The long drawn legal tussle between FirstBank of Nigeria Limited and General Hydrocarbons Limited over the ownership of the crude oil aboard the FPSO Tamara Tokoni, may have come to a conclusive end as the Supreme Court of Nigeria delivered its judgment.
The Apex Court, on Friday, ordered the Chief Registrar of the Court of Appeal and the Admiralty Marshal to immediately hand over the crude oil aboard the FPSO Tamara Tokoni to General Hydrocarbons Limited (GHL), bringing to an end a legal dispute over the asset.
In a unanimous judgment delivered by a five-member panel of justices, the apex court held that the suit instituted by First Bank of Nigeria (FBN) was contractual in nature and not an admiralty matter.
The court consequently ruled that both the Federal High Court and the Court of Appeal lacked the jurisdiction to entertain the case.
The Supreme Court accordingly allowed the appeal filed by General Hydrocarbons Limited and set aside the judgment of the Court of Appeal, describing it as perverse.
Justice Abiru, who read the lead judgment, announced the unanimous decision of the panel comprising Justices Uwani Aba-Aji, Salawa, Agim, Uwa and Abiru.
