Tinubu Meets FBN Holdings Chairman Otedola in Abu Dhabi Amid Legal Dispute

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

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

Details of the meeting between Tinubu and Otedola remain undisclosed.

Legal Dispute Involving FBN Holdings

FBN Holdings has been entangled in a legal dispute with General Hydrocarbons Limited (GHL) over a failed loan transaction. According to a report by Nairametrics, the conflict was triggered by GHL’s request for a fresh $53 million loan, which FBN Holdings denied.

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The issue dates back to an agreement made between FBN Holdings and GHL during the tenure of Oba Otudeko, former chairman of FBN Holdings. A leaked letter to the governor of the Central Bank of Nigeria, Yemi Cardoso, revealed that in 2020, GHL had partnered with FBN to develop OML 120, after FBN faced financial exposure from non-performing loans linked to Atlantic Energy. The partnership was intended to help revive FBN’s finances, with profits from OML 120 set to offset the non-performing loans.

However, GHL claims that FBN failed to honor 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 unclear whether Otedola and Tinubu discussed the dispute during their meeting in Abu Dhabi, though stakeholders hope for a peaceful resolution.

President Tinubu in Abu Dhabi for Sustainability Week

President Tinubu is in Abu Dhabi to attend the 2025 edition of Abu Dhabi Sustainability Week (ADSW 2025), which runs from January 12 to 18. The event will bring together global leaders to promote sustainable development and advance socioeconomic progress.

The theme of ADSW 2025, “The Nexus of Next: Supercharging Sustainable Progress,” will facilitate discussions among policymakers, business leaders, and civil society on how to accelerate the transition to a sustainable economy.

Bayo Onanuga, Special Adviser on Information and Strategy to President Tinubu, emphasized that ADSW has been held annually for over 15 years and serves as a platform for fostering global cooperation on sustainability issues. He noted that the summit has led to impactful partnerships and agreements that have advanced the sustainability agenda.

During the summit, President Tinubu will showcase his administration’s reforms in areas such as energy sufficiency, transportation, public health, and economic development. Additionally, he and his delegation are expected to meet with the leadership of the UAE to discuss bilateral issues of mutual interest.