Business
Court rules FirstBank-GHL dispute as debt recovery case, not maritime claim
In a surprising legal development, the Federal High Court has ruled that the ongoing dispute between FirstBank and GHL does not fall under maritime claims but is instead a straightforward debt recovery matter.
The decision marks a significant shift in the court’s interpretation of the case, despite FirstBank’s efforts to block what it described as a fraudulent attempt to sell crude oil stored on the FPSO Tamara Tokoni.
In its ruling delivered today, the court also declared that the ex parte order previously issued for the arrest of the crude cargo had expired due to the passage of time.
The court emphasized that such orders are only valid for 14 days unless formally renewed, thereby rendering the previous order unenforceable.
READ ALSO: FirstBank expands digital banking with fifth fully automated branch
Despite the court’s decision, FirstBank maintains that the crude oil aboard the Tamara Tokoni remains under arrest. In response to the ruling, the bank has swiftly filed a notice of appeal, seeking to challenge the judgment.
Additionally, FirstBank has requested an injunction to prevent GHL from dealing with the crude cargo until the appeal is resolved.
In a strongly worded statement released after the court’s verdict, FirstBank reaffirmed its deep respect for the judiciary but expressed profound disagreement with the ruling, describing it as a miscarriage of justice.
“The cargo remains under arrest. We are committed to pursuing every legal means to protect the interests of our stakeholders and prevent fraudulent debtors from exploiting legal loopholes to evade their obligations,” the bank declared.
FirstBank further stated its unwavering determination to pursue justice and take all necessary actions against any parties attempting to misuse the legal system to avoid their financial responsibilities.
The unfolding legal battle is expected to draw significant attention as FirstBank presses forward with its appeal in an effort to secure a favorable outcome.
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