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BREAKING: GHL FLOORS FIRST BANK IN COURT

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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.

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House Public Accounts Committee Recovers Additional $14 Million from Oil Companies

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The House of Representatives Public Accounts Committee (PAC) said on Saturday that it has successfully recovered an additional $14.2 million (N21.4 billion) from four oil and gas companies as part of its ongoing investigation into financial discrepancies in the sector.

This latest recovery follows an earlier announcement on March 16, 2025, of recoveries amounting to ₦28.7 billion ($19.24 million), bringing the total recovered so far to $33.44 million (₦50.1 billion).

In a statement by Akin Rotimi Jr, House Spokesperson, the breakdown of the latest recoveries is as follows:
✓ Platform Petroleum Ltd: $1.9 million (N2.9 billion)
✓Midwestern Oil and Gas Ltd: $1.578 million (N2.3 billion)
✓Universal Energy: $523,845 (N785.7 million)
✓Aradel Energy Ltd: $10.3 million (N15.5 billion)

Speaking on the recoveries, the Chairman of the Committee, Rep. Bamidele Salam, credited the successes recorded to the unwavering support and leadership of the Speaker of the House, Rt. Hon. Abbas Tajudeen, PhD., GCON.

He noted that the Speaker’s firm commitment to legislative oversight and accountability has ensured that committees operate effectively, free from undue interference, and with a clear mandate to safeguard public resources.

“Under the leadership of Speaker Abbas, the House of Representatives has reinforced its commitment to fiscal transparency and good governance.

The independence granted to committees like ours has enabled us to carry out our mandate diligently, ensuring that public funds are properly accounted for.

This approach has been instrumental in our ability to recover these substantial sums, and we remain steadfast in our mission to strengthen financial accountability in Nigeria,” Rep. Salam stated.

In addition to the recovered funds, the Committee has issued a 20-day ultimatum for four companies to remit a total of $23.2 million (N34.8 billion).

Failure to comply within the stipulated timeframe will result in the enforcement of appropriate sanctions, including the public naming of defaulters in national newspapers.

The companies and their required payments are as follows:

  • Total Energies: $2 million within 7 days
  • Seplat Energies (SPDC): $6.036 million and N1.5 billion within 7 days
  • Aradel Energy Ltd: $12.1 million within 7 days
  • Network Exploration: $3.1 million within 7 days
    Rep. Salam emphasised the Committee’s commitment to enforcing compliance, warning that companies that fail to meet their financial obligations will face the full weight of legislative oversight.
  • The Committee also expressed concern over several companies that have disregarded invitations to appear before it.
  • The following firms are now under heightened scrutiny and may face further actions if they continue to evade accountability:
  • Frontier Oil and Gas
  • Conoil Producing
  • Walter Smith Petrochemical
  • Bilton
  • Energia Ltd
  • Aiteo Petroleum Ltd
  • Pillar Oil Lt
  • Additionally, First E & P Oil Company has been directed to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and is expected to appear before the Committee on April 16, 2025, to finalise the matter.
  • The actions of the Public Accounts Committee reflect the House of Representatives’ increasing resolve to ensure transparency, accountability, and financial discipline in the Nigerian oil and gas sector.
  • Ongoing investigations are expected to uncover more discrepancies, with the Committee continuing its public hearings on the 2021 Auditor General’s report, which indicated that over ₦10 trillion in payments remain outstanding to the Federation Account from industry operators.
  • “The era of impunity and financial recklessness in the oil and gas sector is coming to an end.
  • We are determined to recover every kobo owed to the Nigerian people and ensure that public funds are managed with the highest level of integrity,” Rep. Salam reaffirmed.
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Dangote, Adenuga, Rabiu, Otedola remain on forbes Africa’s billionaires List

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Nigeria’s wealthiest businessmen, Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola, have emerged as the only Nigerians on the 2025 ‘Africa’s Billionaires List’ compiled by Forbes, which was released on Saturday.

Once again, Dangote topped the list for the 14th consecutive year, with an estimated net worth of $23.9 billion, up from $13.9 billion a year ago.

The significant jump in his fortune was primarily due to Forbes factoring in the value of his refinery.

The Dangote Group operates in diverse sectors, including cement, sugar, flour, salt, seasoning, pasta, beverages, real estate, and projects in oil & gas and fertiliser.

On the other hand, Adenuga, who ranked fifth on the list, had $6.8 billion in his portfolio during the period under review, while Rabiu was worth $5.1 billion.

Adenuga runs the Pan-African telecommunications company, Globacom, while Rabiu owns the BUA Group, with interests in cement, sugar, oil, and other sectors.

Nigerian business mogul and philanthropist Otedola emerged as the 16th richest person in Africa on the Forbes list, with his wealth surging by over 30 per cent in the last year.

In the newly released list, Forbes stated that Otedola’s wealth reached $1.5 billion during the period, making him one of the fastest-growing billionaires, second only to Johann Rupert of South Africa, whose fortune grew by 39 per cent.

A prominent Nigerian businessman, Otedola has established and led several companies across various sectors, with many notable enterprises associated with his name.

Checks revealed that some of these include Geregu Power Plc, the first electricity-generating company in Nigeria to be listed on the Nigerian Exchange in October 2022, where he serves as Chairman.

Additionally, he is the Chairman of First Holdco Plc, formerly FBN Holdings Plc, a financial holding company that serves as the parent company for a diversified group of financial services businesses, including commercial banking, merchant banking, capital markets, trusteeship, and insurance brokerage, operating across Africa.

A dedicated philanthropist, Otedola has been a significant supporter of Save the Children, donating billions of naira and earning a Vice President role in recognition of his efforts to improve the lives of children in Nigeria.

Save the Children is an organisation that works to support vulnerable children worldwide.

“Another billionaire whose fortune grew by more than 30 per cent was Femi Otedola of Nigeria ($1.5 billion), chairman of listed power generation firm Geregu Power Plc.

Shares of Geregu surged by approximately 40 per cent in the past year following a rise in revenue and profits,” the Forbes report stated.

The Forbes list tracks the wealth of African billionaires who reside in Africa or have their primary business there.

Net worths were calculated using stock prices and currency exchange rates as of the close of business on 7 March 2025.

Forbes noted that net worth changes were measured from its 2024 African billionaires list, published in January 2024. To value privately held businesses, Forbes starts with estimates of revenues or profits and applies prevailing price-to-sales or price-to-earnings ratios for comparable public companies.

Similarly, the report highlighted that the cumulative wealth of Africa’s billionaires surpassed $100 billion for the first time, as the continent’s 22 billionaires saw their combined fortunes rise to $105 billion, up from $82.4 billion and 20 billionaires last year.

South Africa had the highest number of billionaires this year, with seven, followed by Nigeria and Egypt, with four billionaires each.

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Reps pass bill to give foreign investors Nigerian citizenship

The proposed legislation titled , “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to include Citizenship by Investment as one of the classes of Citizenship in Nigeria, provide for the Acquisition of Nigerian Citizenship by Qualified Foreign Investors who meet Specified Investment Thresholds and for Related Matters (HB. 2059)” was sponsored by the, Benjamin Kalu, the deputy speaker and some other lawmakers.

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The House of Representatives has passed a bill to give foreign investors Nigerian Citizenship for second reading.

The proposed legislation titled , “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to include Citizenship by Investment as one of the classes of Citizenship in Nigeria, provide for the Acquisition of Nigerian Citizenship by Qualified Foreign Investors who meet Specified Investment Thresholds and for Related Matters (HB. 2059)” was sponsored by the, Benjamin Kalu, the deputy speaker and some other lawmakers.

Business Day reports that the bill Is among the constitutional amendment bills which the Green Chamber is considering.

In the explanatory memorandum of the Citizenship by Investment Bill, it seeks to alter the Constitution of the Federal Republic of Nigeria, Cap C23 Laws of the Federation of Nigeria 2004 to introduce a new class of citizenship known as Citizenship by Investment.

The proposed alteration aims to attract foreign direct investment by granting Nigerian citizenship to individuals who invest in the Nigerian economy above a specified financial threshold or in strategic sectors critical to national development.

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