Banks across the country have complied with the ruling of Justice Deinde Dipeolu of the Federal High Court, which lifted the Mareva injunction placed on GHL, its directors, and shareholders, effectively removing the restrictions previously imposed on the company’s financial activities.
This was revealed in a sttatement by the oil and gas company on Thursday.
Meanwhile, GHL has accused the Chairman of First Bank of Nigeria (FBN), Femi Otedola, the Managing Director, Olusegun Alebiosu, and the bank’s legal representatives of spreading false and misleading statements regarding the judgment.
“This falsehood is the latest in a pattern of deceit and dishonesty from First Bank of Nigeria,” the company stated, adding that it was “shocked and disappointed that a supposedly first-rate financial institution in a constitutional democracy like Nigeria would go so low and consciously and wilfully disobey the law and continue to spread false information at will and without remorse.”
According to GHL, the original Mareva injunction was obtained by FBN through the suppression of material information.
“The Mareva injunction was secured in the first place by First Bank when they suppressed material information and failed to fully disclose a subsisting judgement of the same Federal High Court in Lagos,” the company alleged.
GHL has initiated multiple legal actions across borders seeking damages for defamation, libel, and breach of contract. The company further stated that it would “continue to seek justice worldwide against FirstBank for breach of contract” while also questioning the accuracy of FBN’s financial statements.
GHL pointed to the bank’s financial restatements in 2021 and 2022, arguing that the transformation of a N306 billion loss into a N151 billion profit raises concerns.
The company is now requesting that the courts examine whether FirstBank’s audited accounts accurately reflect its financial position in light of its alleged failure to meet certain conditions before the restatements.
Faridah Abdulkadiri
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