‘Banks Comply With Court Ruling Lifting Exparte Mareva Order Against GHL’

Banks across board have complied with the ruling of Justice Deinde Dipeolu of the Federal High Court, delivered on the 29th of January 2025, lifting the Mareva injunction placed on GHL, its directors and shareholders.

The compliance by the banks was effected in the face of false and misleading statements by First Bank of Nigeria (FBN) chairman, Femi Otedola, managing director Olusegun Alebiosu and lawyers in the press on Thursday, 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.

GHL has thus been left to file multiple cases 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 it 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 its obligations) after restating its financial statements with the critical support of GHL which is 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 its N306 billion loss became N151 billion profit as stated in its current Rights Issue.

Meanwhile, Justice Deinde Dipeolu of the Federal High Court in Lagos on Wednesday lifted the Mareva Injunction that froze the assets of General Hydrocarbons Limited (GHL) over its alleged refusal to pay a $225.8 million loan facility awarded to it by First Bank of Nigeria Limited.

The judge also held that he has jurisdiction over the suit filed by First Bank because the case is not an abuse of court process as the subject matter and the parties involved are different from those before Justice Ambrose Lewis-Allagoa.

However, Justice Dipeolu stated that he would not have granted the Mareva injunction had he been fully aware of Justice Lewis-Allagoa’s prior order in Suit No. 1953.

In a ruling delivered on December 30, 2024, Justice Dipeolu put restrictions in place, prohibiting all commercial banks from releasing or dealing with any assets or funds belonging to General Hydrocarbons Limited, its agents, subsidiaries, or related entities up to the amount claimed by the plaintiffs.

Additionally, the judge issued a preliminary injunction barring Nduka Obaigbena, Efe Damilola Obaigbena, and Olabisi Eka Obaigbena—directors of General Hydrocarbons Limited—from transferring or dissipating any of their assets located in Nigeria, whether movable or immovable, until the court makes a decision on the Motion on Notice for an interlocutory injunction.

Earlier, GHL had obtained an order from Justice Lewis-Allagoa in another case which prevented First Bank of Nigeria Limited from taking further action to recover the loan until the parties had fulfilled their obligation to engage in arbitration.

While moving the application, challenging the Mareva Injunction, GHL’s counsel, Dr Abiodun Layonu (SAN), argued that the Injunction represented an abuse of the court process, claiming that First Bank had failed to disclose the previous order by Justice Lewis-Allagoa, which had restrained the bank from further action.

In response, First Bank lawyer Victor Ogude (SAN) argued that his client did not deceive the court to obtain the order and that the bank provided all relevant facts in its affidavit supporting the suit.

He also claimed that no law restricts their constitutional right to seek judicial redress for disputes.

In his ruling, Justice Dipeolu acknowledged that while the current suit was not an abuse of process; it had to respect the prior orders issued by his brother’s judge.

–These are statements issued by GHL Management