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.

First Bank’s alleged failure to make payment for months caused the Blackford Dolphin oil rig workers to run out of necessary supplies including food and water, in a critical situation that left 93 persons fighting for their lives.

“This failure to pay GHL pending request as per above terms led to an international incident on October 7, 2023, when the drilling rig, Blackford Dolphin, ran out of fuel, food, water and other critical supplies with 93 souls on board, and the Rig was on the verge of declaring MAYDAY,” GHL wrote.

Given that First Bank’s higher-ups were overseas, the Chief Risk Officer Olusegun Alebiosu, acting on the MD’s behalf reached out to major suppliers and service providers with assurances that they would be paid within three days, GHL’s account of the “MAYDAY” stated.

Despite supplying all that was ordered, FBN allegedly did not pay service providers within the promised three days and GHL said they took on the financial responsibility to preserve the lives of workers aboard the rig.

According to GHL, their staff gave evidence of payment to First Bank, the same document which the bank was allegedly using to accuse them of “diversion of funds.”

“To ensure safety of life and continuing security at 75KM Offshore Nigeria, GHL had to enter an irrevocable Third-Party Payment Order with one of the Offtakers to pay the suppliers directly, which stabilised the operation. FBN was later given evidence of the payments made,” GHL said in a statement.

“That is what FBN calls Diversion,” the oil company continued vowing to meet the bank in court with “daily reports and log details to debunk this continuing misinformation of diversion.”

“GHL acted to save 93 souls, most of them foreign nationals, who had begun contacting their embassies and home governments, and to save Nigeria from an international incident offshore Nigeria.”

Femi Otedola, the embattled First Bank chair facing a looming ouster from the bank’s shareholders, did not immediately return comments on the matter.

Also, First Bank did not respond to comments on the matter.