WorldStage Newsonline– A Federal High Court on Wednesday ruled that the ongoing legal dispute between FirstBank and GHL does not constitute a maritime claim but rather a simple case of debt recovery.
The court also held that the arrest order against the cargo, because it was exparte in nature, expired by effluxion of time within 14 days of its issuance.
FirstBank had earlier approach the court to prevent further sale of crude on GHL’s FPSO TAMARA TOKONI.
Meanwhile, aggrieved by the latest decision, FirstBank said it had lodged an appeal against the decision of the FHC.
FirstBank said it had filed an application for an injunction of the court against GHL, pending the determination of the appeal.
With the appeal, Firstbnk said the Cargoes of Crude Oil on the FPSO TAMARA TOKONI remain arrested.
“While FirstBank has great respect for the courts, it strongly disagrees with the ruling, which, in our view, constitutes a miscarriage of justice,” the bank said in a statement.
“FirstBank remains committed to protecting and securing the interest of its members and will relentlessly pursue justice against mischievous debtors seeking to use the machinery of the law to perpetuate mischief and evade their responsibility to offset outstanding obligations.”
