Lawyers representing First Bank have clarified that six of the eight court injunctions issued by the Federal High Court in Lagos against General Hydrocarbons Limited (GHL), media mogul Nduka Obaigbena, and GHL directors remain in effect, despite claims to the contrary by the defendants.
The court orders, issued by Justice Deinde Dipeolu on December 30, 2024, are linked to an alleged $225.8 million loan debt owed by GHL to First Bank. Obaigbena, the publisher of ThisDay and Chairman of Arise Television, along with his wife and children, are listed as GHL directors.
According to First Bank’s legal team, the judge only discharged two of the eight injunctive orders—both of which were Mareva orders. However, six other injunctions remain legally binding and have not been overturned.
These six subsisting court orders include:
Asset Freezing: A restriction preventing GHL and its directors from transferring or accessing funds in their bank accounts, up to the amount claimed by FirstBank.
Bank Disclosures: A mandate requiring all Nigerian commercial banks to disclose the account balances of GHL and its directors.
Oil production report: An order compelling certain defendants to disclose details of petroleum production from OML 120, an offshore oil block.
Receivables control: A restriction on third parties from handling assets or receivables linked to OML 120 without depositing proceeds into GHL’s account with FirstBank.
Asset Protection: A ban on GHL and its directors from selling, transferring, or diminishing the value of their assets, including crude oil, shares, and insurance policies.
Director Asset Restrictions: An injunction preventing GHL directors from transferring or disposing of personal assets in Nigeria.
The legal team emphasised that GHL and its directors remain restrained from dealing with their financial assets and company-related holdings. They also dismissed rumors that punitive costs were awarded against FirstBank.
“The court ruled that the suit filed by FirstBank was not an abuse of process, as the cause of action and parties involved differ from previous cases. The court, therefore, dismissed the defendants’ request to strike out the case,” FirstBank’s lawyers stated.
Additionally, the court found that FirstBank had disclosed relevant court orders from a previous case but had not attached the documents.
The case has been adjourned until February 19, 2025, to allow all defendants to respond to the suit before further hearings proceed.
