The confiscation was carried out in compliance with a federal high court ruling in Port Harcourt, which directed the arrest and detention of the crude oil cargo located on the floating production storage and offloading (FPSO) vessel named Tamara Tokoni.
The FBN initiated the process by filing an ex parte motion requesting the cargo's arrest.
In the legal action, dated January 6 and submitted on January 9, the bank also sought a court directive for the 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 (NPA) to assist the admiralty marshall in executing the cargo's arrest, which is identified as the second defendant in the case.
Currently, the cargo is under the custody of the admiralty marshall, as per the court's directive, according to an arrest notice.
“The above named Cargo being in custody or poseession of the Admiralty Marshall by virtue of a Warrant from the Federal High Court, Port Harcourt, all persons are hereby cautioned not to attempt to remove the same or interefere therewith without the authority in writing of the said Marshall or his substitutes, otherwise they will be immediately proceeded against,” according to the document.
Recently, First Bank of Nigeria (FBN) and Global Holdings Limited (GHL) have been in conflict regarding a loan agreement for the exploration, production, and development of Oil Mining Lease (OML) 120 in the Niger Delta region.
The two parties had established a subrogation agreement on May 29, 2021, which obligated the bank to finance the oil company for the development of OML 120, with profits to be shared equally.
However, on Tuesday, First Bank accused GHL of misappropriating funds after taking crude oil from the floating production storage and offloading (FPSO) vessel.
In response, GHL issued a statement refuting the claims of fund diversion, labeling the accusations as “confusing.” The oil company also clarified that it does not owe First Bank the reported amount of $225 million.