Post by Arise News (@arisenews)

General Hydrocarbons Limited Vs First Bank and Others, Signed, Sealed and Delivered
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‎The Supreme Court on Friday, 3rd July 2026, 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, backed by the Certified True Copy released Thursday, the 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.
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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 in breach of contract and therefore does not give First Bank the right to seize the oil vessel and sell its contents to recover a debt.
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‎The court therefore slammed FBN with a N5million fine.

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