Financial institutions in Nigeria have unblocked the accounts and assets of General Hydrocarbon Limited and its directors despite First Bank of Nigeria’s claims of pending orders in connection with a disputed $225.8m loan.
GHL confirmed the unfreezing of its assets on Thursday following a landmark ruling by Justice Deinde Dipeolu of the Federal High Court.
Although Justice Dipeolu delivered on the 29th of January 2025 lifting the Mareva injunction placed on GHL and its directors, First Bank in a counter release claimed that the injunctive orders made by Justice Dipeolu on 30th December 2024 were eight in number out of which only two (2) were Mareva Orders.
First Bank’s Board Chairman, Femi Otedola in a post shared on X, claimed that other injunctive orders namely, Orders 6, 7, 8, 9, 10, and 11 were not discharged or set aside, and remain valid and subsisting.
But GHL said that Otedola’s claims were misleading, adding that the banks have complied with the unfreezing of the oil company’s assets and accounts.
GHL said, “The compliance by the banks was effected in the face of false and misleading statements by FBN Chairman, Femi Otedola, Managing Director Olusegun Alebiosu and Lawyers in the press today maliciously and mischievously misinforming the public on the clear and unambiguous ruling by the learned Judge.
“This falsehood is the latest in a pattern of deceit and dishonesty from First Bank of Nigeria, that has left the public shocked and disappointed that a supposedly first-rate financial institution in a constitutional democracy like Nigeria would go so low and consciously and willfully disobey the law and continue to spread false information at will and without remorse.”
THE WHISTLER had reported that GHL is planning to institute a $1bn suit against First Bank for defamation.
GHL noted on the development that it has “Been left to file multiple cases across borders seeking damages for defamation, libel and breach of contract.
“It will be recalled that the Mareva injunction was secured in the first place by First Bank when they suppressed material information and failed to fully disclose a subsisting Judgement of the same Federal High Court in Lagos.
“GHL will continue to seek justice worldwide against FirstBank for breach of contract (by obtaining a benefit without complying with it’s obligations) after restating its financial statements with the critical support of GHL who are now asking the Courts to determine if FirstBank’s Audited Accounts are correct in the face of non compliance with conditions precedent for those restatements in 2021/2022 where their N306bn loss became N151bn profit as stated in their current Rights Issue.”
