First Bank Appeals Court Ruling as Cargo Remains Arrested

In a surprising legal development, the Federal High Court (FHC) has ruled that First Bank’s claim concerning the disputed crude oil cargo aboard the FPSO Tamara Tokoni is not a maritime case but a simple debt recovery issue. 

This unexpected ruling has prompted First Bank to file an appeal, arguing that the case revolves around preventing the fraudulent sale of crude oil rather than merely recovering debt.

Adding to the controversy, the court further held that the ex parte Arrest Order against the cargo expired with the passage of time, dissolving automatically after 14 days of issuance. 

This ruling, which effectively lifts the arrest on the cargo, was met with strong opposition from First Bank.

Dissatisfied with the judgment, First Bank swiftly lodged an appeal to overturn the court’s decision. 

Simultaneously, the bank filed an application for an injunction to restrain GHL, the opposing party in the case, from taking any action regarding the crude oil cargo pending the appeal’s resolution.

Despite the ruling, the crude oil cargo aboard FPSO Tamara Tokoni remains arrested, with First Bank vowing to protect its legal and financial interests.

“While we respect the judiciary, we strongly disagree with this ruling, which we believe constitutes a miscarriage of justice,” First Bank stated in a press release. 

“We remain committed to securing the interests of our stakeholders and will pursue every legal avenue to ensure that mischievous debtors do not manipulate the law to evade their obligations,” it added.

The legal battle stems from an alleged fraudulent sale of crude oil, in which First Bank claims to have financial stakes. 

The bank contended that the arrest of the cargo was necessary to prevent further unauthorized sales and to safeguard its interests. 

However, the court’s decision reframes the matter as a straightforward debt recovery issue rather than a maritime claim, a distinction that could impact how the case progresses.

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