Disputed information regarding the Mareva Injunction on GHL

The Federal High Court in Lagos’s Honorable Justice Deinde Dipeolu’s decision to lift the Mareva order on the assets of General Hydrocarbons Limited (GHL), its directors, and shareholders has prompted us to pay attention to recent media reports that indicate certain banks have started to abide by the ruling.

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.

GHL vs FirstBank: Court vacates Mareva Injunction, denies Nduka Obaigbena’s request to strike out case

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 unserviced 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.