Supreme Court Orders Handover of FPSO Tamara Tokoni
On Friday morning, the Supreme Court of Nigeria issued an order for the immediate handover of the FPSO Tamara Tokoni crude oil to General Hydrocarbons, effectively nullifying a prior judgment from the Appeal Court. The unanimous decision was delivered by a five-member panel led by Justice Abiru, who stated that the suit initiated by First Bank Nigeria (FBN) was of a contractual nature and not an admiralty matter.
Consequently, the Supreme Court ruled that both the Federal High Court and the Court of Appeal lacked the jurisdiction to entertain the case. The court allowed the appeal filed by General Hydrocarbons and set aside the judgment of the Court of Appeal, which was described as "perverse justice." The ruling brings an end to the legal dispute surrounding the asset.
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