In a surprising turn, the Federal High Court ruled today that FirstBank’s claim was not maritime-related. Instead, the court classified the matter as a simple debt recovery case.
This ruling shocked observers. FirstBank had approached the court to stop the alleged fraudulent sale of crude oil stored on the FPSO TAMARA TOKONI. The bank believed the nature of the dispute fell under maritime law.
Court Declares Arrest Order Expired
Even more unexpected, the court ruled that the arrest order placed on the crude cargo had expired. The judge explained that the order, granted ex parte, lasted only 14 days by law. Since that period had passed, the order no longer held legal force.
This decision caught FirstBank off guard. The bank had sought to maintain the arrest to preserve the crude as evidence and secure repayment.
FirstBank Files an Appeal
Immediately after the judgment, FirstBank filed an appeal against the ruling. It also submitted a fresh application, asking the court to stop GHL from tampering with the cargo. The bank hopes the injunction will hold until the appeal is resolved.
Despite the expiration ruling, the crude oil cargo aboard the FPSO TAMARA TOKONI remains under arrest—for now.
Bank Calls Ruling a Miscarriage of Justice
In a statement released after the ruling, FirstBank expressed deep disappointment. Although the bank reaffirmed its respect for the judiciary, it strongly disagreed with the outcome. It described the decision as a “miscarriage of justice.”
The bank maintained that its claim addressed fraudulent activity concerning crude oil sales. It argued that allowing such actions to go unchecked could harm the economy and financial institutions.
FirstBank Pledges to Fight On
FirstBank pledged to continue defending the interests of its stakeholders. It vowed to pursue the matter through all legal means. According to the bank, justice must be served—especially in cases involving high-value assets and potential fraud.
The outcome of the appeal could have far-reaching implications. If the appellate court overturns the decision, it may restore the arrest order. If not, GHL may regain control over the crude cargo.
For now, the legal battle continues, and all eyes are on the next court date.
