FirstBank explains why banks can’t comply with court order, citing due process and appeal filed against order
By Jeph Ajobaju, Chief Copy Editor
FirstBank has explained why banks cannot comply with the court order lifting the Mareva injunction on the assets of General Hydrocarbons Limited (GHL) and its directors, including Nduka Obaigbena, over the $225.8 million loan the bank alleges GHL has failed to repay.
Obaigbena is the publisher of ThisDay and Chairman of Arise Television, and he, his wife, and children are the directors of GHL.
Lawyers for FirstBank clarified last week that six of the eight injunctive orders made by Judge Deinde Dipeolu of the Federal High Court in Lagos on 30 December 2024 against GHL Nduka Obaigbena, and other directors of the company were not discharged on 26 January 2025 by the Judge, contrary to claims by GHL.
The lawyers explained in a statement that what the Judge discharged or set aside are two of the eight injunctive orders. Both are Mareva orders.
The other six injunctive orders – 6,7,8,9,10, and 11 – were not discharged or set aside, and remain valid and subsisting, the counsel insisted.
Regardless, reports later emerged that, based on the court ruling, banks lifted restrictions on the accounts of GHL, Obaigbena, and the other directors.
In reaction, FirstBank has issued another statement in which it explained that the restrictions on the assets have not been lifted, describing the reports as false.
The statement said: “Our attention has been drawn to recent media reports suggesting that some banks have begun complying with the ruling of Honourable Justice Deinde Dipeolu of the Federal High Court, Lagos which lifted the Mareva order placed on the assets of General Hydrocarbons Limited (GHL), its directors and shareholders.
“We would like to state that such action is premature, as the necessary steps for banks and stakeholders to comply with the court’s decision have not yet been completed.
“Notwithstanding the above, FirstBank has also 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.”
“FirstBank remains committed to protecting the interests of its shareholders, depositors, and stakeholders. 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 FirstBank 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.”
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