Nigeria, Oct. 29 -- An arbitral tribunal has ordered General Hydrocarbons Limited to pay $112,100 (about N162 million) and N111.25 million in legal and arbitration costs to First Bank of Nigeria, marking a significant victory for the lender in one of its many legal battles with the oil firm.

On Monday, the sole arbitrator, Justice Kumai Akaah, granted the award, directing General Hydrocarbons to pay First Bank within 30 days of the decision.

"Failure to do so would attract a 10 per cent annual interest rate until full settlement," the judge ruled.

Over the past year, the oil firm and the lender have been locked in bitter and protracted legal battles, fought across courtrooms from Lagos to Port Harcourt.

The dispute stemmed from credit...