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

The Supreme Court has directed the immediate release of the crude oil aboard the FPSO Tamara Tokoni to General Hydrocarbons Limited, GHL, bringing a major legal dispute involving First Bank of Nigeria to a close.
In a unanimous judgment delivered on Friday, a five member panel of the apex court ruled that the matter was purely contractual and did not qualify as an admiralty dispute.
As a result, the court held that the Federal High Court lacked the jurisdiction to hear the case.
The Supreme Court consequently overturned the earlier judgment of the Court of Appeal and upheld General Hydrocarbons’ appeal.
The panel, comprising Justices Uwani Musa Abba Aji, Adamu Jauro, Emmanuel Agim...