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Legal Battle Intensifies as FirstBank Fights to Secure Crude Oil Assets on FPSO Tamara Tokoni.
In a dramatic legal turn, FirstBank of Nigeria Limited has filed an appeal and an injunction request following a controversial ruling by the Federal High Court (FHC), which reclassified its maritime claim as a simple debt recovery case. The decision has sparked concerns over the security of crude oil cargoes aboard the FPSO Tamara Tokoni, which remain under arrest.
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Court Ruling Sparks Dispute
In its judgment delivered this week, the FHC ruled that FirstBank’s claim does not fall under maritime law. This is despite the bank’s efforts to prevent the alleged fraudulent sale of crude oil from the FPSO. In a surprising development, the court also ruled that the Arrest Order against the crude oil cargo had expired after 14 days, as it was issued ex parte (without the other party present).
FirstBank Challenges Ruling, Files Appeal and Injunction
Dissatisfied with the verdict, FirstBank immediately filed an appeal against the FHC’s ruling. The bank has also requested an injunction to restrain GHL, the defendant in the case, from taking any action on the crude oil pending the appeal’s outcome.
“While FirstBank has great respect for the courts, we strongly disagree with the ruling, which, in our view, constitutes a miscarriage of justice,” the bank stated.
Commitment to Justice and Financial Security
FirstBank reaffirmed its commitment to protecting its financial interests and those of its stakeholders. The bank vowed to pursue justice against debtors attempting to exploit legal technicalities to evade their financial obligations.
“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 statement added.
Current Status: Cargo Under Arrest, Awaiting Appeal Outcome
Despite the court’s ruling, the crude oil cargo aboard FPSO Tamara Tokoni remains under legal arrest, as FirstBank continues its legal battle. The outcome of the appeal and injunction request will determine whether the cargo will remain secured or be released for sale.
This case highlights the critical role of the judiciary in resolving financial and maritime disputes, particularly in Nigeria’s oil and gas sector, where crude oil transactions often involve complex legal and financial frameworks.
