FBN: Why Banks Cannot Comply With Order Lifting Restrictions On GHL’s Accounts

Contrary to reports that banks have begun complying with the court ruling lifting the Mareva order placed on the assets of General Hydrocarbons Limited (GHL), its directors and shareholders, First Bank of Nigeria has said the processes needed for this were yet to be completed and banks were expected to maintain the status quo.

In a statement issued on Sunday night, First Bank stated that the banks could not have lifted restrictions on the accounts of GHL as the necessary steps for banks and stakeholders to comply with the court’s decision had not yet been completed.

Asides this, First Bank said it had 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.

First Bank, in the statement, said it remained committed to protecting the interests of its shareholders, depositors, and stakeholders.

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“We will continue to pursue all available legal avenues to recover unserviced 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 First Bank 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.”

It would be recalled that media reports had suggested that some banks had begun complying with the ruling of Hon  Justice Deinde Dipeolu of the Federal High Court,  Lagos which lifted the Marevas order  placed on the assets of General Hydrocarbons Limited (GHL), its directors, and shareholders.