In a surprising twist of events, the Federal High Court, in a shift from the true nature of FirstBank’s claim, held that the legal battle between First Bank and General Hydrocarbons Limited matter is not a maritime claim but rather, a simple case of debt recovery.
This is quite surprising considering the fact that the order sought is to prevent further fraudulent sale of crude on the Floating Production Storage and Offloading (FPSO) Vessel Tamara Tokoni.
The Eagle Online gathered that the Federal High Court in Port Harcourt, Rivers State had earlier granted an order to arrest and detain the crude oil cargo on board the Floating Production Storage and Offloading (FPSO) Vessel Tamara Tokoni.
In a statement, First Bank had alleged that General Hydrocarbons Limited (GHL) off-took crude from the Floating Production Storage and Offloading (FPSO) vessel and diverted the proceeds.
Shockingly, the court, in its decision delivered on Tuesday, also held that the Arrest Order against the cargo, because it was exparte in nature, expired by effluxion of time within 14 days of its issuance.
Aggrieved by the decision, FirstBank lodged an appeal against the decision of the Federal High Court.
Also, it filed an application for an injunction of the court against General Hydrocarbons Limited, pending the determination of the appeal.
The Cargoes of Crude Oil on the FPSO TAMARA TOKONI remain arrested.
“While FirstBank has great respect for the courts, it strongly disagrees with the ruling, which, in our view, constitutes a miscarriage of justice,” First Bank said.
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“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,” it added.
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