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The Supreme Court of Nigeria has ordered the immediate release and handover of the crude oil aboard the FPSO Tamara Tokoni to General Hydrocarbons Limited (GHL), bringing the legal dispute over the asset to a decisive conclusion.
In a unanimous judgment delivered on Friday by a five-member panel of justices, the apex court directed the Chief Registrar of the Court of Appeal and the Admiralty Marshal to immediately hand over the crude oil aboard the FPSO Tamara Tokoni to General Hydrocarbons Limited.
The Supreme Court held that the suit instituted by First Bank of Nigeria (FBN) was contractual in nature and did not constitute an admiralty matter. Consequently, the court ruled that both the Federal High Court and the Court of Appeal lacked the jurisdiction to entertain the case.
Allowing the appeal filed by General Hydrocarbons Limited, the apex court set aside the judgment of the Court of Appeal in its entirety, describing the decision as perverse.
The lead judgment was delivered by Justice Abiru, who announced the unanimous decision of the panel comprising Justices Uwani Aba-Aji, Salawa, Agim, Uwa, and Abiru.
The judgment represents a significant legal victory for General Hydrocarbons Limited and effectively brings the dispute over the FPSO Tamara Tokoni crude oil to an end, while reaffirming the constitutional limits of admiralty jurisdiction in contractual disputes.
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