How First Bank’s Recklessness Endangered 93 Lives on Oil Rig, General Hydrocarbons Limited Reveals
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A bitter dispute has erupted between General Hydrocarbons Limited (GHL) and First Bank of Nigeria (FBN) over allegations of recklessness, diversion of funds, and abuse of court processes. In a strongly-worded statement, GHL accused FBN of putting the lives of 93 people at risk on an oil rig due to its failure to meet its financial obligations.
According to GHL, FBN’s repeated failures to pay on time led to a critical situation on October 7, 2023, when the drilling rig Blackford Dolphin ran out of fuel, food, water, and other essential supplies. The rig was on the verge of declaring a MAYDAY, which would have had severe international implications.
GHL claimed that FBN’s Managing Director, Olusegun Alebiousu, who was then the Chief Risk Officer, promised to make payments within three days, but failed to do so. As a result, GHL had to enter into an Irrevocable Third-Party Payment Order with one of the offtakers to pay the suppliers directly, which stabilized the operation.
Diversion of Funds: A Misleading Claim?
GHL denied FBN’s allegations of diversion of funds, stating that all contracts and invoices were vetted and paid by FBN through their Credit and Risk teams directly to all service providers. GHL asserted that it will meet FBN in court with daily reports and log details to debunk the allegations of diversion.
Abuse of Court Processes
GHL also accused FBN of abusing court processes and failing to comply with a valid court order. According to GHL, FBN obtained a Mareva injunction Exparte freezing order against GHL and individual directors without disclosing a relevant judgment to the court. GHL questioned FBN’s motives, asking why it did not put GHL on notice and why it sought an Exparte order.
A Pattern of Bullying?
GHL further alleged that FBN sought to appoint an Independent Asset Manager to take over GHL’s business, offices, and operations within 90 days of further disbursement. GHL refused and counter-offered a Joint Operating Committee with FBN, which was rejected. GHL accused FBN of bullying and making the dispute a public spectacle.
In conclusion, GHL stated that it is ready to present evidence to any court and called on FBN to meet its obligations. The dispute highlights the need for transparency and accountability in business dealings, particularly in the oil and gas industry.
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