Business
General Hydrocarbons Limited Vs FBN: The Explainer GHL vs FBN: The Facts, The Half-Truths and The Fiction
GHL will continue to fight for justice and damages whilst it remains open for mediation and resolution
1. Is GHL’s liability to First Bank a loan? The simple answer is NO, as it is not a normal commercial loan: it is a Project Finance relationship.
Here is how:
2. GHL is the awardee and licenced operator of OML 120. FBN approached GHL to finance the exploration, development and production of OML 120and share profit 50:50, while paying FBN cost of finance.
The FBN 50% share is dedicated to paydown its non-performing loan of $600million(discounted from $718million from AMCON’s Eligible Bank Asset) in order to resolve FBN’s solvency issues.In doing that, GHL guaranteed FBN’s liability to AMCON, through a Tripartite Agreement between GHL, FBN and AMCON.
3. The result of the Tripartite Agreement was that FBN became immediately profitable and moved from a loss of N302Billion to a profit of N151Bn for 2021 FYE. However, in return, it has failed to meet its commitment under the Tripartite Agreement to fully finance and make the payments required for the optimal exploration and development of OML 120 as agreed in the Tripartite Agreement, resulting in losses in day rates and downtimes of $47million, which has snowballed into the current impasseas FBN has failed to make further required payments for the drilling and exploration of OML 120. Essentially, FBN failed to fulfil its condition precedent to profitability in failing to finance OML 120 as agreed, leavingits financial statements open to challenge. Meanwhile the FBN’s claim of $225Million loan is not due as it is still covered by moratorium, given that the project has not achieved commercial production. So, at best FBN’sclaim is premature.
4. GHL has now gone for Arbitration which is ongoing and FBN has gone to court with a series of Exparte (temporary) Mareva measures, the first of which has been vacated and the case is now being heard on the merit, whilst the second temporary Mareva is pending at the Federal High Court in Port-Harcourt, Rivers State, both supported by” wild, unfounded and unproven allegations of dissipation of assets.”
5. Did GHL dissipate any asset? The answer is no as all payments were made by First Bank DIRECTLY to 3rd parties after due diligence and verifications by FBN, and the 3rd parties are mainly global, world class, reputable companies with strict compliance regimes.
6. GHL is filing a claim of over $1Billion in various courts, while FBN is claiming $225million debt which it never complied with in line with the agreements.
GHL will continue to fight for justice and damages whilst it remains open for mediation and resolution.
Business
TIME Names Moniepoint CTO Felix Ike Among 50 Global Executives of the Year
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
TIME magazine has named Felix Ike, co-founder and Chief Technology Officer of Nigerian fintech Moniepoint, to its inaugural Executives of the Year: Tech and Data list.
Ike is the only executive representing an African company among the 50 leaders selected for the 2026 list.
The list, unveiled on Tuesday, September 22, recognises chief information officers, chief technology officers, chief data officers and chief product officers whose decisions are shaping how major organisations deploy technology and use data.
Moniepoint is also the only African company represented on the inaugural list.
Ike was named alongside executives from Netflix, CrowdStrike, Dell, Duolingo, AT&T, OpenAI, Anthropic, Shopify and Reddit, among others.
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
“The recognition follows Moniepoint’s inclusion in TIME’s 2025 list of the 100 Most Influential Companies, giving the Lagos-founded fintech another global distinction.
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Business
Djibouti, Ethiopia and Dangote to build $660 million petroleum pipeline
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
Ethiopia, Djibouti and Nigerian billionaire Aliko Dangote plan to build a $660 million refined petroleum pipeline that will connect Ethiopia and Djibouti, a spokesperson in Ethiopian Prime Minister Abiy Ahmed’s office said on Thursday.
The project will include a 120-km (75-mile) pipeline, as well as approximately 375,000 cubic metres of storage capacity at Damerjog in Djibouti and 800,000 cubic metres at Dewele in Ethiopia, the spokesperson told Reuters, adding it should become operational within 18 months.
Abiy said on his X account the project will be developed through a partnership between Ethiopian Investment Holdings and the Dangote Group, which separately is already building a $4 billion fertiliser pipeline and power plant, and a polypropylene packaging facility, in Ethiopia.
The project aims to reduce logistics costs and delays along the Ethiopia-Djibouti transport corridor, Abiy said.
Developers say the infrastructure will strengthen energy security and improve supply chain resilience for the two countries, he said.
Abiy is on a visit to Djibouti and made the announcement alongside its president, Ismail Omar Guelleh, and Dangote.
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
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