First Bank loses as Supreme Court orders release of Tamara Tokoni crude

The Supreme Court has directed the contiguous merchandise of the crude lipid aboard the FPSO Tamara Tokoni to General Hydrocarbons Limited, GHL, bringing a large ineligible quality involving First Bank of Nigeria to a close.

In a unanimous judgement delivered connected Friday, a 5 subordinate sheet of the apex tribunal ruled that the substance was purely contractual and did not suffice arsenic an admiralty dispute.

As a result, the tribunal held that the Federal High Court lacked the jurisdiction to perceive the case.

The Supreme Court consequently overturned the earlier judgement of the Court of Appeal and upheld General Hydrocarbons’ appeal.

The panel, comprising Justices Uwani Musa Abba Aji, Adamu Jauro, Emmanuel Agim, Tijjani Abubakar, and Habeeb Adewale Abiru, ordered the Chief Registrar of the Court of Appeal and the Admiralty Marshal to manus implicit the crude lipid aboard the FPSO Tamara Tokoni to GHL without delay.

The ruling efficaciously settles the ineligible conflict betwixt General Hydrocarbons and First Bank of Nigeria implicit ownership and power of the crude cargo stored connected the floating production, storage, and offloading vessel.

First Bank loses arsenic Supreme Court orders merchandise of Tamara Tokoni crude