FirstBank Wins Appeal in Landmark Crude Oil Proceeds Case

First Bank Nigeria Limited (FirstBank) has secured a significant legal victory in a dispute against General Hydrocarbons Ltd (GHL) over diverted crude oil proceeds pledged as collateral. The Court of Appeal overturned an earlier judgment by the Federal High Court in Port Harcourt, ruling in favor of FirstBank.

The case, centered on a substantial loan facility secured by crude oil cargo aboard FPSO Tamara Tokoni, saw GHL allegedly diverting the proceeds. The appellate court upheld FirstBank's claim, emphasizing the maritime nature of the case and directing the deposit of the proceeds into an escrow account managed by the Chief Registrar of the Court of Appeal.