A Federal High Court in Port Harcourt has taken a big step in a money dispute involving an oil company. The court ordered the seizure of an oil vessel (a ship used for storing and processing crude oil) called Tamara Tokoni. This ship belongs to General Hydrocarbons Limited, a company owned by Nduka Obaigbena, a media owner in Nigeria.
The reason for this action is that the company reportedly owes First Bank of Nigeria a huge amount of money — $225.8 million. Since the company has not paid the debt, the court decided to hold the ship and its cargo (crude oil) until further notice.
The court also said other banks should not allow Mr. Obaigbena or his family to move money or sell assets while the case is ongoing. This was part of a separate court ruling in Lagos.
This legal fight shows how serious banks are about getting back money they lend to companies. It also means Mr. Obaigbena’s company will have to settle its debts to avoid losing more assets.
