Tinubu meets FBN Holdings chairman Otedola in Abu Dhabi amid legal dispute

Nigerian President Bola Ahmed Tinubu arrived in Abu Dhabi on Sunday and promptly met with Femi Otedola, the chairman of FBN Holdings Plc.

Upon his arrival in the United Arab Emirates, Tinubu was received by Sheikh Shakhboot Nahyan Al Nahyan, Minister of State in the Ministry of Foreign Affairs.

The details of Tinubu’s meeting with the billionaire businessman have yet to be disclosed.

FBN Holdings has been embroiled in a legal dispute with General Hydrocarbons Limited (GHL) following a failed loan transaction.

According to a Nairametrics report, GHL’s request for a fresh $53 million loan and FBN Holdings’ subsequent denial sparked the legal battle between the two companies.

Possible cause of the dispute

The conflict originated from an agreement between FBN Holdings and GHL during the tenure of Oba Otudeko, the former chairman of FBN Holdings Plc.

A leaked letter addressed to the governor of the Central Bank of Nigeria, Yemi Cardoso, revealed that in 2020, GHL partnered with FBN to develop OML 120 after FBN faced financial exposure from non-performing loans linked to Atlantic Energy.

The letter further disclosed that the partnership aimed to ‘revive’ FBN’s books, with profits from OML 120 intended to offset the non-performing loans.

However, GHL claims that FBN failed to fulfil its obligations under the Memorandum of Understanding (MOU) and the Outstanding Exposure Tripartite Deed, leading to GHL’s loss of the Blackford Dolphin drill ship. GHL is currently facing claims exceeding $100 million in arbitration.

It remains uncertain whether Otedola had discussed the dispute with President Tinubu in Abu Dhabi, as stakeholders hope for a peaceful resolution.

What you need to know

• President Tinubu is in Abu Dhabi to attend the 2025 edition of Abu Dhabi Sustainability Week (ADSW 2025), scheduled to take place from January 12 to 18. The summit will bring together global leaders to accelerate sustainable development and advance socioeconomic progress.
• With the theme ‘The Nexus of Next; Supercharging Sustainable Progress,’ the event will enable policymakers, business leaders, and civil society to explore pathways to fast-track the transformation to a sustainable economy and usher in a new era of prosperity for all.
• According to a statement by Bayo Onanuga, Special Adviser on Information and Strategy to President Tinubu, ADSW has been held annually for over 15 years and serves as a testament to the power of collaboration. He said it provides a global platform to foster multi-stakeholder cooperation in addressing global challenges and accelerating growth.
• “It has birthed high-value agreements and strategic partnerships between governments, industry leaders, and clean energy pioneers worldwide, driving impactful alliances and advancing the sustainability agenda globally,” Onanuga stated.

During the event, President Tinubu will highlight his administration’s reforms, including those related to energy sufficiency, transportation, public health, and economic development.

Onanuga added that the Nigerian leader and his entourage will also meet with the emirate’s leadership to discuss issues of mutual interest affecting both nations.