Supreme Court Orders Release of FPSO Tamara Tokoni to General Hydrocarbons.
The Supreme Court has ordered the immediate release of crude oil aboard the FPSO Tamara Tokoni to General Hydrocarbons Limited.
The apex court gave the ruling on Friday. It directed the Chief Registrar of the Court of Appeal and the Admiralty Marshal to hand over the cargo without delay.
The court also dismissed the case instituted by First Bank of Nigeria. It held that the dispute was contractual in nature. It ruled that the matter did not fall within the jurisdiction of the Federal High Court as an admiralty case.
The Ruling
A five-member panel of the Supreme Court delivered the unanimous judgment. The panel comprised Justices Uwani Musa Abba Aji, Adamu Jauro Salawa, Emmanuel A. Agim, Tijjani Abubakar, and Habeeb Adewale Abiru. Justice Abiru read the lead judgment.
The court allowed General Hydrocarbons’ appeal. It set aside the judgment of the Court of Appeal.
The justices held that the lower courts lacked jurisdiction to entertain the matter as an admiralty case. The dispute, they ruled, was contractual.
The court directed that the crude oil aboard the FPSO Tamara Tokoni be released to General Hydrocarbons forthwith.
Background
General Hydrocarbons Limited is an indigenous oil and gas company. It is owned by Nduka Obaigbena. He is the founder and publisher of ThisDay Newspapers. He also founded Arise TV, the global television network.
The legal battle between General Hydrocarbons and First Bank has been protracted. It centres on a financial dispute over the crude oil cargo aboard the FPSO Tamara Tokoni.
First Bank had approached the Federal High Court. The bank sought to arrest the crude cargo aboard the vessel. It claimed the cargo as security for debts allegedly owed by General Hydrocarbons.
The Federal High Court ruled in favour of First Bank. General Hydrocarbons appealed the decision. The Court of Appeal upheld the lower court’s ruling.
Dissatisfied, General Hydrocarbons approached the Supreme Court. The company argued that the dispute was purely contractual. It maintained that the Federal High Court lacked the admiralty jurisdiction to entertain the matter.
The Supreme Court agreed. It ruled that the lower courts erred in treating the matter as an admiralty case. It held that the dispute was contractual and should not have been brought before the admiralty division of the Federal High Court.
The ruling effectively overturns the Court of Appeal’s decision. The crude cargo aboard the FPSO Tamara Tokoni must now be released to General Hydrocarbons.
Significance
The judgment is a major victory for General Hydrocarbons and its owner, Nduka Obaigbena. It also represents a significant legal setback for First Bank.
The case has drawn considerable public attention. This is partly due to Mr Obaigbena’s prominence as a media mogul. His ownership of ThisDay and Arise TV places him among Nigeria’s most influential figures.
The ruling may also have broader implications. It clarifies the jurisdictional boundaries between contractual disputes and admiralty matters. This could affect how similar cases are handled in the future.
This is a developing story. Further details will be provided as they emerge.
