Injunctive orders against Global Hydrocarbons, directors still stand

First Financial institution of Nigeria has said that the injunctive orders granted to it by Justice Deinde Dipeolu of the Federal Excessive Courtroom, Lagos, stay legitimate, though the courtroom has put aside a Mareva injunction freezing the belongings of International Hydrocarbons, and people of its administrators as much as the sum of $225.8 million.

The lender said in a press release on Wednesday that the courtroom dominated that the swimsuit it filed towards the power agency earlier than Justice Dipeolu didn’t quantity to an abuse of courtroom course of as International Hydrocarbons claimed.

On 13 January 2025, Nduka Obaigbena (the proprietor of International Hydrocarbons and its administrators requested the courtroom to dismiss the swimsuit “for being in gross abuse of the method of this Honourable Courtroom.”

Justice Dipeolu, in his ruling on Wednesday, declared that “I’ve earlier on held that, though the Interim Orders made by this Courtroom on the thirtieth of December, 2024 are in relation to the next services settlement between the first Plaintiff and 1st Defendant and it doesn’t lengthen to the receivables within the settlement of twenty ninth of Might, 2021, additionally, the current swimsuit on the face of it if positioned facet by facet with FHC/L/CS/1953/2024 shouldn’t be an abuse of course of for the explanations given above.”

First Financial institution famous that though International Hydrocarbons claimed that the monetary establishment suppressed and/or hid the preservative orders issued by Justice Ambrose Lewis-Allagoa, the courtroom famous that the financial institution disclosed the existence of the preservative orders of Justice Allagoa however the order was not hooked up to the affidavit.

“It is very important stress that the injunctive orders made by Dipeolu J. on thirtieth December 2024 have been eight in quantity out of which solely two (2) have been Mareva Orders,” First Financial institution said.

“The opposite injunctive orders particularly, Orders 6, 7, 8, 9, 10, and 11 weren’t discharged or put aside, and stay legitimate and subsisting.”

First Financial institution insisted that International Hydrocarbons and its administrators stay forbidden from coping with and/or dissipating monies of their accounts and belongings linked to the subject material of the case.

It famous that the matter has been adjourned to 19 February to allow all defendants to reply to the substantive swimsuit earlier than a listening to date is given by the Choose.

On Wednesday, International Hydrocarbons mentioned its administrators, who’re among the many defendants within the case, have initiated authorized proceedings towards First Financial institution demanding $1 billion every in damages for defamation and the wrongful freezing of their accounts.

The corporate disclosed that additionally it is launching a case within the Authorized Practitioners Privileges Committee towards First Financial institution attorneys, Babajide Koku (SAN) and Victor Ogude (SAN) for “unprofessional conduct.”

BELOW IS THE FULL STATEMENT BY FIRST BANK

GHL and its Administrators nonetheless beneath the shackles of Courtroom Injunctions

Opposite to stories circulating within the media within the proceedings of twenty ninth January 2025 within the case between FBN & ANOR v. GHL & 15 ORS, the Courtroom dominated that the swimsuit filed by FBN earlier than Dipeolu J, didn’t quantity to an abuse of courtroom course of as the reason for motion and the events are totally different from the reason for motion and events within the proceedings that have been earlier than Allagoa J.

For the above motive, the courtroom was of the view that the swimsuit filed by FBN was correctly constituted and dismissed the prayers of the first – fifth Defendants urging the courtroom to strike out/dismiss the swimsuit for being an abuse of courtroom course of.

With respect to GHL’s rivalry that FBN suppressed and/or hid the preservative orders made by Allagoa J., the courtroom additionally held that FBN disclosed the existence of the preservative orders of Allagoa J. in paragraph 61 of their Affidavit save that the courtroom order was not hooked up.

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On the Mareva order, the Courtroom was of the view that though First Financial institution disclosed the existence of the preservative orders obtained from Allagoa J, he would nonetheless discharge the Mareva order due to the orders of Allagoa J.

It is very important stress that the injunctive orders made by Dipeolu J. on thirtieth December 2024 have been 8 in quantity out of which solely two (2) have been Mareva Orders.

The opposite injunctive orders particularly, Orders 6, 7, 8, 9, 10, and 11 weren’t discharged or put aside, and stay legitimate and subsisting. The orders are as follows:

6. AN ORDER OF INTERIM INJUNCTION restraining the first – 4th Defendants, brokers, servants, officers, privies, subsidiaries, sister corporations or every other individual pure or synthetic howsoever known as beneath the management of the first – 4th Defendants from transferring or in any other case coping with any and all the monies standing to the credit score of the first – 4th Defendants in any account in any respect maintained by the first – 4th Defendants with any of the aforementioned Banks wherever situate as much as the quantity of the Plaintiff/Applicant’s declare of the entire sum of US$225,802,379.69 (Two Hundred and Twenty-5 Million Eight Hundred and Two Thousand, Three Hundred and Seventy-9 {Dollars} and Sixty-9 Cents) being the indebtedness on the first Defendant’s account with the first Plaintiff/Applicant as of thirtieth September 2024 in respect of the mortgage services granted to the first Defendant by the first Plaintiff/Applicant, pending the listening to and dedication of the Movement on Discover for Interlocutory Injunction.

7. AN ORDER mandating all of the Business Banks in Nigeria to wit: GUARANTY TRUST BANK LIMITED, ACCESS BANK PLC, CITIBANK NIGERIA LIMITED, CARBON BANK, ECOBANK NIGERIA PLC, FIDELITY BANK PLC, FIRST BANK OF NIGERIA LIMITED, FIRST CITY MONUMENT BANK PLC, FLUTTER WAVE, GLOBUS BANK, HERITAGE BANK LIMITED, JAIZ BANK, KEYSTONE BANK LIMITED, OPAY DIGITAL SERVICES LIMITED, PALMPAY LIMITED, PAYSTACK PAYMENTS LIMITED, PIGGYVEST, MOMO PAYMENT SERVICES LIMITED, POLARIS BANK LIMITED, PROVIDUS BANK, STANBIC IBTC BANK NIGERIA LIMITED, STANDARD CHARTERED BANK, STERLING BANK PLC, SUNTRUST BANK LIMITED, UNION BANK OF NIGERIA PLC, UNITED BANK FOR AFRICA PLC, UNITY BANK PLC, WEMA BANK PLC, ZENITH BANK PLC AND ALL OTHER FINANCIAL INSTITUTIONS OPERATING IN NIGERIA to file and serve on the Plaintiffs/Applicant Solicitors inside seven(7) days of serving this Courtroom Order on them, an Affidavit disclosing the sum standing to the first – 4th Defendants’ credit score with a duly licensed Assertion of Accounts of the first – 4th Defendants/Respondents of their respective custody from the date of its opening until the date this Order is served on the Financial institution(s).

8. AN ORDER mandating the eighth – thirteenth Defendants to file and serve on the Plaintiffs/Candidates a press release disclosing the quantum of merchandise lifted from the eighth Defendant or OML 120 for the reason that graduation of manufacturing in OML 120.

9. AN ORDER of interim injunction restraining the eighth to sixteenth Defendants and every other third events from coping with any belongings and receivables associated or related with OML 120 with out depositing the proceeds thereof to the first Defendant’s account within the 1st Plaintiff Financial institution, pending the listening to and dedication of the Movement on Discover for interlocutory injunction.

10. AN ORDER of interim injunction restraining the first, 2nd, third and 4th Defendants whether or not by themselves, members, shareholders, brokers, servants, proxies, allies, from transferring and/or dissipating, diminishing or coping with any curiosity within the 1st Defendant’s belongings together with however not restricted to crude inventory, insurance coverage insurance policies, all types of inventory of shares, all types of receivables and contracts which have been pledged as securities for the mortgage services granted by the first Plaintiff to the first Defendant, pending the listening to and dedication of the Movement on Discover for interlocutory injunction.

11. AN ORDER of interim injunction restraining the 2nd – 4th Defendants being administrators of the 1St Defendant, whether or not by themselves, brokers, servants, proxies, allies, from transferring and/or dissipating any curiosity of their belongings wherever situated in Nigeria, movable or immovable, pending the dedication of the Movement on Discover for interlocutory injunction.

For the avoidance of doubt, the first – 4th Defendants (GHL and its administrators) are nonetheless restrained from coping with and/or dissipating monies of their respective accounts and belongings related to the subject material of the swimsuit.

Additionally it is pertinent to refute the false insinuation that punitive prices have been awarded towards FBN.

The matter has been additional adjourned to nineteenth February 2025 to allow all Defendants reply to the substantive swimsuit earlier than a listening to date is given by the Choose.