The Court docket of Appeal has allowed an enchantment filed by First Bank of Nigeria, setting apart an earlier choice of the Federal Excessive Court docket in Port Harcourt in its case towards Normal Hydrocarbons Restricted (GHL), an organization linked to media entrepreneur Nduka Obiagbena.
Sources with information of the matter advised Nairametrics that the appellate courtroom upheld arguments superior by the bank’s authorized staff, led by Babajide Koku (SAN) and Victor Ogude (SAN), that proceeds from the sale of crude oil cargo aboard the FPSO Tamara Tokoni had been improperly diverted. The cargo had been pledged as safety for mortgage services granted to GHL.
In its judgment, the Court docket of Appeal overturned Justice E.A. Obile’s ruling of March 2025, which had vacated enforcement orders obtained by the bank in January. The courtroom additional directed the Chief Registrar of the Court docket of Appeal, at the side of the Admiralty Marshal, to imagine management of the crude cargo on the vessel to stop dissipation or disposal pending decision of the substantive dispute.
The courtroom additionally ordered that when the storage tanks on board the FPSO are full, the crude oil must be bought and the proceeds paid into an interest-bearing escrow account managed by the Chief Registrar. The funds will stay beneath the custody of the courtroom till the matter is decided both at trial or in arbitration.
The events had been directed to bear their very own prices.
The ruling clarifies the interim place within the dispute however doesn’t resolve the substantive points, which stay earlier than the trial courtroom and potential arbitration.
This can be a creating story…..verify again for additional updates