A Federal High Court in Port Harcourt has dismissed First Bank of Nigeria’s (FBN) lawsuit against General Hydrocarbons Limited (GHL) over the arrest of crude oil cargo aboard the FPSO Tamara Tokoni. The ruling, delivered by Justice E.A. Obile, declared that the case fell outside the court’s jurisdiction, labeling it a debt recovery issue rather than a maritime claim.
The court also ruled that the ex parte order securing the arrest of the crude cargo expired by law after 14 days and should be lifted. It further noted that FirstBank had violated a prior Lagos High Court order by filing a fresh suit in Port Harcourt, describing it as a case of forum shopping and abuse of process.
Despite the ruling, FirstBank has vowed to appeal, maintaining that the crude cargo remains legally restricted.
“While we respect the judiciary, we strongly disagree with this ruling. We remain committed to pursuing justice against debtors seeking to manipulate the system,” the bank said in a statement.
Meanwhile, GHL has filed an arbitration claim in Lagos, seeking hundreds of millions of dollars in damages against FirstBank for alleged breaches.
The case underscores the complex legal battles surrounding debt recovery and crude oil transactions in Nigeria’s oil and gas sector.
