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Mr Obaigbena has rebuffed the claims, noting that it was First Bank that reneged on the terms of the deal.
Chairman and Editor-in-Chief of the ThisDay Media Group and Arise Group, Nduka Obaigbena, has accused First Bank of “recklessly” leaving 93 workers —both Nigerians and foreign citizens — stranded and fighting for their lives aboard an oil rig while the bank’s managing director and other top executives gallivanted across the globe.
As Mr Obaigbena’s General Hydrocarbon Limited (GHL) and First Bank fiercely locked horns over an oil contract that fell through, the bank claimed GHL was owing $225 million dollars and had already obtained an ex parte court order to freeze the company’s accounts in December 2024.
Mr Obaigbena has rebuffed the claims, noting that it was First Bank that reneged on the terms of the deal and failed to pay within the stipulated period of five days after GHL submitted requested documents.
The contract deal which began in 2021 was for First Bank to provide funds for GHL’s oil exploration activities to develop OML 120 and take 50 per cent profit for eight years. The bank was accusing GHL of diversion of funds that the money released was not used for intended and agreed purpose.
But in 2023, GHL said First Bank did not fulfill its part of the deal for funding despite meeting stipulated requirements. A payment that should have been made within five days of document submission extended into 70 days and beyond, leaving innocent rig workers to suffer, according to GHL’s rebuttal.
“The Bank shall, where GHL has satisfied all conditions precedent to disbursement under the Facility Agreement, disburse all of or part of the Facility Amount to GHL not later than 5 (five) business days after GHL makes a utilisation request in accordance with the terms of the Facility Agreement,” GHL quoted the contract deal signed by both parties as saying…
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