THE Supreme Court has set aside the judgment of the Court of Appeal that 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 Plc.‎

‎    The apex court, in a unanimous judgment of a five-member panel, ordered the return of the seized vessel and proceeds from the sale of its contents to its rightful owner, GHL.

‎    In setting aside the decision, the court said the Federal High Court was wrong to have assumed jurisdiction in a matter that is not a maritime dispute, but purely financial and contract related.
‎    It stated that the case was on breach of contract and, therefore, did not give First Bank of Nigeria Plc the right to seize the oil vessel and sell its content to recover a debt.
‎    The apex court, therefore, imposed a N5million fine against First Bank Nigeria Plc.