The First Bank of Nigeria Limited has urged a Federal High Court in Lagos to maintain an asset and account freeze on General Hydrocarbons Limited (GHL) and its associated entities, pending the resolution of a $225.8 million loan recovery suit against the oil company.
The bank, represented by its lawyer, Victor Ogude, made the appeal in response to GHL’s application seeking to lift the freeze.
GHL contended that the order, issued on December 30, 2024, by Justice Dipeolu, was granted based on incomplete disclosure of facts.
Justice Dipeolu had previously issued a Mareva Injunction restricting commercial banks from handling assets or funds belonging to GHL, its subsidiaries, or affiliates, up to the disputed loan amount.
Additionally, directors of GHL—Nduka Obaigbena, Efe Damilola Obaigbena, and Olabisi Eka Obaigbena—were barred from transferring or dissipating their personal assets in Nigeria.
Other respondents in the case include GHL 121 Ltd, CESL Oyo Production BBC Ltd (owners of FPSO Tamara Tokoni), and global energy companies such as VITOL SA, Trafigura PTE Ltd, and Glencore Energy UK Ltd.
GHL’s counsel, Dr Abiodun Layonu (SAN), argued that the order constituted an abuse of the court process, highlighting a prior ruling by Justice Ambrose Lewis-Allagoa that required the bank to pursue arbitration before further recovery attempts.
Layonu asserted the current injunction caused significant financial damage to GHL and urged its dismissal.
In response, Ogude insisted the bank acted lawfully, asserting that the cases before Justices Lewis-Allagoa and Dipeolu involved different agreements and parties.
He emphasized the bank’s right to judicial redress and dismissed allegations of misleading the court.
Ogude further accused GHL’s directors of diverting funds from the loan, underscoring their inclusion in the suit.
The court, after hearing submissions from both sides, reserved its ruling for a later date, which will be communicated to the parties.
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