Business
BREAKING: GHL FLOORS FIRST BANK IN COURT
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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Business
Obasanjo: “Aliko Embarrass Me”
He got all his workers together in that refinery and said, without telling me, and there, said…
Former President of Nigeria, Olusegun Obasanjo, has described Aliko Dangote as his “boss”, crediting the businessman’s industrial achievements to the policies and encouragement provided by his administration.
Obasanjo said this while speaking at the groundbreaking ceremony of the Dangote East Africa Refinery in Lamu, Kenya, where he recalled his recent visit to the Dangote refinery and the businessman’s acknowledgement of the role he played in his transition from cement importation to production.
He said, “About two months ago, three months ago, I visited the refinery which you visited last week. And I just couldn’t stop being surprised what Aliko did. But then Aliko embarrassed me.”
According to Obasanjo, Dangote had gathered his workers during the visit and publicly attributed part of his success in cement production and the eventual development of his refinery to the policies and encouragement of the former president.
He said, “He got all his workers together in that refinery and said, without telling me, and there, said, all of you working here, all of you, the man you have to thank is this man, that’s me. I didn’t have anything to do with his refinery or what it is.
He said, without this man, I would not have been in cement production.“And it is the cement production that provided the encouragement, the inspiration for the refinery. So, thank you. They all shouted and thanked me.”
Obasanjo said Dangote had expanded the opportunities created by his administration beyond Nigeria, particularly through cement production across Africa, and was now replicating the model in the petroleum refining sector.
“May God continue to expand your coast. And you are my boss. You will continue to be my boss.”
Business
Minister Tasks Charcoal Merchants on Sustainable Forestry
The minister gave the charge at the flag-off of the 2026 Operation One Million Trees Tree Planting Programme organised by the Association for Forest Conservation and Green Industrial Charcoal Merchants at the Faculty of Renewable Natural Resources, University of Ibadan.
•Charcoal merchants and other stakeholders in the forestry sector
The Minister of Environment, Balarabe Abass Lawal, has charged charcoal merchants and other stakeholders in the forestry sector to embrace sustainable practices and support the federal government’s efforts to reverse deforestation and restore Nigeria’s degraded forest landscapes.
The minister gave the charge at the flag-off of the 2026 Operation One Million Trees Tree Planting Programme organised by the Association for Forest Conservation and Green Industrial Charcoal Merchants at the Faculty of Renewable Natural Resources, University of Ibadan.
The programme, which brought together forestry practitioners, charcoal merchants, environmentalists, students, regulators and other stakeholders, is aimed at promoting afforestation and encouraging responsible management of Nigeria’s forest resources.
Speaking at the event, the minister described tree planting as one of the most practical measures for combating climate change, reversing deforestation, restoring biodiversity, controlling desertification and strengthening the resilience of the nation’s ecosystems.
The Chairman of the Association for Forest Conservation and Green Industrial Charcoal Merchants, Mr Adeshola Adebowale Idowu, emphasised that the event carried a clear message for everyone involved in the charcoal business and, indeed, every Nigerian.
Idowu said stakeholders should develop the habit of replacing trees removed from the environment, encouraging Nigerians to plant trees around their homes and communities.
He advocated a practice of planting several trees for every tree cut down, stressing that trees remain indispensable to human existence because many products used by society are derived from them
( THISDAY)
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