First Bank of Nigeria

General Hydrocarbons Limited (GHL), the operator of OML 120 in Deep Offshore Nigeria, has addressed its ongoing legal dispute with First Bank of Nigeria Limited (FBN), highlighting their complex business relationship. According to a statement released Friday by GHL Board Chairman Nduka Obaigbena, the companies entered into a Subrogation Agreement whereby GHL provided financial assistance to FBN, helping address its Non-Performing Loans (NPLs). This partnership subsequently enabled the exploration and development of OML 120. The collaboration has faced challenges, with GHL alleging that FBN breached obligations under both the Subrogation and Tripartite Agreements. The matter is currently being addressed through court proceedings and arbitration. While GHL reports obtaining a favorable court judgment, they state that FBN has not complied with the ruling. GHL maintains its financial stability and operational capability, citing achievements in oil and gas discoveries. The company acknowledges […]