First Bank of Nigeria (FirstBank) has dismissed the claim by General Hydrocarbons Limited (GHL) that it abused court process in its dispute with the company owned by Nduka Obaigbena over unpaid $225 million loan.
The bank explained in a statement that it was the only party that filed a substantive claim against GHL at the Federal High Court in Lagos and insisted that its claims are not identical with the dispute GHL submitted to arbitration over which it sought preservative orders.
FirstBank has obtained an order freezing the accounts of GHL over the debt.
But GHL faulted the Mareva injunction granted by Justice Deinde Dipeolu, which was based on an application by FirstBank and FBNQuest Trustees Limited.
The court restrained all banks in Nigeria from releasing funds to GHL owned by Obaigbena, publisher of ThisDay and Chairman of Arise Television.
Also frozen are the accounts of Obaigbena, Efe Damilola Obaigbena, and Olabisi Eka Obaigbena, who are GHL directors.
GHL, in a statement on Sunday issued by its Director of Strategy & Operations, Abdelmuizz Bello, accused FirstBank of obtaining the Mareva injunction from another judge “despite the existence of a subsisting court order” in its favour.
FirstBank countered in a statement on Tuesday that GHL’s claim of process abuse is part of “sponsored” but “false” narratives.
“As a responsible and law-abiding corporate citizen of Nigeria with the utmost respect for the courts, FirstBank will not be able to offer comments on issues which are pending for determination by the courts, as such issues are sub-judice,” the statement said.
“However, we are constrained to issue the following clarifications to correct the sponsored but false narratives on the matter presented in some of the media publications.
“There is a subsisting commercial transaction between FirstBank as lender, and GHL as borrower, where FirstBank extended several credit facilities to GHL for the development of some Oil Mining Lease assets.
“These facilities are backed by very robust loan agreements executed by the parties in which the obligations of the parties are clearly defined and the security arrangement clearly spelt out. (TheNiche).
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