By Ayomide Otitoju
In a significant legal development, the Federal High Court (FHC) has ruled that FirstBank’s case is not a maritime claim but a simple debt recovery matter. The decision, delivered today, contradicts the bank’s position that the order sought was intended to prevent the fraudulent sale of crude oil aboard the FPSO Tamara Tokoni.
The court further ruled that the arrest order against the cargo, which was issued ex parte, had expired by effluxion of time within 14 days of issuance.
Dissatisfied with the ruling, FirstBank has filed an appeal against the decision and submitted an application for an injunction against GHL, pending the appeal’s determination. Despite the court’s decision, the crude oil cargo aboard the FPSO remains under arrest.
While affirming its respect for the judiciary, FirstBank strongly disagreed with the ruling, describing it as a miscarriage of justice. The bank reiterated its commitment to protecting stakeholders’ interests and vowed to pursue justice against debtors attempting to evade their financial obligations through legal maneuvers.
