Supreme Court Orders Handover of FPSO to GHL

The Supreme Court of Nigeria issued a landmark judgment ordering the immediate handover of the FPSO Tamara Tokoni to GHL, effectively overturning a prolonged legal battle with First Bank Nigeria (FBN). The apex court's ruling, delivered on September 11, set aside a previous order from the Court of Appeal that directed the sale of crude oil aboard the FPSO, with proceeds placed in court custody pending arbitration.

The three-member panel, led by Justice Hamma Barka, determined that FBN's suit was not an admiralty matter and that the trial court lacked jurisdiction. The court clarified that FBN did not possess the right to seize the crude cargo, as the financial agreements did not confer ownership of the crude oil to the bank.

The judgment emphasized the need to preserve the subject matter of the case while the arbitration process is ongoing.