Nigerian President Bola Ahmed Tinubu arrived in Abu Dhabi on Sunday and immediately met with Femi Otedola, the chairman of FBN Holdings Plc.
Gists9ja reports that upon his arrival in the United Arab Emirates, the President was warmly received by Sheikh Shakhboot Nahyan Al Nahyan, the Minister of State in the Ministry of Foreign Affairs.
Details of President Tinubu’s meeting with the prominent Nigerian businessman have not been disclosed, though it comes amidst ongoing legal tensions between FBN Holdings and General Hydrocarbons Limited (GHL) over a failed loan agreement.
The dispute reportedly began when GHL sought a fresh loan of $53 million, which FBN Holdings denied. This refusal sparked a legal battle between the two companies. The conflict traces its roots to a partnership agreement formed during the leadership of Oba Otudeko, the former chairman of FBN Holdings.
According to a leaked letter addressed to the Governor of the Central Bank of Nigeria, Yemi Cardoso, the partnership was forged in 2020 between FBN Holdings and GHL to develop Oil Mining Lease (OML) 120. This move was seen as a solution to FBN’s financial troubles stemming from non-performing loans linked to Atlantic Energy. The intention was for the profits from OML 120 to help recover FBN’s losses.
However, GHL alleges that FBN failed to honor its commitments under the Memorandum of Understanding (MOU) and the Outstanding Exposure Tripartite Deed. As a result, GHL lost the Blackford Dolphin drill ship and is currently facing claims exceeding $100 million in arbitration.
It is unclear whether Otedola and President Tinubu discussed this ongoing dispute during their meeting in Abu Dhabi, but stakeholders remain hopeful that a peaceful resolution may be reached.
President Tinubu is in Abu Dhabi to attend the 2025 Abu Dhabi Sustainability Week (ADSW 2025), which runs from January 12 to 18. This summit will bring together global leaders with the goal of accelerating sustainable development and advancing socioeconomic progress. The theme of this year’s event, “The Nexus of Next; Supercharging Sustainable Progress,” will focus on ways to fast-track the transition to a sustainable economy and create a new era of prosperity for all.
ADSW 2025 has been held annually for over 15 years and is known for facilitating multi-stakeholder cooperation in tackling global challenges. It has been instrumental in fostering strategic partnerships and agreements between governments, industries, and clean energy innovators worldwide, helping to drive progress in sustainability.
During the event, President Tinubu will showcase his administration’s reforms, particularly in energy sufficiency, transportation, public health, and economic development. Tinubu and his delegation will also meet with leaders from the UAE to discuss mutual interests and strengthen bilateral ties between Nigeria and the UAE.
