The Supreme Court of Nigeria has ordered the immediate release of crude oil aboard the FPSO Tamara Tokoni to General Hydrocarbons Limited (GHL), bringing an end to a protracted legal dispute involving First Bank of Nigeria.
In a unanimous judgment delivered on Friday, a five-member panel of the apex court held that the dispute was purely contractual in nature and did not fall under admiralty jurisdiction.
Court Declares Federal High Court Lacked Jurisdiction
The Supreme Court ruled that the Federal High Court had no jurisdiction to hear the case, thereby setting aside the earlier decision of the Court of Appeal and allowing GHL’s appeal.
The panel held that the matter did not qualify as an admiralty dispute, which invalidated the basis for the earlier proceedings.
Panel Orders Immediate Release Of Crude Oil
The judgment was delivered by Justices Uwani Musa Abba Aji, Adamu Jauro, Emmanuel Agim, Tijjani Abubakar, and Habeeb Adewale Abiru.
The court directed the Chief Registrar of the Court of Appeal and the Admiralty Marshal to immediately hand over the crude oil stored aboard the FPSO Tamara Tokoni to General Hydrocarbons Limited without delay.
Dispute Comes To An End
The ruling effectively resolves the high-stakes legal battle between General Hydrocarbons Limited and First Bank of Nigeria over ownership and control of the crude cargo stored on the floating production, storage, and offloading vessel.
The decision marks a major conclusion to one of the most closely watched commercial oil disputes in the country.