Post by Arise News (@arisenews)

GENERAL HYDROCARBONS FLOORS FBN AS APEX COURT SETS ASIDE APPEAL COURT DECISION
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‎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.
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‎In a unanimous judgment, the a five-member panel of the apex court ordered the return of the ceased vessel and the proceeds from the sale of its content back to its rightful owner, the GHL.
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‎In setting aside the decision, the Apex 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.
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‎The Court says the case is on breach of contract and therefore does not give the First Bank of Nigeria the right to cease the oil vessel and sell its content to recover a debt.
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‎The court therefore slammed the FBN with a N5million fine.

GENERAL HYDROCARBONS FLOORS FBN AS APEX COURT SETS ASIDE APPEAL COURT DECISION ‎ ‎The Supreme Court...

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