In a surprising twist of events, in its decision delivered Tuesday, the Federal High Court in a shift from the true nature of FirstBank ’s claim held that the legal battle between First Bank and General Hydrocarbons Limited matter is not a maritime claim but rather, a simple case of debt recovery.
This is quite surprising considering the fact that the order sought is to prevent further fraudulent sale of crude on the FPSO.
Shockingly, the court also held that the Arrest Order against the cargo, because it was exparte in nature, expired by effluxion of time within 14 days of its issuance.
Aggrieved by the decision, FirstBank lodged an appeal against the decision of the FHC. Also, FirstBank filed an application for an injunction of the court against GHL, pending the determination of the appeal.
The Cargoes of Crude Oil on the FPSO TAMARA TOKONI remain arrested.
“While FirstBank has great respect for the courts, it strongly disagrees with the ruling, which, in our view, constitutes a miscarriage of justice,” First Bank said.
“FirstBank remains committed to protecting and securing the interest of its members and will relentlessly pursue justice against mischievous debtors seeking to use the machinery of the law to perpetuate mischief and evade their responsibility to offset outstanding obligations.”
The Federal High Court in Port Harcourt had earlier granted an order to arrest and detain the crude oil cargo on board the Floating Production Storage and Offloading (FPSO) Vessel Tamara Tokoni.
General Hydrocarbons Limited (GHL) off-took crude from the Floating Production Storage and Offloading (FPSO) vessel and diverted the proceeds., according to First Bank in a press statement released to address reports regarding a commercial transaction between First Bank of Nigeria Limited (FirstBank) and General Hydrocarbons Limited (GHL) that is currently a subject of litigation.
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