In a significant legal triumph, the Federal High Court in Lagos has reversed an asset-freezing order against General Hydrocarbons Limited (GHL) and its directors.
The ruling came after GHL’s legal team, led by Senior Advocate of Nigeria (SAN) Abiodun Layonu, successfully argued that the injunction contradicted a prior ruling from a court of the same jurisdiction.
Justice Dehinde Dipeolu ruled that the Mareva Injunction, originally granted at the request of First Bank of Nigeria and FBNQUEST Ltd, was issued under misleading circumstances.
The judge found that First Bank had withheld crucial information about an earlier ruling by Justice Ambrose Lewis-Allagoa, which made the injunction invalid.
Following this victory, GHL and its directors are now pursuing global lawsuits against First Bank, seeking $1 billion each in damages for defamation and wrongful asset seizure.
The company has also filed a professional misconduct case against First Bank’s legal representatives, Babajide Koku, SAN, and Victor Ogude, SAN, with the Legal Practitioners Privileges Committee.
What’s next? Will First Bank respond to these serious allegations? Stay updated with NIGPOST for the latest developments on this case.
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