General Hydrocarbons Limited (GHL) and it’s chairman, Prince Nduka Obaigbena were the ultimate winners on Friday when the Supreme Court of Nigeria ordered the immediate handover of the crude oil aboard the FPSO Tamara Tokoni to them.
In an unanimous judgment, a five-member panel of justices, the Supreme Court ruled that both the Federal High Court and the Court of Appeal lacked the jurisdiction to entertain the matter. Consequently, the court allowed the appeal filed by General Hydrocarbons Limited and set aside the judgment of the Court of Appeal, describing the decision as perverse.
The court further directed the Chief Registrar of the Court of Appeal and the Admiralty Marshal to immediately hand over the crude oil aboard the FPSO Tamara Tokoni to General Hydrocarbons Limited in compliance with its judgment.
Justice Abiru delivered the lead judgment on behalf of the panel, which comprised Justices Uwani Aba-Aji, Salawa, Agim, Uwa, and Abiru, with all members concurring in the decision.
The judgment marks the conclusion of the legal proceedings before the nation’s highest court regarding the disputed crude oil asset.
The Court of Appeal had on Thursday, 11 September 2025, set aside the earlier decision of Justice Obile of the Federal High Court, Port Harcourt, which had earlier dismissed FirstBank’s claims regarding the alleged fraudulent diversion of proceeds from the sale of crude oil cargo pledged as collateral for loan facilities.
The dispute arose from crude oil aboard the FPSO Tamara Tokoni, which GHL had allegedly pledged to FirstBank as security for substantial loan facilities. FirstBank had alleged that contrary to the terms of the pledge, GHL diverted the proceeds from the sale of the cargo, prompting the Bank to seek legal redress.
