Business
How First Bank’s Recklessness Almost Killed 93 Souls On Rig- Hydrocarbons
RIGHT OF REPLY 2
PRESS STATEMENT FROM GENERAL HYDROCARBONS LIMITED
How First Bank’s Recklessness Almost Killed 93 Souls on Rig
It is not our intention to respond to every misinformation or inaccurate information put out by First Bank on the matter with GHL. We will respond to 3 points for clarity.
1.Diversion: First Bank keeps talking about diversion of funds by GHL without providing any evidence. Here are the facts. As we said before and will repeat now, all GHL contracts and invoices were vetted and paid by FBN through their Credit and Risk teams directly to ALL service providers. FBN’s repeated failures to pay on time within the contractual framework of 5 days which became up to 70 days or not at all, in a clear breach of its Tripartite Agreement obligations as captured below: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 aЯer GHL makes autilisation request in accordance with theterms of the Facility Agreement.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.The Managing Director and Executive Director of FBN were abroad and the current Managing Director, Olusegun Alebiousu, who was then the Chief Risk Officer (CRO), was acting for the Managing Director and GHL brought this matter to his urgent attention. He then worked the phone, calling Suppliers and Service Providers one after the other and promised payment within a 3 days. Based on FBN’s assurances, the Service Providers made emergency supplies, but the payment never came.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 Ofhakers to pay the suppliers directly, which stabilised the operation. FBN was later given evidence of the payments made.That is what FBN calls Diversion.We will meet FBN 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.We are ready, willing and able to present the body of evidence to any court, including the continuing non-payment to Century FPSO and other service providers by FBN despite repeated demands in line with signed agreements.Indeed, we had to cough out our own cash as reflected in our audited financial statements to keep the project afloat or go to court to seek protective reliefs.
2. On abusing the Court process and failure to comply with a valid court order, FBN claimed they went to court on a different matter with regards to the Facility Agreement. But Justice Ambrose L. Allagoa, had given his judgement after hearing both sides on the Facility Agreement, amongst other issues on December 12, 2024. “That an order is granted, restraining the Respondent (FBN) either by itself, or acting through its servants, agents, assigns, privies, affiliates howsoever described, including any persons claiming under its authority from making any calls or demands, or taking any steps whatsoever to enforce any security, receivables, instrument, finance documents or assets of the Applicant (GHL) which have been charged as security for the facility agreements in respect of the Applicant’s operation of OML 120, including but not limited to the side letter, and the amended and restated agreements between the Applicant and the Respondent pending the hearing and determination of the arbitration proceedings between the Applicant and the Respondent brought pursuant to Clause 12(c) of the Agreement between the Applicant and the Respondent dated 29th May 2021.”FBN then went to Justice D Dipeolu of the same Federal High Court on December 30, 2024, with same lawyers, without disclosing this relevant judgment to the Learned Justice, to obtain a Mareva injunction Exparte freezing order against GHL and individual directors who never signed personal guarantees and thus not personally liable. Is this how a 130-year old blue chip financial institution committed to good governance and rule of law, should behave? Why the hurry to score cheap points to use on social media?If FBN was so sure of its facts why not put GHL on notice? Why an Exparte? We leave this to the Justices of the Federal High Court to decide on this matter and we will not make any further comment to avoid being subjudice.
3.Contrary to FBN’s claims, it sought to appoint an Independent Asset Manager to promote corporate governance. What it sought to do was to appoint a company that it can fire at any time 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 and they refused, resulting in current impasse which they weaponised and made a public spectacle with their publication of their Exparte Mareva Freezing Orders. GHL had to stand its ground against such bullying.This 2nd Right of Reply has become necessary, again, in view of FBN’s continued misstatement but they have failed to debunk or deny the foundational material facts and seeking to eating their cake and having it. Luckily, FBN has not denied the Subrogation MOU and the benefits it got upfront from GHL’s intervention. They should meet their obligations and all will be well.
Thank you.
MANAGEMENT
African Marketplace (AMP) is set to return for its highly anticipated second edition from October 10–12, 2026, at the prestigious Conrad Hotel Dubai, following the success of its landmark 2025 debut. The three-day event will once again convene some of the finest products, services, creatives, and innovators from Africa and the Caribbean, connecting them with global buyers, investors, policymakers, distributors, and cultural enthusiasts in one of the world’s most strategically connected trade capitals.African Marketplace is a pan-continental trade and cultural platform designed to spotlight Africa’s and the Caribbean’s finest export-ready brands, SMEs, and innovators, empowering them to scale internationally, unlock investment opportunities, and achieve global relevance. African Marketplace 2026 will showcase the richness of African and Caribbean heritage alongside contemporary innovation across fashion, furniture, art, cuisine, music, technology, wellness, and intellectual capital.Speaking on the announcement, Ibukun Awosika, Founder of African Marketplace and the Ibukun Awosika Leadership Academy (IALA), said: “African Marketplace 2025 was proof of concept. What the world witnessed in Dubai was not potential, it was excellence in full expression.” “For 2026, we are going even further. We are building on that foundation with greater scale, sharper commercial focus, and an even stronger declaration that Africa and the Caribbean are not waiting to be discovered. We are here. We are globally ready. And we are building our own tables. Dubai is where we invite the world to experience who we truly are.” She added.Through curated exhibitions, business networking, investment conversations, cultural showcases, and strategic partnerships, African Marketplace continues to position itself as a leading platform connecting Afro-Caribbean excellence to global opportunity. More than an exhibition, AMP serves as both a commercial gateway and cultural platform; creating meaningful opportunities for trade, investment, collaboration, and cross-cultural exchange on a global scale.As the platform grows year after year, AMP remains committed to building a lasting ecosystem where commerce, culture, innovation, and identity converge.EXHIBITOR REGISTRATION IS NOW OPENBusinesses, investors, partners, and attendees interested in participating in African Marketplace Dubai 2026 can learn more at:www.theafricanmarketplace.orgFor media inquiries, sponsorship opportunities, or partnership proposals, please contact:info@theafricanmarketplace.orgAbout African MarketplaceAfrican Marketplace (AMP) is a pan-African trade and culture platform connecting Africa and the Caribbean to global markets through commerce, creativity, innovation, and strategic partnerships. Hosted annually in Dubai, AMP provides export-ready businesses and entrepreneurs with access to international visibility, investment opportunities, and global networks.
Business
UAE’s Exit from OPEC: Eroding Pricing Power, Saudi Arabia’s Response, and the Implications for Nigeria
By Uwadiae Osadiaye, Head of Alternative Investments, FirstCap Limited
In a move that has sent ripples through global energy markets, the United Arab Emirates (UAE) announced on April 28, 2026, that it will formally withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and the broader OPEC+ alliance effective May 1. The UAE, one of OPEC’s largest and most capable producers with output around 3.2–3.6 million barrels per day (bpd) and significant spare capacity, cited national interests and the need for production flexibility amid the ongoing energy crisis linked to Iran-related disruptions.This departure marks a historic fracture in the nearly 60-year-old cartel and follows precedents like Angola’s 2024 exit over quota disputes. For Nigeria, Africa’s largest oil producer and a longtime OPEC member, the implications centre on weakened cartel cohesion, diminished pricing power, and direct pressure on revenues.Impact on Oil Prices and OPEC Pricing PowerFree from quotas, the UAE is expected to ramp up production toward 5 million bpd. While current supply disruptions may limit the immediate effect, the added volume will exert downward pressure on prices and increase volatility in the medium to long term. Analysts point to potential declines of $5–7 per barrel once markets normalize.More critically, the exit undermines OPEC’s core pricing power. The UAE brought meaningful spare capacity; its departure leaves Saudi Arabia carrying a heavier burden for any future production cuts needed to stabilize prices. This makes defending price levels more costly and less effective for the Kingdom.Saudi Arabia’s Response: A Strategic Setback and Managed RiftSaudi Arabia, OPEC’s de facto leader, regards the UAE exit as a significant blow to its influence. Riyadh has kept public reactions measured, emphasising the resilience of deep trade, investment, and logistical ties between the two economies. Analysts note that a full economic rupture would harm both sides and is unlikely amid shared regional threats. Behind the scenes, however, the move exposes and widens longstanding rifts over oil quotas, Yemen, Sudan, and regional influence. It forces Saudi Arabia to shoulder more of the stabilisation burden alone, weakening its ability to enforce discipline across the group. The exit is seen as the UAE asserting autonomy and rejecting Saudi-led oil governance. A recent Gulf summit was described positively by UAE officials, indicating efforts to contain fallout.This response highlights Saudi Arabia’s recalibration: maintaining core OPEC leadership while adapting to a less reliable alliance structure. It may push Riyadh toward more unilateral production decisions or tighter coordination with remaining compliant members.Domino Risks and Further Erosion of InfluenceVenezuela, with vast reserves and recovering output, emerges as a potential next candidate for greater independence or even exit, alongside other quota-frustrated producers. A cascade of departures could render OPEC largely symbolic, leaving global oil prices driven primarily by market forces rather than coordinated cuts. This would likely result in a structurally lower price floor and higher volatility.Direct Effects on NigeriaNigeria remains heavily dependent on oil for export earnings and government revenue. With production often falling short of its ~1.5 million bpd OPEC quota (recent figures around 1.38 million bpd amid theft, vandalism, and infrastructure issues), the country has limited ability to offset price weakness through higher volumes.Softer prices or sustained volatility would widen fiscal deficits, pressure the naira, and complicate budgets benchmarked around $65–70 per barrel. Angola’s experience showed that quota freedom alone does not guarantee production gains when structural problems persist- Nigeria risks similar constraints. A weaker OPEC, with reduced Saudi leverage to enforce discipline, further diminishes the “price floor” protection African producers have relied upon.In this environment, Nigeria’s longstanding challenges – upstream security, investment attraction, and economic diversification – become even more urgent. While the country has reaffirmed commitment to OPEC, the cartel’s diminishing pricing power (exacerbated by the Saudi-UAE rift) means future revenue stability cannot be taken for granted.Outlook: Navigating a More Fragmented Oil Order The UAE’s exit, Saudi Arabia’s measured but strained response, and the resulting erosion of OPEC cohesion signal a structural decline in the cartel’s pricing influence and a more market- driven oil era. For Nigeria, this heightens fiscal and currency risks tied to its oil dependence while underscoring the limits of relying on collective producer power.In the short term, elevated prices from geopolitical disruptions may provide a temporary buffer. Over the medium to long term, however, increased supply from the UAE (and potentially others) combined with weaker coordination could sustain volatility and a softer price environment. Saudi Arabia’s heavier stabilisation role may lead to more pragmatic quota adjustments or unilateral actions, but it also risks exposing fractures that smaller members like Nigeria cannot easily exploit.ConclusionNigeria’s path forward requires decisive action. Upstream priorities should include intensified security operations against oil theft, accelerated infrastructure upgrades, and targeted incentives to attract investment – addressing the chronic underproduction that has left the country unable to capitalise on quota flexibility. Downstream and diversification efforts remain critical: expanding refining capacity, developing gas resources, and growing non-oil sectors (agriculture, manufacturing, and services) will reduce vulnerability to crude price swings.Diplomatically, Nigeria must engage actively within a diminished OPEC, potentially advocating for more flexible arrangements that reflect African producers’ realities. Broader economic reforms—fiscal discipline, improved revenue management, and naira stability measures—will determine whether external shocks translate into crises or catalysts for resilience.Ultimately, the Gulf realignment and OPEC’s evolution present Nigeria with both risks and opportunities. In a world where oil market power is fragmenting, proactive domestic transformation offers the most reliable route to energy security and sustainable growth. The coming months will test whether Nigerian policymakers seize this moment or allow it to deepen existing vulnerabilities.FirstCap Limited is a dynamic investment banking and capital markets advisory firm, and a subsidiary of First HoldCo Plc, one of Africa’s most resilient and trusted financial institutions. With over two decades of experience delivering tailored financial solutions that drive growth, transformation, and long-term value. Our core expertise spans mergers and acquisitions, capital raising, and strategic financial advisory. Backed by a proven record of landmark transactions across multiple sectors, We are a trusted partner of choice for corporations, institutions, and entrepreneurs navigating complex financial landscapes.https://firstcapltd.com/
Business
FIRSTCAP CLOSES N4.46BN LAPO MFB SPV PLC SERIES 1 BOND, DEEPENS ACCESS TO LONG TERM CAPITAL
IMG_5294 L-R: Chief Finance Officer, LAPO Microfinance Bank, Emmanuel Igiehon; Managing Director, LAPO Microfinance Bank, Cynthia Ikponmwosa; Managing Director, FirstCap Limited, Ukandu E. Ukandu, and Head of Capital Markets, FirstCap Limited, Oluseun Olatidoye, at the LAPO MFB SPV Plc Series 1 Bond Issuance Signing Ceremony recently held in Lagos.
Lagos, Nigeria – April 2026 — FirstCap Limited, a leading investment banking firm and subsidiary of FirstHoldCo Plc., has successfully closed the ₦4.46 billion Series 1 Bond Issuance by LAPO MFB SPV Plc, reinforcing its strong leadership in Nigeria’s debt capital markets and deepening access to long term funding for high impact sectors.Acting as Lead Issuing House, FirstCap structured the fund raising on behalf of LAPO MFB SPV Plc (a company sponsored by LAPO Microfinance Bank Limited to mobilise institutional capital targeted at SME financing, renewable energy expansion, and digital financial services, three critical drivers of inclusive and sustainable economic growth in Nigeria.The transaction is underpinned by a compelling impact thesis, with proceeds strategically deployed to support small businesses and clean energy initiatives. The microfinance sector continues to demonstrate resilience and strong fundamentals positioning the issuance at the intersection of growth, sustainability, and financial inclusion.Commenting on the transaction, Ukandu E. Ukandu, Managing Director, FirstCap Limited, said:
L- R: Company Secretary, LAPO Microfinance Bank, Peggy Idehoy; Managing Director, LAPO Microfinance Bank, Cynthia Ikponmwosa; Managing Director, FirstCap Limited, Ukandu E. Ukandu; Chief Finance Officer, LAPO Microfinance Bank, Emmanuel Igiehon, at the LAPO MFB SPV Plc Series 1 Bond Issuance Signing Ceremony recently held in Lagos.
“This successful issuance underscores our strategic commitment to directing capital where it delivers measurable economic impact. At FirstCap, we partner with institutions that have the scale, discipline, and vision to transform markets, and LAPO exemplifies these qualities.The ₦4.46 billion bond is positioned to be a catalyst for SME growth, expanded energy access, and broader financial inclusion. We remain committed to structuring transactions that are not only bankable, but impactful and aligned with Nigeria’s long term economic trajectory.”FirstCap Limited remains committed to leading from the forefront of Nigeria’s capital markets, structuring transactions that are bankable, impactful, and investable, while supporting the future trajectory of Nigeria’s economic development.”
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