In a surprising turn of events, the Federal High Court has ruled that the ongoing legal dispute between FirstBank and GHL does not constitute a maritime claim but rather a simple case of debt recovery.

This shift in the court’s interpretation comes despite FirstBank’s request to stop what it described as a fraudulent attempt to sell crude oil stored on the FPSO Tamara Tokoni.

In its ruling delivered on Wednesday, the court also held that the ex parte order previously granted for the arrest of the crude cargo had expired by effluxion of time, stating that such orders are only valid for 14 days unless renewed.

However, despite the ruling, FirstBank insists that the crude oil aboard the Tamara Tokoni remains under arrest. The bank has taken immediate steps to challenge the decision by filing a notice of appeal and has also sought an injunction restraining GHL from dealing with the cargo pending the outcome of the appeal.

In a statement issued after the court’s decision, FirstBank said it holds the judiciary in high regard but strongly disagrees with the ruling, which it described as a miscarriage of justice.

“The cargo remains under arrest. We are committed to pursuing every legal means to protect the interest of our stakeholders and prevent fraudulent debtors from exploiting legal loopholes to evade their obligations,” the bank stated.

FirstBank added that it will relentlessly pursue justice and take all necessary action against parties who attempt to misuse the legal system to escape their responsibilities.