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First Bank Wins Legal Battle, But Loses War Over Crude Cargo on FPSO Tamara Tokoni

First Bank Wins Legal Battle, But Loses War Over Crude Cargo on FPSO Tamara Tokoni






By Emmanuel Addeh in Abuja


In a case that underscores the complexities of oil and gas financing disputes in Nigeria, First Bank Nigeria Limited (FBN) has secured a partial victory at the Court of Appeal but ultimately failed in its bid to retain control of crude proceeds from the FPSO Tamara Tokoni.


The appellate court set aside the March ruling of Justice E.A. Obile of the Federal High Court, Port Harcourt, which had overturned an earlier ex parte order obtained by FBN to seize the crude cargo on board the floating production vessel. The decision marked a procedural triumph for the bank, which had previously lost related cases before Justices Lewis Alagoa and Deinde Dipeolu of the Federal High Court in Lagos.


Yet, despite this win, the court stopped short of granting FBN the substantive relief it sought—the right to take possession of the crude or its monetary value. Instead, it directed that any sale of the crude oil must be deposited into an escrow account managed by the Chief Registrar of the court in liaison with the Admiralty Marshal.


Delivering the ruling, Justice Hamma Barka stressed the need to preserve the “res”—the crude cargo itself—against dissipation or fraudulent disposition until the substantive issues are resolved. This ensures that neither party can appropriate or dispose of the asset prematurely.


FBN insists that General Hydrocarbons Limited (GHL), owned by businessman Nduka Obaigbena, is indebted to the tune of US$225.8 million. GHL, however, disputes this figure, arguing that the bank breached the terms of a 2021 Subrogation Agreement and that no such liability exists.


The ongoing arbitration between both parties, alongside trial proceedings in the Federal High Court, is expected to determine the ultimate fate of the crude proceeds. For now, the appellate ruling leaves the asset under judicial custody, highlighting how Nigerian courts are increasingly relying on escrow mechanisms to protect high-value commodities in contentious loan disputes.


As the case drags on, stakeholders in the banking and oil sectors are closely watching for precedents it might set—particularly in matters where credit facilities are secured by offshore oil cargoes.



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