Appeal Court Orders Sale of Crude Oil in FPSO Tamara Tokini Amid Dispute

The Appeal Court in Abuja instructs the Chief Registrar to oversee the sale and escrow of crude oil belonging to GHL, Conoil/NNPCL on the FPSO Tamara Tokini. This decision follows allegations of expropriation, waste, and fraudulent activities involving First Bank Nigeria, GHL, and others.

The court aims to prevent dissipation of assets pending further legal proceedings. First Bank claims GHL owes a significant debt, while GHL denies the allegations, citing breaches of the 2021 Subrogation Agreement.

The court's order ensures the preservation of the crude oil proceeds in an escrow account until the resolution of the ongoing legal disputes.