Nduka Floors Otedola As GHL Secures Order Unfreezing Accounts Blocked By First Bank
General Hydrocarbons Limited has secured a court order unfreezing its assets and that of its directors blocked by First Bank of Nigeria following a disputed oil deal.The energy firm disclosed this in a statement after a Federal High Court in Lagos overturned a Mareva injunction that froze the company’s assets and those of its directors.
The court said First Bank suppressed material facts, on the matter with GHL, Chaired by Chief Nduka Obaigbena.
Our Correspondent reported that GHL alleged that First Bank failed to fulfill its obligations under their agreement to explore and develop an oil asset- Oil Mining Lease (OML) 120.
It said First Bank’s alleged breach of contract caused GHL severe losses, including over $47m and 217 days of lost operations.
The relationship between the partners worsened when First Bank obtained a court injunction freezing GHL’s funds worth $225.8m across all commercial banks in alleged violation of an existing court order.
But, the Federal High Court overturned the Mareva injunction after arguments presented by GHL’s legal counsel, Abiodun Layonu, SAN, and Olumide Aju, SAN, who represented the second to fifth defendants in the case.
According to a report, Justice Dehinde Dipeolu ruled that the Mareva injunction was in violation of a prior order from a court of concurrent jurisdiction.
GHL had accused First Bank of disobeying a standing court order.
In the fresh ruling, Justice Dipeolu referred to an earlier order issued by Justice Ambrose Lewis-Allagoa in Suit No. 1953.
Justice Dipeolu found that the injunction sought by First Bank of Nigeria and FBNQUEST LTD had failed to disclose Justice Lewis-Allagoa’s order, making the Mareva injunction incompatible with the prior ruling.
The court ruled that First Bank had deliberately “suppressed facts”.
The court set aside the freezing order on GHL’s accounts and those of the other defendants linked to CBN’s FX Code: A Bold Step Toward Market Integrity, Economic Stability.
