First Bank Nigeria Plc has issued a statement refuting the claims that it and other banks have complied with the recent court ruling that lifted the Mareva injunction on the accounts of General Hydrocarbons Limited (GHL). This comes after GHL publicly declared that the restrictions on its assets, as well as those of its directors and stakeholders, had been lifted by banks, following the Federal High Court’s decision to discharge the Mareva order.
However, First Bank has firmly dismissed these claims, stating that the necessary procedural steps for compliance with the court’s decision have not yet been completed. The bank clarified that it has lodged an appeal against the ruling, requesting that the lifting of the injunction be suspended pending the outcome of the appeal.
First Bank also expressed its commitment to recovering the $225.8 million debt owed by GHL, which stems from an outstanding loan related to oil mining operations. The bank emphasized its readiness to explore all available legal avenues to ensure that GHL fulfills its financial obligations.
In its statement, First Bank assured its stakeholders of its determination to resolve the matter transparently and diligently. The bank also reiterated its dedication to protecting the interests of its shareholders, depositors, and other stakeholders, highlighting its continued legal pursuit in line with the provisions of the law.
First Bank has previously accused GHL of a lack of transparency and good governance and stated that, while it has fulfilled its obligations under the loan agreement, GHL has failed to meet its repayment obligations. The dispute continues to escalate as First Bank remains focused on holding the company accountable.
As the legal battle unfolds, industry watchers will be closely monitoring how the case progresses, and how it impacts the financial stability of First Bank and the broader Nigerian banking sector.
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