$225.8m Debt: court orders arrest of crude oil cargo linked to Obaigbena
A Federal High Court in Port Harcourt has ordered the detention of crude oil cargo on the FPSO vessel Tamara Tokoni, owned by General Hydrocarbons Limited, a company linked to Nduka Obaigbena, chairman of THISDAY and ARISE Media Group. The legal case involves a debt recovery dispute between General Hydrocarbons and First Bank, led by businessman Femi Otedola. The court, presided over by Justice E.A. Obile, issued the ruling on January 9, directing the Nigerian Navy and other agencies, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Nigerian Ports Authority (NPA), to ensure the detention of the vessel and its cargo. READ ALSO: Reps Demand 2024 Budget Breakdown, Audited Accounts of TETFund The order will remain in effect until General Hydrocarbons provides a guarantee of $19.7 million, along with interest and legal costs, from a first-class Nigerian bank. First Bank alleged that General Hydrocarbons owes $225.8 million due to missed repayment deadlines on credit facilities extended to the company. The financial institution also claimed that Obaigbena and his family members, who hold key positions in the company, used the loans to amass significant debt without fulfilling repayment obligations. In a prior development, the Federal High Court in Lagos froze the accounts and assets of Obaigbena, his company, and family members involved in General Hydrocarbons. The bank justified this move as necessary to recover outstanding debts. READ ALSO: UNILAG Awards First Class Degrees to 76 Females, 30 Males General Hydrocarbons, through its legal representatives, has criticized the court orders as an abuse of the judicial process. The company alleged that First Bank violated an earlier court ruling permitting it to access funding for oil and mining lease operations. According to the company, the bank failed to disburse funds on time, disrupting oil exploration activities under their loan agreement. The dispute has raised concerns about the management of financial agreements in the oil and gas sector. The case has been adjourned to February 9, 2025, for further proceedings, leaving the fate of the detained crude oil cargo uncertain.
NBC Slams Arise TV Final Warning Over ‘Derogatory, Incendiary’ Remarks
The National Broadcasting Commission (NBC) has given the operators of Arise Television final warning on alleged violation of Nigeria Broadcasting Code. Director-General of NBC, Balarabe Shehu llelah, gave the warning in a letter to the Chief Executive Officer of Arise Global Limited on Saturday in Abuja. In the letter titled “Preponderance of Derogatory and Incendiary Remarks: Final Warning”, Ilelah said the commission had observed with concern, the preponderance of incendiary remarks allowed on Arise News. “This letter once again seeks to underscore the tremendous responsibility put on the broadcaster to manage array of guests that may feature on the station from time to time. “For the benefit of doubt, on October 5 during the programme – ‘The Morning Show’, anchored by Reuben Abati, Rufai Useni and Ayo Mairo Ese, featured Oladotun Hassan and Dele Farotimi as guests. “The programme contained unguarded incendiary remarks by Dele Farotimi against the legislature, executive, judiciary and Mr President. “Similarly, On October 6, during the programme “Newsday”, it featured Kenneth Okonkwo (Spokesperson for Labour Party) who used derogatory remarks on air. “Your attention is therefore drawn to the relevant sections of the Nigeria Broadcasting Code for compliance please,” Ilelah said. The NBC boss explained further that section 1.10.3 says the broadcaster shall ensure that its presenter does not express his or her opinion in the programme, as a matter of professional standard. He said section 3.3.1 (a) stipulates that the broadcaster shall ensure that any information given in a programme, in whatever form, is accurate. Illelah said 3.3.3 (c) provided that the broadcaster shall be above inherent biases, prejudices and subjective mindsets. “According to section 3.3.1(e), the Broadcaster shall not treat any individual or organisation in an unjust and unfair manner in any programme. The NBC boss further explained that section 5.3.3(b) of the code stated that the broadcaster shall, in using political materials for news and current affairs programmes, avoid hate speech, inflammatory, derogatory, and divisive remarks of allusions. “Section 5.5.6 says, the broadcaster shall have a delay mechanism to guard against possible undesirable content. “Arise TV is advised to install a delay mechanism to guard against possible undesirable contents as prescribed in Section 5.5.6 of the Nigeria Broadcasting Code. “Please note that henceforth, your station shall be held liable for any infraction on your platform and applicable sanctions shall be imposed as prescribed by Law,” Ilelah stressed.