First Bank Challenges Court Ruling in GHL Dispute
First Bank of Nigeria (FBN) and General Hydrocarbons Limited (GHL) are embroiled in a complex legal dispute over a Mareva order, with both parties presenting conflicting narratives about court proceedings and compliance. In a recent statement, First Bank acknowledged media reports about banks complying with Justice Deinde Dipeolu's ruling that lifted the Mareva order against GHL, its directors, and shareholders. The bank contends that such compliance is premature and necessary steps have not been completed. First Bank has appealed against the discharge of the Mareva Order and has applied for an injunction or suspension of the discharge order pending appeal resolution. The bank advised other financial institutions to maintain the status quo during this legal process. GHL, conversely, accuses First Bank of attempting to abuse the court process. The oil firm claims that First Bank has falsely informed the public […]
