By Ogungbayi Adeyemi S. | adeyemi@ddnewsonline.com
Editor, DDNews |
The Supreme Court of Nigeria on Friday set aside a decision of the Court of Appeal ordering the seizure and sale of crude oil aboard the FPSO Tamara Tokoni, a vessel used as collateral by oil-servicing firm General Hydrocarbons Limited for a loan from First Bank of Nigeria.
A five-member panel of the apex court directed the release of the vessel’s content to General Hydrocarbons, ruling that the dispute between the parties was contractual in nature and not an admiralty matter.
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The court also held that the Federal High Court and the Court of Appeal lacked jurisdiction to entertain the suit as framed.
The case stemmed from a $490 million credit facility granted by First Bank to Atlantic Energy Drilling Concepts Nigeria Limited (chaired by Jide Omokore) in 2011 to finance oil operations under Strategic Alliance Agreements with the Nigerian Petroleum Development Company (NPDC).
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The debt became non-performing, leading to significant write-offs by the bank. Later arrangements involving General Hydrocarbons Limited and the Asset Management Corporation of Nigeria (AMCON) were made to manage the exposure.
In September 2025, the Court of Appeal had ordered the sale of the crude oil on the vessel, directing that proceeds be placed in an interest-bearing escrow account.
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The Supreme Court’s ruling on Friday overturned that decision. The judgment comes amid ongoing legal battles involving General Hydrocarbons, First Bank, and AMCON. In March 2024, a Federal High Court in Lagos had granted an injunction restraining AMCON from appointing a receiver over the company’s assets.
An arbitral tribunal in October 2025 also directed General Hydrocarbons to pay certain costs to First Bank.
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The Supreme Court’s decision is expected to have significant implications for the parties involved in the long-running financial dispute.
Further details on the full judgment are expected to be released in the coming days.
DDNewsOnline – Lagos
By Ogungbayi Adeyemi S. (Beedee)
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