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.

Published

2 years ago

January 30, 2025

OCHEFA

736 Views

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. ” ▪︎

Related Topics:Featured First Bank General Hydrocarbons Limited

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Naira Exchange Rates Thursday, 5 Nov 2026

Published

2 days ago

November 5, 2026

OCHEFA

133 Views

BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

Business

NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

3 days ago

November 4, 2026

OCHEFA

172 Views

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.