Business
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.
Image credit: Arise News
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.
Business
UAE announces exit from OPEC, OPEC+ amid Iran war tensions
UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters the decision followed a strategic review of the country’s energy direction.
The United Arab Emirates has announced it is withdrawing from OPEC and the broader OPEC+, delivering a significant setback to the oil-producing bloc and its de facto leader, Saudi Arabia, at a time when the ongoing Iran war has triggered a major global energy shock.
Reuters reported that the departure of the UAE, a longstanding member of OPEC, is expected to create uncertainty within the group, which has traditionally maintained a united front despite internal disagreements over geopolitics and production quotas.
UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters the decision followed a strategic review of the country’s energy direction.
This is a policy decision, it has been done after a careful look at current and future policies related to level of production,” said the energy minister.
When asked whether the UAE consulted with Saudi Arabia, he said the country did not raise the issue with any other nation.
The decision comes amid mounting tensions in the Strait of Hormuz, where Gulf producers have struggled to move exports due to Iranian threats and attacks on vessels.
The strategic waterway typically handles about a fifth of the world’s crude oil and liquefied natural gas shipments.
Business
Zenith Bank Opens Côte d’Ivoire subsidiary tomorrow
Group Managing Director, Dame Dr Adaora Umeoji, said the expansion reflects the vision of the bank’s Founder and Chairman, Jim Ovia, to build a global brand with a strong presence across Africa and key international markets.
• Zenith Bank GMD, Dame Dr Adaora Umeoji
An official opening ceremony of Zenith Bank Plc Côte d’Ivoire is scheduled for Wednesday, April 29, 2026, and is expected to draw senior government officials and regulators from Nigeria and , as well as business leaders and members of the diplomatic community.
The subsidiary will be led by Managing Director and Chief Executive Officer, Cédric Tano, who said the bank’s entry into Côte d’Ivoire comes at a time of strong economic growth and increasing regional integration, adding that it aims to combine global best practices with local market insight to support businesses, facilitate cross-border trade and contribute to economic growth in Côte d’Ivoire and the wider WAEMU region.
In a statement, the bank said that the subsidiary was licensed in December 2025 by the Ministry of Finance and Budget of the Republic of Côte d’Ivoire and regulated by the UMOA Banking Commission, will operate from its headquarters at SCI Wall Street, Avenue Noguès, Plateau, Abidjan.
The bank said that the new subsidiary is positioned to support cross-border trade and investment, with a focus on corporate banking, trade finance, local and offshore banking services, and structured financial solutions for businesses operating across Africa and internationally.
Group Managing Director, Dame Dr Adaora Umeoji, said the expansion reflects the vision of the bank’s Founder and Chairman, Jim Ovia, to build a global brand with a strong presence across Africa and key international markets.
Business
NACCIMA Set Up Export Express Support Center To Boost Non-oil Exports Trade
Chairman of the NACCIMA Export Group, Kola Awe, said that the initiative was driven by the need to improve export performance, noting that only a small fraction of registered exporters accounts for a significant share of the country’s export value.
NACCIMA has established an Export Express Support Centre as a practical intervention to simplify export processes and provide direct support to businesses.
At the event, Polaris Bank Plc donated equipment to support the take-off of the centre, a move stakeholders described as critical to building the infrastructure needed for export development.
Chairman of the NACCIMA Export Group, Kola Awe, said that the initiative was driven by the need to improve export performance, noting that only a small fraction of registered exporters accounts for a significant share of the country’s export value.
“The centre is built on knowledge, training, innovation and support. We are not charging anybody for knowledge. It is a platform for exporters to get the information and assistance they need,” said Awe.
Awe explained that the centre would go beyond advisory by offering hands-on support to resolve issues related to logistics, documentation, procurement and regulatory compliance.
NACCIMA National President, Dr Jani Ibrahim,added that the centre was designed as a one-stop hub to guide exporters and strengthen their capacity to compete in regional and global markets.
“It will serve as a one-stop hub providing guidance, tools and technical support to exporters, helping them navigate documentation, meet standards and access new markets with confidence.
“It will serve as a one-stop hub providing guidance, tools and technical support to exporters, helping them navigate documentation, meet standards and access new markets with confidence,” he said.
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