The Supreme Court of Nigeria has ordered the immediate handover of the crude oil aboard the FPSO Tamara Tokoni to General Hydrocarbons Limited (GHL), bringing to a close the legal dispute over ownership and control of the asset.
In an unanimous judgment delivered on Friday by a five-member panel of justices, the apex court held that the suit instituted by First Bank of Nigeria (FBN) was contractual in nature and did not fall within the scope of admiralty jurisdiction.
The Supreme Court ruled that both the Federal High Court and the Court of Appeal lacked the jurisdiction to entertain the matter. Consequently, the court allowed the appeal filed by General Hydrocarbons Limited and set aside the judgment of the Court of Appeal, describing the decision as perverse.
The court further 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 in compliance with its judgment.
Justice Abiru delivered the lead judgment on behalf of the panel, which comprised Justices Uwani Aba-Aji, Salawa, Agim, Uwa, and Abiru, with all members concurring in the decision.
The judgment marks the conclusion of the legal proceedings before the nation’s highest court regarding the disputed crude oil asset.
