Banks Lift Mareva on GHL Accounts as Oil Firm Moves to Challenge Authenticity of FBN’s Audited Account Used for Rights Issue
CHIGOZIE AMADI
It was another round of victory for General Hydrocarbons Limited (GHL) yesterday as banks fully complied with the ruling of Justice Deinde Dipeolu of the Federal High Court, which on January 29 lifted the Mareva injunction placed on the oil company’s accounts.
The oil company also said that with the lifting of the Mareva Order now behind it, it was going ahead to challenge the authenticity of the bank’s audited account used for its recent rights issue.
In a statement made available to THISDAY, the management of GHL noted that despite all the falsehoods propagated by First Bank; its Chairman, Femi Otedola; Managing Director, Olusegun Alebiosu and lawyers, it can now confirm that the court order has been fully obeyed.
“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 FBN Chairman, Femi Otedola, Managing Director Olusegun Alebiosu and Lawyers in the press today 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 wilfully disobey the law and continue to spread false information at will and without remorse,” the statement added.
The oil firm pointed out that it has thus been left to file multiple cases across borders seeking damages for defamation, libel and breach of contract.
GHL 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.
The oil firm reiterated that it was unfortunate that after it helped restore the financial standing of the bank, the financial institution has now turned against it.
“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 who are 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 their N306 billion loss became N151 billion profit as stated in their current Rights Issue,” the oil company added.
