‘Why GHL’s accounts are still frozen, despite pleas to banks’

FirstBank has formally appealed the Federal High Court’s decision to lift the order placed on the assets of General Hydrocarbons Limited, including those of its directors and shareholders.

In a statement released on Sunday, the bank urged other financial institutions to exercise caution in complying with the ruling delivered by Justice Deinde Dipeolu.

FirstBank emphasized that it has filed an appeal against the discharge of the asset freeze and described any immediate compliance by other banks as premature.

The bank reiterated its commitment to pursuing the legal process to protect its interests and ensure a fair resolution of the matter.

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The statement read, “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, 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 un-serviced 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.”

Justice Dipeolu on Wednesday vacated an ex parte Mareva injunction that froze the assets of General Hydrocarbons Limited, a Nigerian oil and gas services company, in connection with a disputed $225.8m loan debt, holding that the injunction violated an existing order from a court of concurrent jurisdiction.

GHL disclosed that banks have begun to comply with the order following the court pronouncement.