Banks Adhere to Court Order Lifting Asset Freeze on GHL Directors

General Hydrocarbons Limited (GHL) has confirmed that financial institutions have fully complied with a Federal High Court ruling that revoked the Mareva injunction imposed on assets belonging to its directors and shareholders.

Following the ruling, First Bank had maintained that GHL and its directors were still bound by court restrictions, asserting that they remained barred from accessing funds in their accounts or managing their assets.

However, GHL countered these claims, accusing the bank of “deliberately and maliciously spreading misinformation about the clear and unambiguous ruling of the learned judge.”

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The company emphasized that banks had complied with the court’s directive despite “false and misleading statements from FBN Chairman, Femi Otedola, Managing Director Olusegun Alebiosu, and their legal representatives.”

“This deception is the latest in a series of dishonest actions by First Bank of Nigeria, which has left the public shocked and disappointed that a reputed financial institution in a democratic country like Nigeria would stoop so low as to willfully disobey the law and propagate falsehoods without remorse,” the statement read.

GHL also stated that it intends to challenge the credibility of the bank’s audited financial reports, which were used for its recent rights issue.

The company recalled that First Bank had obtained the Mareva injunction by failing to disclose an existing judgment from the Federal High Court, Lagos Division. As a result, GHL has initiated multiple legal actions across different jurisdictions, seeking damages for defamation, libel, and breach of contract.

Additionally, GHL asserted that it would “continue to pursue justice globally against First Bank for breaching its contractual obligations, having benefitted without fulfilling its commitments.” The company also questioned the accuracy of First Bank’s financial statements, arguing that its restated figures—where a previously declared N306 billion loss transformed into a N151 billion profit—should be subjected to legal scrutiny.

The dispute between GHL and First Bank stems from a loan agreement linked to an Oil Mining Lease, with GHL alleging that the bank failed to meet its contractual obligations under the agreement.