Supreme Court Overturns Order Seizing General Hydrocarbons Vessel

The Supreme Court has set aside a Court of Appeal decision that ordered the seizure of an oil vessel and crude oil cargo linked to General Hydrocarbons Limited.

Premium Times reported that the vessel is FPSO Tamara Tokoni, which contained crude oil pledged by General Hydrocarbons as collateral for a loan facility obtained from First Bank. Channels TV reported that the apex court ordered the return of the seized vessel and crude oil to the company.

The dispute followed First Bank’s move to recover debt tied to an alleged breach of contract. Channels TV said the Supreme Court held that the Federal High Court was wrong to assume jurisdiction because the matter was financial and contract-related, not a maritime dispute.

Premium Times reported that a five-member panel directed the release of the vessel’s content to General Hydrocarbons. The report also said the Court of Appeal had in September 2025 ordered the sale of crude oil aboard the vessel, with proceeds to be deposited in an interest-bearing escrow account.

The ruling reverses that step while the wider contractual dispute between the parties continues through the courts.

Sources: Premium Times, Channels TV