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Court Restrains First Bank Over GHL, Otedola, Others Face Arrest

However, it was gathered that FBN went ahead by obtaining a court injunction purportedly freezing GHL’s funds in all commercial banks in the country to the tune of $225.8 million, in violation of the earlier court order.

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More facts have emerged concerning the alleged failure of the First Bank of Nigeria (FBN) to fulfil its part of a deal to fund the exploration and development of Oil Mining Lease (OML) 120, contrary to the agreement it had with the management of General Hydrocarbons Limited (GHL).

Also, the Chairman of First Bank Holdings, may face arrest for contempt of a Federal High Court, Lagos Judicial Division and for flouting an order restraining the bank from taking any steps to enforce any security, receivables, instruments or finance documents or assets of GHL.

An order is granted, restraining the Respond either by itself or acting through its servants, agents assigns, privies affiliates howsoever described, including any person claiming under its authority from making any calls or demands or taking any steps whatsoever to enforce any security receivables, instrument, finance documents or assets of the Applicant which have been charged as security for the facility agreements in respect of the Applicant’s operation of OML 120.

“(This) include, but not limited to the said letter, and the amended and restatement agreements between the Applicant and the Respondent pending the hearing and determination of the arbitration proceedings between the Applicant and the Respondent brought pursuant to Clause 12 (c) of the Agreement between the Applicant and the Respondent dated 29th May, 2021,” the court document showed.

However, it was gathered that FBN went ahead by obtaining a court injunction purportedly freezing GHL’s funds in all commercial banks in the country to the tune of $225.8 million, in violation of the earlier court order.

As a result, GHL has initiated contempt proceeding against the bank and its directors.

Aside Otedola, who is facing arrest for going ahead to get a mareva order without disclosing to the court that the case had already been argued and determined, also facing contempt charges are the Managing Director/Chief Executive Officer, Mr. Olusegun Alebiosu, and other directors.

GHL had dragged FBN Holdings to court as the holding company was seeking to frustrate and take over the oil and gas company’s bona fide assets after signing the memorandum of understanding (MOU).

More importantly, FBN is putting at risk the repayment of the outstanding exposure to AMCON and the repayment of its new facilities under the MOU and seeking to create Atlantic Energy 2 by trying to orchestrate another non-performing loan situation.

“GHL will resist this with all the powers of the law and will not allow any non-performing loan in its name as we remain committed to meeting all our obligations.

In addition, FBN’s non-payment for the TotalEnergies farm-out of the Noble Rig (drill ship), has exposed GHL to over $15M default penalty by 14 November 2024 which FBN is fully aware of.

These costs are in addition to further millions of dollars in costs and exposures to global service providers like Schlumberger, Baker Hughes, Century FPSO and Marine Platforms, Halliburton, etc.  

For over three years, despite demands from GHL and in line with all the signed agreements, FBN has refused, failed and neglected to pay salaries and operating expenses of GHL staff, offices and operations. 

“If they cannot pay for GHL personnel and operations, how do they plan to pay for an additional independent asset manager, when GHL has already appointed ab initio Schlumberger and Baker Hughes as joint technical operators and advisers,” the oil company queried.

THISDAY reported on Thursday, that a group of shareholders at First Bank of Nigeria Holdings Plc., with 10 percent of the company’s shares had formally requested the company to call an Extra-ordinary General Meeting (EGM) under section 215 (1) of CAMA in which case they have 21 days to call the EGM.

Top on the agenda of the proposed meeting is the removal of Otedola and a Non-executive/Deputy Chief Executive of Geregu Power Plc, Omodayo-Owotuga. 

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Nigeria First Policy: Customs Championing Made-in-Nigeria Vehicles Procurements

In terms of aesthetics, I am satisfied with what I see here. In terms of functionality, we have been assured by the manufacturers that the vehicles are quite efficient.”

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The Comptroller-General of Customs (CGC), Adewale Adeniyi has assured members of the Nigeria Automotive Manufacturers Association (NAMA) that the Service would champion the procurements of locally assembled vehicles from the auto manufacturers inline with the government’s Nigeria First Policy Directive.

CGC Adeniyi gave the assurance when he inspected vehicles produced by members of the Nigeria Automotive Manufacturers Association (NAMA) at the Service’s headquarters, Maitama, Abuja.

After the inspection, the CGC commended the association for turning up in full strength and expressed satisfaction with the quality of the vehicles.

He remarked, “In terms of aesthetics, I am satisfied with what I see here. In terms of functionality, we have been assured by the manufacturers that the vehicles are quite efficient.”

“What gives me joy is that in all the vehicles I have seen today, there is an imprint of Nigeria, which shows that they are fully assembled here. It gives me joy that Mr President’s policy is on the right course,” he added.

He further praised President Bola Tinubu’s Renewed Hope Nigeria First policy initiative in the automobile industry.

He pledged that the Nigeria Customs Service would continue to patronise and support the sector for the growth and well-being of the nation’s industrial economy.

In response, Ilekuba Anslem Chairman, Chief Executive Officer of Cedric Masters Group, commended the CGC for his unwavering support for the automobile industry.

Also, Oluwatobi Ajayi, Chairman and Chief Executive Officer of Nord Automobile Limited, praised the CGC.

“Even before this policy was announced, you had been championing made-in-Nigeria vehicles.

With Mr President’s announcement, we are confident that you will be the first CEO of a government parastatal to fully champion this policy,” he said.

He assured the CGC that the company would not abandon its vehicles after sales.Similarly, Jonas Ojukwu, a Director at Innoson Vehicle Manufacturing Company Limited (IVM), assured the Nigeria Customs Service of the company’s commitment to delivering the best to the Service.

Other stakeholders who spoke at the event included representatives from Mikano Motors Nigeria and Stallion Motors Nigeria.

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Lagos Marks 39 Building in Lekki Axis for Demolition

Commissioner for the Environment and Water Resources, Tokunbo Wahab, explained that government swung into action following a series of petitions on encroachment of the Ikota River.

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Lagos State government has marked no fewer than 39 buildings located in two highbrow estates for demolition for building on the Right of Way, RoW, of Ikota River, at Eti-Osa Local Government Area. Ikota is part of the Maroko Okun Alfa Ward in the Lekki axis.

This is coming as the state government issued indefinite quit notices to affected occupants to enable them move their properties and families before the demolition exercise commences.

The affected buildings, located at Oral Extension Estate, Westend and Megamound Estate, Eti-Osa, LGA, include 20 buildings to be totally removed, eight marked for partial removal, while 13 buildings are to go down at Westend Estate.

Commissioner for the Environment and Water Resources, Tokunbo Wahab, explained that government swung into action following a series of petitions on encroachment of the Ikota River.

Wahab said: “We had several complaints. We have been on this for a while now, and we found out at the ministry level that while we are engaging to find a win-win solution that will mitigate the negative impact on the environment and they don’t affect the people so much. Some developments were also going on to further push back the RoW, and the alignment of the Ikota River.

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Senate Constitutes Abdullahi Yahaya Tax Harmonisation Committee

Altogether, the four Tax Reform bills were Executive Bills transmitted by President Bola Ahmed Tinubu to the two chambers of the National Assembly in November last year.

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The Senate on Thursday constituted a committee saddled with the responsibility of harmonizing its amendments to the tax reform bills with the House of Representatives version for final transmission to President Bola Ahmed Tinubu.

Senate President, Godswill Akpabio, announced this during plenary after the passage of the bills.

Akpabio named senator Abdullahi Yahaya (Kebbi North) as chairman of the committee.

The members of the committee as announced by the Senate President are Senate Minority Leader, Abba Moro (PDP, Benue South), Chief Whip, Tahir Mongumo (APC, Borno North), Enyinnaya Abaribe (Abia South), Abdulaziz Yari (Zamfara), and Solomon Adeola (APC, Ogun West).

Earlier, the remaining two Tax Reform Bills — the Nigeria Tax Bill 2025 and the Joint Revenue Board (Establishment) Bill, 2025.

This was in addition to passage of the Nigeria Revenue Service (Establishment) Bill, 2025, and the Nigerian Tax Administration Bill, 2025.

Altogether, the four Tax Reform bills were Executive Bills transmitted by President Bola Ahmed Tinubu to the two chambers of the National Assembly in November last year.

The passage of the bills was sequel to the consideration and adoption of a report of the Senate Committee on Finance presented by its Chairman, Senator Sani Musa (APC, Niger East).

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