The Court of Appeal sitting in Abuja has set aside the ruling of the Federal High Court, Port Harcourt, and allowed the appeal filed by First Bank of Nigeria against General Hydrocarbons Limited (GHL).
This came with an order authorising the sale of the crude oil aboard FPSO Tamaru Tokoni, with proceeds to be paid into an interest-high-yielding escrow account and warehoused by the chief registrar of the court, pending the hearing and determination of the case at the trial court or the court of arbitration. Justice Polycarp Kwahar, who read the lead judgment, also appointed the chief registrar of the Court of Appeal to take charge and possession of the crude oil cargo and to protect the same against dissipation or unauthorised disposition by any party, pending the hearing and the determination of the case of the trial court of arbitration.