The Supreme Court of Nigeria has ruled that disputes regarding crude oil sale proceeds do not fall under admiralty jurisdiction, even when the commodity is stored aboard a vessel. The case, General Hydrocarbons Limited versus First Bank of Nigeria Limited, centered on a financing dispute where First Bank sought to arrest a cargo of crude oil to recover funds. The Court clarified that because the claim arose from a breach of a commercial financing agreement rather than maritime activity, it does not constitute an admiralty claim. The ruling emphasizes that contractual rights to sale proceeds do not grant a bank ownership or security interest in the physical cargo itself.