The Federal High Court has ruled that the ongoing legal battle between FirstBank and GHL is not a maritime claim but a straightforward case of debt recovery in a surprising development.
This shift in the court’s interpretation comes despite FirstBank’s assertion that GHL was attempting to fraudulently sell crude oil stored on the FPSO Tamara Tokoni.
Delivering its ruling today, the court also noted that the ex parte order previously granted to arrest the crude cargo had expired, as such orders are only valid for 14 days unless renewed.
In response, FirstBank has stated that it maintains the crude oil remains under arrest, and the bank has already filed a notice of appeal. Additionally, it has sought an injunction to prevent GHL from dealing with the cargo until the appeal is resolved.
Despite the ruling, FirstBank expressed its disagreement with the decision, calling it a miscarriage of justice. In a statement issued after the judgment, the bank emphasized its commitment to defending the interests of its stakeholders and preventing fraudulent debtors from exploiting legal loopholes.
“We respect the judiciary, but we strongly disagree with the ruling,” the statement read. “The cargo remains under arrest. We will continue to pursue all necessary legal actions to ensure that justice is served and that no party can misuse the legal system to evade their responsibilities.”
FirstBank has made it clear that it will exhaust all available legal avenues in its efforts to protect its interests and seek justice.
