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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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Nigerian govt suspends implementation of 15% petrol import duty

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The Nigerian government has suspended the planned 15 per cent import duty on premium motor spirit (PMS) and automotive gas oil (diesel). The announcement was made by George Ene-Ita, spokesperson for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in a statement on Thursday.

The regulator urged Nigerians to avoid panic buying, assuring that there is adequate supply of petroleum products nationwide.

“It should also be noted that the implementation of the 15 percent ad valorem import duty on imported premium motor spirit and diesel is no longer in view,” NMDPRA stated.

The statement added that both domestic and imported supplies of petrol, diesel, and other petroleum products are sufficient to meet demand, especially during the peak period. The authority warned against hoarding, panic buying, or unwarranted price increases, and affirmed that it would continue to monitor supply and distribution closely.

President Bola Ahmed Tinubu had approved the 15 per cent import duty last month to encourage the use of products from Dangote Refinery. While some stakeholders supported the move as a boost for local refining, critics argued it could increase fuel prices and worsen economic hardship for Nigerians.

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NAFDAC’s Ban on sachets alcohol: the economy repercussions, by MAN

The Association emphasised that the ban would likely lead to the “Loss of over N1.9 trillion in investments, primarily from indigenous Nigerian companies.

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The Manufacturers Association of Nigeria (MAN) has said that the government’s move to ban the production and sale of alcoholic beverages packaged in sachets and small PET bottles, effective December 31, 2025, will have severe repercussions on the economy.

” This announcement by the NAFDAC, in our view, is counterproductive and threatens to disrupt the economy significantly at a time when it is beginning to stabilise,” said the Association through its Director-General, Ajayi-Kadir.

The Association emphasised that the ban would likely lead to the “Loss of over N1.9 trillion in investments, primarily from indigenous Nigerian companies.

• Mass retrenchment of over 500,000 direct employees and approximately 5 million indirect employees through contracts, marketing, and logistics.”

Ajayi-Kadir said that the earlier directive from the Ministry of Health for a one-year extension, which included the consideration and validation of the draft National Alcohol Policy by stakeholders, should have been taken into account before any significant announcement from another government body.

“We believe that a consultation with whether through a public hearing or focused meetings with relevant parties in the alcohol beverage industry, should have been conducted by the appropriate Senate Committee before an outright ban was imposed.

This approach was successfully followed by the House of Representatives in the recent past,” he stated.

Ajayi-Kadir highlighted that issues related to the ban on alcohol in sachets and small PET bottles were addressed by a broad committee that included all stakeholders, along with NAFDAC representatives, who validated the National Alcohol Policy in October 2025. The committee made the following key recommendations:

• Develop multi-sectoral action plans.- Strengthen enforcement by law enforcement agencies

• Establish licensed liquor stores/outlets in Local Government Areas nationwide.

• Increase monitoring and compliance checks by NAFDAC, FCCPC, and others to ensure product quality and safety.

• Regulatory bodies should focus more on regulation, monitoring, and educational campaigns to inform stakeholders and the public about the dangers of underage alcohol consumption and its sale in motor parks.

• Conduct educational campaigns in secondary schools across the country to raise awareness among students about the dangers and issues related to alcohol abuse.

Furthermore, we would like to note that the unfounded and untested claim of abuse by minors has been challenged by several independent studies conducted by the government.

The industry has proactively launched campaigns promoting responsible alcohol consumption to discourage underage abuse, resulting in expenditures exceeding one billion Naira on media outreach across the nation, which has effectively just underage drinking.

Ajayi-Kadir also stressed that the Senate’s directive for an outright ban is unjust and does not reflect the industry’s true conditions, as it seems the upper chamber has only considered NAFDAC’s perspective.

NAFDAC was part of the validation organised by the Ministry of Health, and it should have presented its views to the Committee and the Ministry during that process, rather than circumventing these channels and approaching the National Assembly without consulting other stakeholders.

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Following Lagos, FG moves to ban single-use plastics

In his inaugural address, the SGF, George Akume, stated that the initiative aligned with Nigeria’s commitment to global environmental standards.

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The Federal Government has commenced the process to ban single-use plastics, inaugurating a committee to steer the policy.

Lagos government began fully enforcement ban on single-use plastics (SUPs), including styrofoam packs, plastic straws, disposable cups, plastic cutlery, and nylons less than 40 microns thick, on July 1, 2025.

The Office of the Secretary to the Government of the Federation (SGF) , yesterday , set up an Inter-Ministerial Committee on the Ban of Single-Use Plastics (SUPs).

Earlier, the Federal Executive Council (FEC) during its meeting on June 25, 2024, approved the ban , specifically targeting Polyethene Terephthalate (PET) bottles, styrofoam food packs, plastic shopping bags, sachet water packaging, and plastic straws.

In his inaugural address, the SGF, George Akume, stated that the initiative aligned with Nigeria’s commitment to global environmental standards.

He said: “The FEC decision was in line with the Federal Government’s efforts to tackle various health and environmental challenges, especially those caused by single-use plastic products and therefore, approved the ban in the country of polyethene terephthalate (PET) bottles, styrofoam, plastic bags, sachet water and straw, which has become an environmental sanitation challenge.”

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