Court rules FirstBank-GHL dispute Is debt recovery, not maritime claim

• Published On: 27 March 2025 at 06:21

In a surprising development, the Federal High Court ruled that the ongoing legal battle between FirstBank and GHL is a straightforward case of debt recovery rather than a maritime claim.

This shift in the court's interpretation occurs despite FirstBank's claim that GHL attempted to fraudulently sell crude oil stored on the FPSO Tamara Tokoni.


In its ruling today, the court also stated that the previously granted ex parte order to arrest the crude cargo had expired, as such orders are only valid for 14 days unless renewed.

In response, FirstBank stated that the crude oil is still under arrest, and the bank has already filed a notice of appeal. Furthermore, it has requested an injunction to prevent GHL from dealing with the cargo until the appeal is resolved.

Despite the ruling, FirstBank criticised the decision as a miscarriage of justice. In a statement issued following the judgement, the bank emphasised its commitment to protecting its stakeholders' interests and preventing fraudulent debtors from exploiting legal loopholes.

"We respect the judiciary, but we strongly disagree with the ruling," the statement read. "The cargo is still under arrest. We will continue to take all necessary legal action to ensure that justice is served and that no party abuses the legal system to avoid their responsibilities."

FirstBank has stated unequivocally that it will pursue all available legal avenues to protect its interests and seek justice.