FirstBank Secures Landmark Victory Against Arise TV Founder Nduka Obaigbena’s GHL at Court of Appeal

First Bank of Nigeria Limited (FirstBank) has secured a major legal win against General Hydrocarbons Limited (GHL), owned by Arise TV founder Nduka Obaigbena, at the Court of Appeal. The bank was represented by senior lawyers Babajide Koku SAN and Victor Ogude SAN.

On Thursday, 11 September 2025, the Court of Appeal overturned a Federal High Court, Port Harcourt, ruling by Justice Obile J that had previously dismissed FirstBank’s claims regarding the misuse of proceeds from the sale of crude oil pledged as collateral for loan facilities.

The dispute arose from crude oil aboard the FPSO Tamara Tokoni, which GHL had pledged to FirstBank as security for substantial loan facilities. Contrary to the terms of the pledge, GHL used the proceeds from the sale of the cargo, prompting FirstBank to seek legal redress.

FirstBank challenged the trial court’s decision that had treated the matter as a simple debt recovery. In its ruling, the Court of Appeal affirmed the maritime nature of the claim, highlighting the importance of preserving the crude oil cargo (“the Res”) as the central issue in dispute. The appellate court also reinstated the earlier order for the arrest of the cargo, which the trial court had vacated.

The Court of Appeal authorised the sale of the crude oil cargo aboard FPSO Tamara Tokoni, directing that the proceeds be deposited into an interest-yielding escrow account under the custody of the Chief Registrar of the Court of Appeal. The Chief Registrar was tasked with taking possession of the cargo and ensuring its protection from any unauthorised use or dissipation, pending the determination of the case at the trial court and arbitration.