The Supreme Court has overturned a Court of Appeal judgment that authorised the seizure of an oil vessel and its crude oil cargo belonging to General Hydrocarbons Limited (GHL) in a contractual dispute involving First Bank of Nigeria.
In a unanimous decision delivered by a five-member panel, the apex court ordered that the vessel and the proceeds from the sale of its crude oil cargo be returned to GHL.
The Supreme Court held that the Federal High Court wrongly assumed jurisdiction over the matter, ruling that the dispute was not a maritime case but a contractual and financial disagreement.
According to the court, the case centred on an alleged breach of contract and did not give First Bank the legal authority to seize GHL’s oil vessel or dispose of its cargo to recover the disputed debt.
The apex court consequently set aside the decisions of the lower courts and imposed a ₦5 million cost against First Bank of Nigeria.
