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General Hydrocarbons Assures Resolution of Debt Disputes With First Bank

The GIL Chairman  noted the remarkable successes achieved through their collaboration and  emphasised GIL roles in saving First Bank from financial distress while simultaneously discovering crude oil “to the glory of Nigeria”.

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▪︎UGC image of First Bank and General Hydrocarbons

General Hydrocarbons Limited (GHL) the operators of OML 120, Deep Offshore Nigeria, has reaffirmed its commitment to resolving its ongoing dispute with First Bank of Nigeria Limited (FBN).

In a statement issued on Friday by the Chairman of the Board of GHL, Nduka Obaigbena, GIL also  reassured its stakeholders and partners that the company remains financially strong and committed to its operations.

The GIL Chairman  noted the remarkable successes achieved through their collaboration and  emphasised GIL roles in saving First Bank from financial distress while simultaneously discovering crude oil “to the glory of Nigeria”.  

“We willingly rescued First Bank of Nigeria Limited (FBN) from the abyss and are not about to throw away the baby with the bathwater.

Through our collaboration, we have resolved FBN’s financial challenges and discovered crude oil to the glory of Nigeria,” said the statement.

He expained that the partnership, which began under a Subrogation Agreement, allowed GHL to assist in financing FBN’s operations and addressing its Non-Performing Loans (NPLs).

This effort, GHL noted, restored FBN to profitability and laid the groundwork for the exploration and development of OML 120.  

However, GHL accused FBN of breaching its obligations under the Subrogation and Tripartite Agreements, resulting in a legal dispute that is currently being addressed through court proceedings and arbitration.

Despite a court judgment in GHL’s favour, the company alleged that FBN continues to disregard the ruling.  

GHL highlighted its achievements in discovering oil and gas reserves, crediting Nigerian-born engineers and global technical partners such as Schlumberger (SLB), Baker Hughes, and Century Group for their contributions.  

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Naira Exchange Rates Tuesday, 30 June 2026

BLACK MARKET RATES
US DOLLAR (USD) ₦1, 390
GREAT BRITISH POUND (GBP) ₦1,855
EURO (EUR) ₦1, 585

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BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 390 Sell ₦1, 395

GREAT BRITISH POUND (GBP) Buy ₦1,855 Sell: ₦1,870

EURO (EUR) Buy ₦1, 585 Sell ₦1,605

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

OFFICIAL CBN EXCHANGE RATES

US DOLLAR (USD) ₦1,383. 63

GREAT BRITISH POUND (GBP) ₦1,831.64

EURO (EUR) ₦1,578. 03

SWISS FRANC (CHF) ₦1,710.71

JAPANESE YEN (JPN) ₦8.55

CHINESE YUAN (CNY) ₦203. 65

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,872. 07

SAUDI RIYAL (SAR) ₦368.43

SOUTH AFRICAN RAND (ZAR) ₦84.24

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Naira Exchange Rates Monday, 29 June 2026

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OFFICIAL CBN EXCHANGE RATES

US DOLLAR (USD) ₦1,380. 93

GREAT BRITISH POUND (GBP) ₦1,824.90

EURO (EUR) ₦1,577. 58

SWISS FRANC (CHF) ₦1,710.13

JAPANESE YEN (JPN) ₦8.54

CHINESE YUAN (CNY) ₦203. 13

WEST AFRICAN CFA (XOF) ₦2.39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,867. 05

SAUDI RIYAL (SAR) ₦367.72

SOUTH AFRICAN RAND (ZAR) ₦83. 89

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 393 Sell ₦1, 400

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,870

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

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Naira Exchange Rates To Foreign Currencies, Friday 26,June 2026

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Official CBN Exchange Rates

US DOLLAR (USD) ₦1,380. 11

GREAT BRITISH POUND (GBP) ₦1,818.34

EURO (EUR) ₦1,566.84

SWISS FRANC (CHF) ₦1,698.80

JAPANESE YEN (JPN) ₦8.53

CHINESE YUAN (CNY) ₦202. 99

WEST AFRICAN CFA (XOF) ₦2.39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,866. 38

SAUDI RIYAL (SAR) ₦367.54

SOUTH AFRICAN RAND (ZAR) ₦83.65

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 392 Sell ₦1, 395

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

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