The Court of Appeal in Abuja has overturned a ruling of the Federal High Court in Port Harcourt, granting First Bank of Nigeria’s appeal against General Hydrocarbons Limited (GHL).
The court authorised the sale of crude oil aboard the FPSO Tamaru Tokoni, directing that proceeds be paid into a high-yield escrow account managed by the court’s chief registrar until the case is resolved at the trial court or arbitration.
Delivering the lead judgment, Justice Polycarp Kwahar also appointed the registrar to take possession of the crude cargo and safeguard it from dissipation or unauthorised disposal.
Earlier this year, Justice Emmanuel Obile had dismissed First Bank’s suit, ruling the matter was debt recovery rather than a maritime claim. First Bank alleged GHL owed it $225.8 million, a claim GHL denied, counter-accusing the bank of abusing an ex parte order by selectively releasing crude to Conoil and NNPC.