Justice Deinde Dipeolu of the Federal High Court in Lagos yesterday adjourned the case of an alleged $225.8m debt owed First Bank of Nigeria Limited and FBN Quest Trustees Ltd by an oil and gas company firm, General Hydrocarbons Limited (GHL) sine die (indefinitely).
Justice Dipeolu adjourned the case to enable the parties in the suit to pursue their various appeals before the Court of Appeal.
First Bank of Nigeria Limited, FBN Quest Trustees Ltd, and General Hydrocarbons Limited had told Justice Dipeolu at the last sitting that they are appealing his ruling, which set aside the ex-parte order freezing General Hydrocarbons Limited’s assets and accounts.
The court’s ruling, delivered on January 29, 2025, was subjected to different interpretations by the parties in the suit and eventually culminated in the appeals before the Lagos Division of the Court of Appeal.
While First Bank appealed against the discharge of a Mareva order against Global Hydrocarbons and also applied for an injunction and/or suspension of the order pending the determination of the appeal, GHL asked the Court of Appeal for an order striking out or dismissing First Bank’s suit for lack of jurisdiction, for being in gross abuse of the process of the lower court and for want of a reasonable cause of action.
Justice Dipeolu held that he has jurisdiction over the suit filed by First Bank on the grounds that the case is not an abuse of court process as the subject matter and the parties involved differ from those before Justice Ambrose Lewis-Allagoa.
However, he 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, which ordered the parties to explore arbitration proceedings to resolve the dispute.
Justice Dipeolu had, on December 30, 2024, granted an ex-parte order restricting all commercial banks from releasing or dealing with any assets or monies belonging to General Hydrocarbons Limited, its agents, subsidiaries, or sister companies up to the amount claimed by the plaintiffs.
The judge also issued a preliminary injunction that bars 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 decides on the Motion on Notice for an interlocutory injunction.
Other respondents in the suit include GHL 121 Ltd, Aimonte Nigeria Limited, Calidin Global Resources Limited, CESL Oyo Production BBC Limited (owner of FPSO Tamara Tokoni), CESL Oyo Production O&M Limited, and VITOL SA.
Other respondents are Mercuria Energy Trading SA, Trafigura PTE Limited, Glencore Energy UK Limited, Schlumberger Nigeria Limited, Schlumberger Overseas SA, and Baker Hughes Oilfield Services.
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