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.
Business
Government Can’t Run Business Effectively – Dele Oye
We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them
Barr Dele Oye, the former president of NACCIMA, at the Vanguard Economic Discourse 2026 edition in Lagos on Wednesday, advised the federal government to limit its role to policy support and facilitation rather than involvement in commercial business activities.
Oye, now the Chairman of Alliance for Economic Research and Ethics (AERE) , cited past failures such as the Ajaokuta Steel Company and refineries rehabilitation projects.
He said: ” We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them.”
Oye maintained that government lacks the capacity to run businesses effectively.
” You have no track record in running any business… you cannot be government and also be private sector,” he said.
Business
John Ternus is Apple’s incoming CEO
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
• John Ternus / CNBC / Getty Images
Tim Cook’s 15-year tenure as Apple CEO comes to an end on Sept. 1, the company announced on Monday.
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
CNBC reports that as Cook exits, Apple faces numerous challenges, including an intricate supply chain that’s complicated by geopolitical tensions and soaring prices for memory due to unprecedented demand from the AI buildout.
But for Ternus, perhaps the most critical aspect of his new job will be pushing the company deeper into AI, where it’s lagged many of its megacap peers.
It said that so far, Apple’s AI strategy has involved avoiding hefty capital expenditures while Microsoft, Google, Amazon and Metacommit to hundreds of billions of dollars a year in combined capex to fund new data centers and fill them with pricey AI chips.
Business
NCC, CBN launch telecom industry portal to track fraudulent phone lines
“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber.”
The Nigerian Communications Commission (NCC), and the Central Bank of Nigeria ( CBN), have launched a portal that enables financial institutions to track fraudulent and suspicious phone lines across the country.
It is called the Telecoms Identity Risk Management System (TIRMS) portal , aimed at providing financial institutions with real-time visibility into the status of phone numbers used for transactions.
“The portal aggregates data on churned or recycled lines and numbers flagged for suspicious activities.
“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber,” said the Executive Vice Chairman of NCC, Dr. Aminu Maida.
Speaking during the MoU signing event, Maida said that the agreement provides a structured framework for cooperation in critical areas, including payment system integrity, fraud mitigation, digital inclusion, and consumer protection.
On his part, Governor of CBN, Mr. Olayemi Cardoso, said the MoU would strengthen coordination on regulatory approvals, technical standards, and innovation initiatives, including sandbox testing.
He noted that the partnership aligns with the apex bank’s commitment to promoting a secure, resilient, and inclusive financial system.
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Ex-Gov. El-Rufai Faces 5-count Amended Charge – DSS (Video)
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