$225.8m FIRST BANK LOAN: COURT LIFTS FREEZE ON GHL ASSETS
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Justice Dehinde Dipeolu, of the Federal High Court in Lagos 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.
The court held that the injunction violated an existing order from a court of concurrent jurisdiction.
Justice Dipeolu in his ruling, said when compared with an earlier order issued by Justice Ambrose Lewis-Allagoa in Suit No. 1953, the mareva injunction should be set aside.
The court found that First Bank of Nigeria had failed to fully disclose Justice Lewis-Allagoa’s order, which made the injunction incompatible with the earlier ruling.
The case stemmed from an ex-parte order granted by Justice Dipeolu on December 30, 2024, in Suit No. FHC/L/CS/2378/2024, 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 had also issued a preliminary injunction that barred 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.
First Bank of Nigeria Limited had on January 17, 2025, urged the court to reject a bid by General Hydrocarbons Limited to lift a freezing order on its assets and accounts.
The bank sought to recover a $225.8m loan extended to GHL and obtained an ex-parte order on December 30, 2024, freezing the oil company’s assets and accounts.
The bank made the application through its lawyer, Victor Ogude while responding to an application filed by GHL seeking to lift the order, which it contended was obtained through the concealment of important facts.
In his argument for the lifting of the order, GHL’s lawyer, Abiodun Layonu, claimed that the bank’s suit represents an abuse of the court process.
He also claimed that the bank had failed to disclose an earlier order granted by Justice Ambrose Lewis-Allagoa that restrained the bank from taking further action to recover the loan until the parties subjected themselves to arbitration.
Layonu urged the court to dismiss the Mareva Injunction, arguing that the court was misled into granting it and that it has caused significant financial harm to GHL.
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