Appeal Court Orders Sale of Crude Oil in FBN vs. GHL Dispute
The Abuja Division of the Court of Appeal has directed the Chief Registrar to secure and sell the crude oil on board the FPSO Tamara Tokoni in the ongoing legal battle between First Bank Nigeria (FBN) and General Hydrocarbons Limited (GHL). The dispute arose from a debt of $225 million allegedly owed by GHL to FBN.
The court order follows a freezing of GHL's account in January, with the case still pending before a high court arbitration panel. The directive aims to prevent any waste or dissipation of the crude oil cargo until the case is resolved.
The court also instructed the sale of the oil upon the FPSO's storage tank becoming full.
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