The Federal High Court issues a strong court contempt warning to leading banks in a dispute over the FSO Ugo Ocha linked to OML 42
The Federal High Court in Abuja has issued a tough court contempt warning to First Bank of Nigeria Limited, Access Bank Plc and Zenith Bank Plc, placing their Managing Directors on notice that they risk imprisonment for allegedly failing to comply with a subsisting interim order.
Also read: Jet fuel price volatility creates rising pressure for airlines
The notices, issued on Form 48 and dated 13 November 2025, relate to an order delivered on 6 November in Suit No. FHC/ABJ/CS/2369/2025, a high-stakes dispute concerning onshore oil assets and the FSO Ugo Ocha within the OML 42 Joint Venture, in which the Federal Government holds a 55 per cent interest.
Copies of the Form 48 were served on the Managing Director of First Bank at the bank’s Marina head office in Lagos and its main branch on Muhammadu Buhari Way in Abuja.
Similar notices were dispatched to the leadership of Access Bank and Zenith Bank.
The documents reminded each institution that the court had directed all parties to maintain the status quo, warning that any deviation would constitute contempt.
The notice stated that continued disobedience could result in committal to prison, underscoring the gravity of the situation.
A copy of the original interim order was attached, reaffirming that although the court had refused the application for an interim injunction, all parties were expressly barred from dealing with the subject matter of the litigation until the motion for interlocutory injunction is heard.
The suit was filed by Neconde Energy Limited, White Dove Shipping Company Limited and others, who are challenging actions allegedly taken by the banks and additional defendants in relation to the disputed assets.
The service of Form 48 marks the first procedural step in contempt proceedings, signalling that the court is prepared to escalate enforcement should the warnings be ignored.
The notices, served between 7 and 13 November, stressed that any conduct contradicting the order before the next hearing would attract severe legal consequences.
Also read: 2026 Osun Guber: Ataoja of Osogbo declares open support for Aregbesola, ADC
The court has fixed 4 December 2025 for the hearing of the motion for interlocutory injunction, cautioning all parties to exercise restraint and comply strictly with its directives in the interim.
David Okere is a journalist and contributor to Freelanews.com, covering business, governance, public affairs, and human-interest stories with a commitment to accuracy, balance, and public interest reporting.
