Business
General Hydrocarbons Limited Vs FBN: The Explainer GHL vs FBN: The Facts, The Half-Truths and The Fiction
GHL will continue to fight for justice and damages whilst it remains open for mediation and resolution

1. Is GHL’s liability to First Bank a loan? The simple answer is NO, as it is not a normal commercial loan: it is a Project Finance relationship.
Here is how:
2. GHL is the awardee and licenced operator of OML 120. FBN approached GHL to finance the exploration, development and production of OML 120and share profit 50:50, while paying FBN cost of finance.
The FBN 50% share is dedicated to paydown its non-performing loan of $600million(discounted from $718million from AMCON’s Eligible Bank Asset) in order to resolve FBN’s solvency issues.In doing that, GHL guaranteed FBN’s liability to AMCON, through a Tripartite Agreement between GHL, FBN and AMCON.
3. The result of the Tripartite Agreement was that FBN became immediately profitable and moved from a loss of N302Billion to a profit of N151Bn for 2021 FYE. However, in return, it has failed to meet its commitment under the Tripartite Agreement to fully finance and make the payments required for the optimal exploration and development of OML 120 as agreed in the Tripartite Agreement, resulting in losses in day rates and downtimes of $47million, which has snowballed into the current impasseas FBN has failed to make further required payments for the drilling and exploration of OML 120. Essentially, FBN failed to fulfil its condition precedent to profitability in failing to finance OML 120 as agreed, leavingits financial statements open to challenge. Meanwhile the FBN’s claim of $225Million loan is not due as it is still covered by moratorium, given that the project has not achieved commercial production. So, at best FBN’sclaim is premature.
4. GHL has now gone for Arbitration which is ongoing and FBN has gone to court with a series of Exparte (temporary) Mareva measures, the first of which has been vacated and the case is now being heard on the merit, whilst the second temporary Mareva is pending at the Federal High Court in Port-Harcourt, Rivers State, both supported by” wild, unfounded and unproven allegations of dissipation of assets.”
5. Did GHL dissipate any asset? The answer is no as all payments were made by First Bank DIRECTLY to 3rd parties after due diligence and verifications by FBN, and the 3rd parties are mainly global, world class, reputable companies with strict compliance regimes.
6. GHL is filing a claim of over $1Billion in various courts, while FBN is claiming $225million debt which it never complied with in line with the agreements.
GHL will continue to fight for justice and damages whilst it remains open for mediation and resolution.
Business
President Tinubu List Economic Expectations from New Tax Laws
On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.

President Bola Tinubu said today that the four tax reforms bills he signed into law reflect his administration’s resolve to create a modern, transparent, and efficient tax system capable of supporting national development, promoting investment, and reducing the burden of multiple taxation on citizens.
President Tinubu explained that the laws would be unifying Nigeria’s fragmented tax system, remove redundant overlaps, boost investor confidence, enhance transparency, and promote coordinated efforts across all levels.
He also described the legislation as a clear departure from previous policies, emphasising that the reforms are designed to ease the burden on working families, small businesses, and low-income earners while eliminating inefficiencies that have long plagued Nigeria’s fiscal structure.
On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.
“We are also building a framework for the Nigeria of tomorrow-leaner, fairer and laser focused on unlocking opportunities for all,” he said.
He added : ” These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet.
Designed to overhaul Nigeria’s fiscal and revenue administration framework, the laws which have been described as a major leap in the nation’s economic reform drive.
“For too long, our tax system has been a patchwork-complex, inequitable, and burdensome. It has weighed down the vulnerable and shielded inefficiency. That era ends today.”
Business
Tinubu signs four Tax Reform Bills to law today
The bills were recently passed by the National Assembly following extensive stakeholders consultations and technical reviews.

President Bola Ahmed Tinubu will today (Thursday) sign into law four tax reform bills set to overhaul Nigeria’s fiscal landscape, streamline tax administration, and boost investor confidence.
The ceremonial signing is scheduled to take place at the State House, Abuja.
In a statement , Bayo Onanuga, Special Adviser to the President on Information and Strategy, said that the four bills are : the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill
The bills were recently passed by the National Assembly following extensive stakeholders consultations and technical reviews.
Business
Lagos State Enforcement Team Busts Illegal Abattoir in Agege, Arrests Operators

The Lagos State enforcement squad of the MOE&WR led by KAI operatives on Wednesday burst an illegal abbatoir which was being operated at a private residence at Succo road directly opposite the RRS Barracks and LASTMA Yard in Oko Oba, Agege, arresting some of those found slaughtering animals for public consumption in the location.
The operation followed a tip-off from a whistle blower.

“The enforcement team said, the contaminated meat from cows and goats have been confiscated to prevent it from entering the food chain”.
“This action of the operators of the abbatoir is in defiance of the closure of the Oko Oba Abbatoir and poses great health dangers and environmental risks to the law abiding residents of the area”.
“We need to make it clear that such disregard for public health and sanitation will not be tolerated in Lagos State” .
“Every Government’s primary responsibility is the protection of lives and properties and we will not shirk that responsbbility.”
“We will continue to ensure that only safe and approved public facilities are allowed to operate within our communities.”the statement reads.
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