Appeal Court Asks Registrar To Secure Oil On FPSO Tamara Tokoni Belonging To GHL, CONOIL/NNPCL – Counsel

The Appeal Court sitting successful Abuja has ordered the merchantability of crude lipid stored connected the Floating Production Storage and Offloading (FPSO) vas Tamara Tokoni, which is the taxable of the ineligible quality betwixt First Bank of Nigeria and General Hydrocarbons Limited (GHL).

In a unanimous ruling by a three-man sheet led by Justice Polycap Kwahar, the appellate tribunal ordered that tribunal officials clasp the proceeds from the merchantability pending the appeal’s determination.

Justice Kwahar, who work the decision, held that preserving the cargo is successful the involvement of justice, fixed the imaginable risks of expropriation and waste.

In collaboration with the Admiralty Marshal, the precocious tribunal further directed the Chief Registrar of the Court of Appeal to instrumentality power of the crude oil.

Justice Kwahar held, “Once the retention tanks connected the FPSO are complete, the cargo volition beryllium sold, and the proceeds volition beryllium deposited into an interest-bearing escrow relationship managed by the court.

First Bank had sued GHL, claiming that the lipid institution owed it $225.8 million.

First Bank and its trustees obtained a Mareva injunction from the Federal High Court successful Rivers State successful 2024 to frost the assets of GHL and its associates.

Justice E.A. Obile lifted the bid successful January this year, prompting the slope to appeal.

However, GHL denies this claim, stating that First Bank has repeatedly breached the 2021 Subrogation Agreement and that nary outgo is due.

In the appeal, GHL accused First Bank of abusing Ex Parte freezing orders by selectively releasing portions of the crude successful the FPSO to Conoil and NNPC.

The Court of Appeal has present halted these actions and granted each possession and power of the crude successful the FPSO to the Chief Registrar, assisted by the Admiralty Marshal of the Court of Appeal.