Olayiwola Matthew
Information reaching Nairametrics indicated that the 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.
According to sources, the appellate court upheld First Bank’s appeal filed by Babajide Koku (SAN) and Victor Ogude (SAN).
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.
FCT High Court, Benjamin Joseph, zinox
Court dismisses FirstBank’s suit against GHL over crude cargo, but bank insists cargo arrest remains in force.
In its decision, the Court of Appeal ordered the sale of the disputed cargo, with the proceeds to be deposited into the custody of the court pending the final determination of the substantive action.