FirstBank Wins Appeal In Landmark Case Against Nduka Obaigbena’s General Hydrocarbons Ltd

First Bank of Nigeria Limited (FirstBank) has secured a important triumph astatine the Court of Appeal  , its lawsuit against General Hydrocarbons Limited (GHL) filed by  their lawyers Babajide Koku SAN and Victor Ogude SAN

In its  judgment, the Court of Appeal   astatine the lawsuit of GHL to perceive FBN’s entreaty on  an urgent ground during the Court’s vacation  aft proceeding the entreaty , on  Thursday  the 11 September 2025 acceptable speech the earlier determination of the Federal High Court,  Port Harcourt, Obile J which had  earlier dismissed FirstBank’s claims regarding the fraudulent diversion of proceeds from the merchantability of crude lipid cargo pledged arsenic collateral for indebtedness facilities.

The quality arose from crude lipid aboard the FPSO Tamara Tokoni, which GHL had pledged to FirstBank arsenic information for important indebtedness facilities. Contrary to the presumption of the pledge, GHL diverted the proceeds from the merchantability of the cargo, prompting the Bank to question ineligible redress.

FirstBank filed an entreaty challenging the proceedings court’s determination that had treated the substance arsenic a elemental indebtedness recovery. The Court of Appeal, successful its ruling, affirmed the maritime quality of the assertion and emphasised the value of preserving the Res, the crude lipid cargo, arsenic the cardinal contented successful dispute. The Court acceptable speech the earlier bid of the proceedings tribunal vacating the bid of apprehension of 2nd respondent.

The appellate tribunal allowed FirstBank’s entreaty and acceptable speech the Federal High Court’s ruling. It authorised the merchantability of the crude lipid cargo aboard FPSO Tamara Tokoni, with the proceeds to beryllium deposited into an interest-yielding escrow relationship nether the custody of the Chief Registrar of the Court of Appeal, pending the proceeding and determination of the lawsuit astatine the proceedings tribunal and the tribunal of arbitration. The Chief Registrar was besides appointed to instrumentality possession of the cargo and guarantee its extortion against dissipation oregon unauthorised disposition by immoderate party.

This ruling marks a important milestone for FirstBank and reinforces the Bank’s committedness to upholding the integrity of fiscal transactions and protecting the interests of its stakeholders.

FirstBank remains steadfast successful its dedication to dependable firm governance, ineligible compliance, and the extortion of its assets. The judgement of the Court of Appeal sets a beardown precedent for the enforcement of collateral agreements and accountability successful high-value commercialized transactions.