Business
Banks Comply With Court Ruling Lifting Exparte Mareva Order Against GHL
GHL has thus been left to file multiple cases across borders seeking damages for defamation, libel, and breach of contract.
Banks across the board have complied with the ruling of Justice Deinde Dipeolu of the Federal High Court delivered on the 29th of January 2025, lifting the Mareva injunction placed on GHL, its directors, and shareholders.
GHL management, in a statement, said :” The compliance by the banks was effected in the face of false and misleading statements by FBN Chairman Femi Otedola, Managing Director Olusegun Alebiosu, and Lawyers in the press today maliciously and mischievously misinforming the public on the clear and unambiguous ruling by the learned Judge.
This falsehood is the latest in a pattern of deceit and dishonesty from First Bank of Nigeria, which has left the public shocked and disappointed that a supposedly first-rate financial institution in a constitutional democracy like Nigeria would go so low and consciously and willfully disobey the law and continue to spread false information at will and without remorse.
GHL has thus been left to file multiple cases across borders seeking damages for defamation, libel, and breach of contract.
It will be recalled that the Mareva injunction was secured in the first place by First Bank when they suppressed material information and failed to fully disclose a subsisting Judgement of the same Federal High Court in Lagos.
GHL will continue to seek justice worldwide against FirstBank for breach of contract (by obtaining a benefit without complying with its obligations) after restating its financial statements with the critical support of GHL who are now asking the Courts to determine if FirstBank’s Audited Accounts are correct in the face of noncompliance with conditions precedent for those restatements in 2021/2022 where their N306billion loss became N151billion profit as stated in their current Rights Issue. ” ▪︎
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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