First Bank appeals discharge of Mareva order against Global Hydrocarbons

First Bank of Nigeria said it has appealed against the discharge of Mareva order against Global Hydrocarbons, adding that it has also applied for an injunction and/or suspension of the order pending the determination of the appeal.

The lender made the declaration in a statement on Sunday, noting that the media reports suggesting that some banks have started complying with the decision of Justice Deinde Dipeolu of Federal High Court Lagos removing the Mareva order is “premature.”

“We would like to state that such action is premature, as the necessary steps for banks and stakeholders to comply with the court’s decision have not yet been completed,” First Bank said in a statement.

“In view of the pending Appeal and Motion for Injunction, banks are expected to maintain the status quo.”

The Lagos court had last week reversed the order freezing the assets of Global Hydrocarbons, an oil & gas firm, and those of its directors up to the sum of $225.8 million being the alleged outstanding indebtedness on General Hydrocarbons’ account with First Bank as of 30 September 2024.

In reaction, Global Hydrocarbons and some of the defendants asked the court to reverse the order, asserting that the court was misled in granting it in the first place.

The company claimed First Bank and FBN Quest Limited secured the order by way of misrepresentation and concealment of material facts.

In his ruling, Justice Dipeolu noted that the bank “suppressed facts” to mislead the court into issuing the order.

The court stated that it had to set aside the freezing order blocking the company’s accounts and those of other defendants.

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Global Hydrocarbons thereafter issued a statement saying the banks that enforced the court order freezing the assets have complied with the order of the court requiring them to unblock the assets.

“The compliance by the banks was effected in the face of false and misleading statements by FBN Chairman, Femi Otedola; Managing Director Olusegun Alebiosu and lawyers in the press today maliciously and mischievously misinforming the public on the clear and unambiguous ruling by the learned Judge,” the company said.

First Bank noted in its latest statement that it will continue to seek all available legal avenues to recover unserviced debts from debtors, ensuring that those who have defaulted on their obligations are held accountable.

“We are actively addressing all matters at hand with transparency and diligence, while remaining focused,” the statement said.