard the Floating Production Storage and Offloading (FPSO) vessel Tamara Tokoni. The cargo had been pledged as collateral for loan facilities extended by the bank.
In its ruling, the Court of Appeal ordered that the proceeds from the sale of the disputed cargo be deposited into the custody of the court pending the final determination of the substantive action.
This decision marks a significant development in the long-standing dispute between First Bank and GHL, reinforcing the bank’s position in recovering funds tied to the loan facilities.
