Business

BREAKING: GHL FLOORS FIRST BANK IN COURT

Published

2 years ago

January 29, 2025

501 Views

Justice Dipeolu sets aside freezing orders against GHL, Judge Says First Bank suppressed relevant facts to secure Order.

In a landmark victory for General Hydrocarbons Limited, the Federal High Court in Lagos has set aside an order of Mareva injunction freezing the assets of the company and its directors.

The court, while upholding the arguments of GHL’s counsel, Abiodun Layonu, SAN as well as the arguments of Olumide Aju, SAN representing the 2nd to 5th defendants in the case held that the injunction violated an existing order from a court of concurrent jurisdiction.

In his ruling, Justice Dehinde Dipeolu, stated that when compared with an earlier order issued by Justice Ambrose Lewis-Allagoa in Suit No. 1953, the Mareva Injunction should be set aside.

The court found that First Bank of Nigeria and FBNQUEST LTD, at whose instance the order was procured, failed to fully disclose Justice Lewis-Allagoa’s order, which made the Mareva Injunction incompatible with the earlier ruling.

The court consequently agreed with GHL and the 2nd to 5th defendants that First Bank deliberately “suppressed facts” to mislead the court into granting the order against GHL.

The court in the circumstance, said it had no choice but to set aside the order freezing GHL accounts as well as the accounts of all the other defendants in the case.

First Bank had approached the court via an ex-parte application against General Hydrocarbons Limited and 15 other entities even when there was a subsiting judgement.

Responding to the suit, GHL and some of the defendants urged the court to discharge the order freezing its assets and accounts on the grounds that the court was misled in granting same.

The oil firm argued that the order was obtained through fraudulent misrepresentation and concealment of material facts.

GHL and other applicants accused First Bank of misleading the court to obtain orders against them.

They argued that had all the facts been presented before the trial judge, the order against them would not have been granted.

The trial judge upheld GHL’s arguments and consequently set aside the freezing order.

Meanwhile , GHL directors who were also negatively affected by the ex parte freezing order have begun proceedings worldwide against First Bank, seeking $1bn each in damages for defamation and wrongful freezing of their accounts.

GHL is also bringing a case in the Legal Practitioners Privileges Committee against First Bank lawyers, Babajide Koku, SAN and Victor Ogude SAN for unprofessional conduct.

Business

NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall

Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.

Published

5 days ago

August 6, 2026

OCHEFA

52 Views

The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.

The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.

In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).

In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.

Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.

Source: ThisDay

Business

NDIC begins paying depositors of 46 closed microfinance banks

NDIC Managing Director and Chief Executive Oludare Sunday confirmed the development at a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos on Wednesday.

Published

5 days ago

August 6, 2026

OCHEFA

48 Views

The Nigeria Deposit Insurance Corporation (NDIC) has started reimbursing depositors affected by the closure of 46 microfinance banks nationwide.

” Payments are ongoing, and over 700,000 Heritage Bank customers have already received their insured funds through BVN-linked accounts.

“We have started paying depositors of those banks, and gradually we intend to cover all the insured depositors,” he said,” he said.

Following the revocation of the 46 MFB operating licences, the CBN subsequently appointed the NDIC as provisional liquidator of the failed financial institutions.