FIRST BANK SUFFERS SETBACK AS SUPREME COURT ORDERS RELEASE OF TAMARA TOKONI CRUDE
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By ; Ganiyat Sunmola
The Supreme Court has ordered the immediate release of the crude oil aboard the FPSO Tamara Tokoni to General Hydrocarbons Limited (GHL), bringing to an end a legal dispute involving First Bank of Nigeria.
In a unanimous judgment delivered on Friday, a five-member panel of the apex court ruled that the case was purely contractual in nature and did not constitute an admiralty matter.
The court held that the Federal High Court lacked the jurisdiction to entertain the suit and consequently set aside the earlier judgment of the Court of Appeal, affirming the appeal filed by General Hydrocarbons.
The panel, comprising 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 a decisive end to the legal battle between General Hydrocarbons and First Bank of Nigeria over the ownership and control of the crude cargo stored on the floating production, storage and offloading (FPSO) vessel.
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