Why Banks Cannot Lift Order Defreezing Nduka Obaigbena’s GHL’s Accounts

FirstBank has appealed the Federal High Court judgement that lifted the order placed on the assets of General Hydrocarbons Limited, its directors, and shareholders.

In a statement issued by the bank on Sunday, it warned other banks to be cautious in complying with the ruling of Justice Deinde Dipeolu, disclosing that it has appealed the discharge of the ruling and that the decision of the banks to comply with the ruling was premature.

The statement read, “Our attention has been drawn to recent media reports suggesting that some banks have begun complying with the ruling of Honourable Justice Deinde Dipeolu of the Federal High Court, Lagos, which lifted the Mareva order placed on the assets of General Hydrocarbons Limited, its directors, and shareholders. We would like to state that such action is premature, as the necessary steps for banks and stakeholders to comply with the court’s decision have not yet been completed.

“Notwithstanding the above, FirstBank has also appealed against the discharge of the Mareva order and applied for an injunction and/or suspension of the discharge order pending the determination of the appeal. In view of the pending appeal and motion for injunction, banks are expected to maintain the status quo. FirstBank remains committed to protecting the interests of its shareholders, depositors, and stakeholders. We will continue to pursue all available legal avenues to recover un-serviced debts from debtors, ensuring that those who have defaulted on their obligations are held accountable.

“We wish to seize this medium to assure all our valued stakeholders that FirstBank remains strong, stable, and fully committed to resolving this issue in line with the provisions of the law. We are actively addressing all matters at hand with transparency and diligence while remaining focused.”

Justice Dipeolu on Wednesday vacated an ex parte Mareva injunction that froze the assets of General Hydrocarbons Limited, a Nigerian oil and gas services company, in connection with a disputed $225.8m loan debt, holding that the injunction violated an existing order from a court of concurrent jurisdiction.

GHL disclosed that banks have begun to comply with the order following the court pronouncement