In a dramatic turn of events, First Bank of Nigeria has taken to its official X handle to announce that it has filed an appeal against the discharge of a Mareva order against Global Hydrocarbons, an oil and gas firm entangled in a multi-million-dollar financial dispute. The banking giant has also sought an injunction and/or suspension of the order pending the final determination of the appeal.
The lender’s statement, issued on Sunday, refuted media reports suggesting that several banks had already begun complying with the decision of Justice Deinde Dipeolu of the Federal High Court Lagos, which lifted the Mareva order. First Bank described these reports as “premature,” emphasizing that the necessary legal steps for banks and stakeholders to implement the court’s decision had not yet been fully executed.
“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,” the statement read. “In view of the pending appeal and motion for injunction, banks are expected to maintain the status quo.”
The controversy erupted last week when the Lagos court reversed an earlier order that froze the assets of Global Hydrocarbons and its directors. The original Mareva injunction had been granted to First Bank to secure the alleged outstanding debt of $225.8 million owed by the company, a sum representing its outstanding obligations as of September 30, 2024.
In response, Global Hydrocarbons and several co-defendants filed a motion asking the court to reverse the order, alleging that they had been misled into granting it in the first place. The company accused First Bank and FBN Quest Limited of securing the order through “misrepresentation and concealment of material facts.” In his ruling, Justice Dipeolu agreed, stating that the bank had “suppressed facts” to mislead the court into issuing the freezing order. The court subsequently vacated the Mareva injunction, lifting the freeze on the company’s accounts and those of other defendants.
Following the court’s decision, Global Hydrocarbons issued a statement claiming that the banks that had enforced the asset freeze had complied with the court’s order to unblock the company’s assets. The company further accused First Bank’s Chairman, Femi Otedola, and Managing Director, Olusegun Alebiosu, along with their legal team, of making “false and misleading statements” in the media, which, according to Global Hydrocarbons, misrepresented the court’s ruling and misinformed the public.
However, First Bank remains steadfast in its pursuit of the matter, reaffirming its commitment to legal action in order to recover the unserviced debts. The bank’s latest statement reiterated its determination to hold debtors accountable, insisting that it would continue exploring all available legal avenues to ensure compliance with outstanding obligations.
“We are actively addressing all matters at hand with transparency and diligence, while remaining focused,” the bank concluded.
As the legal battle intensifies, both parties remain entrenched in a high-stakes financial dispute, with the outcome poised to impact not only the future of Global Hydrocarbons but also the broader banking and corporate sectors in Nigeria.
PIONEER NEWS 