First Bank Loses as Supreme Court Awards Tamara Tokoni Crude to Obaigbena’s GHL
By Reporter
The Supreme Court has ordered the immediate release of the crude oil aboard the FPSO Tamara Tokoni to General Hydrocarbons Limited (GHL), bringing the long-running legal dispute with First Bank of Nigeria to an end.
In a unanimous decision delivered on Friday, a five-member panel of the apex court ruled that the dispute was contractual in nature and did not fall within the scope of admiralty matters. The court therefore held that the Federal High Court lacked the jurisdiction to entertain the case.
Based on its findings, the Supreme Court set aside the earlier judgment of the Court of Appeal and upheld the appeal filed by General Hydrocarbons Limited.
The panel, made up of Justices Uwani Musa Abba Aji, Adamu Jauro, Emmanuel Agim, Tijjani Abubakar, and Habeeb Adewale Abiru, directed the Chief Registrar of the Court of Appeal and the Admiralty Marshal to immediately release the crude oil aboard the FPSO Tamara Tokoni to GHL.
The judgment brings to a close the legal battle between General Hydrocarbons Limited and First Bank of Nigeria over the ownership and control of the crude cargo stored on the floating production, storage and offloading (FPSO) vessel.
