The Supreme Court has set aside the judgment of the Court of Appeal which ordered the seizure of an oil vessel and its cargo of crude oil belonging to General Hydrocarbons Limited (GHL ) to settle a dispute over alleged breach of contract with the First Bank of Nigeria.
In a unanimous judgment, a five-member panel of the apex court ordered the return of the seized vessel and the proceeds from the sale of its contents back to its rightful owner, GHL.
In setting aside the decision, the Supreme Court said the Federal High Court was wrong to have assumed jurisdiction in a matter which is not a maritime dispute, stating it is purely financial and contract related.
The court said the case was on breach of contract and therefore did not give First Bank of Nigeria the right to seize the oil vessel and sell its content to recover a debt.
The court therefore slammed FBN with a ₦5million fine.
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