Breaking: Court Upholds First Bank’s Appeal Against GHL

Court of Appeal has overturned Justice Obile’s earlier judgment, which dismissed First Bank of Nigeria’s case against General Hydrocarbons Limited (GHL), a company linked to media entrepreneur Nduka Obiagbena.
It was gathered the appellate court upheld First Bank’s appeal filed by Babajide Koku (SAN) and Victor Ogude (SAN).
In its ruling on Thursday, the appeal court set the high court judgment aside.
It also ordered that proceeds from the sale of the cargo should be paid to the account of the court pending the determination of the legal action
The court held that GHL had fraudulently diverted proceeds from the sale of crude oil cargo aboard the FPSO Tamara Tokoni, which had been pledged as collateral for loan facilities extended by the bank.
Recall that The high court had ruled said the matter in contention was not a maritime claim but a case of debt recovery.
First Bank proceeded to file an appeal against the ruling.