First Bank of Nigeria Limited has filed an appeal against a recent decision of the Federal High Court which reclassified its maritime claim as a standard debt recovery matter.
The bank is also seeking an injunction and a stay of execution to prevent the release of crude oil cargo aboard the FPSO Tamara Tokoni, which remains under arrest.
In a ruling delivered earlier today, the Federal High Court held that the suit filed by FirstBank did not qualify as a maritime claim despite the lender’s argument that the case involved attempts to prevent the fraudulent sale of crude oil.
The court further ruled that the arrest order previously issued on an ex parte basis had lapsed after 14 days due to the absence of a renewal application.
The decision came as a surprise to stakeholders, considering the underlying facts of the case.
FirstBank had approached the court to obtain an arrest order on the crude cargo as part of its efforts to recover outstanding obligations linked to the defendants in the matter, GHL.
Reacting to the judgment, FirstBank expressed deep disappointment, describing the ruling as a miscarriage of justice.
The bank has since lodged a formal appeal and submitted an application for an injunction to preserve the status quo, pending the outcome of the appellate process.
“The cargoes of crude oil on the FPSO Tamara Tokoni remain arrested. We are resolute in our commitment to protecting the interests of our stakeholders and recovering the debt owed,” the bank stated in a release.
FirstBank also reaffirmed its confidence in the judiciary but emphasized its position that debtors should not be allowed to manipulate legal processes to escape their financial obligations.
“As an institution that respects the rule of law, we are nonetheless compelled to act decisively when legal outcomes appear to shield willful defaulters and undermine legitimate recovery efforts,” the statement added.
The appeal represents the next phase in what is shaping up to be a high-stakes legal confrontation in Nigeria’s financial and maritime sectors as the bank seeks to recover what it claims are substantial unpaid exposures through lawful judicial channels.
