In a surprising turn of events, the Federal High Court has ruled that FirstBank’s claim is not a maritime claim, but rather a simple case of debt recovery. This decision has shocked many, as the order sought was to prevent further fraudulent sale of crude on the FPSO ¹. The court’s ruling also stated that the Arrest Order against the cargo expired after 14 days due to its exparte nature. FirstBank has lodged an appeal against the decision and filed an application for an injunction against GHL, pending the determination of the appeal Despite the court’s ruling, the cargoes of crude oil on the FPSO Tamara Tokoni remain under arrest. FirstBank has expressed its disappointment with the decision, describing it as a miscarriage of justice The bank remains committed to protecting its interests and those of its stakeholders, and will continue to pursue justice against debtors seeking to evade their responsibilities. FirstBank has also reaffirmed its confidence in the judiciary, while emphasizing the need for debtors to be held accountable for their obligations ².
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