Common Hydrocarbons Restricted (GHL), house owners and operators of OML 120, Deep Offshore Nigeria, has addressed a current Mareva courtroom injunction that quickly freezes its property throughout banks and digital platforms in Nigeria.
The response was contained in a press release dated January 10, 2025, and signed by Nduka Obaigbena, Chairman of the GHL Board.
Nairametrics beforehand reported that the Federal Excessive Courtroom in Lagos issued a number of orders, together with a Mareva injunction, to freeze property and accounts linked to Common Hydrocarbons Restricted, its associates, and outstanding people, together with media mogul Nduka Obaigbena.
The courtroom’s resolution follows allegations of unpaid loans totaling $225.8 million, owed to First Bank of Nigeria (FBN).
Response from GHL
Within the assertion, Obaigbena famous that amidst the claims and counterclaims surrounding GHL’s oil and gasoline drilling marketing campaign on OML 120, Deep Offshore Nigeria, the general public needs to be conscious that GHL had entered right into a Subrogation Settlement at FBN’s alleged request.
He said that this settlement was geared toward addressing the bank’s non-performing loans (NPLs), which have been changing into a systemic danger.
He added that below the settlement, FBN was to finance the exploration, improvement, and operations of OML 120, with each events sharing earnings.
“First Bank’s share was for use to liquidate its Non-Performing Loans (NPLs). Following the Subrogation Settlement, we gave them consolation in a Tripartite Settlement, leading to FBN’s return to profitability and development,” Obaigbena said.
Nevertheless, he alleged that FBN had breached its obligations below each the Subrogation and Tripartite Agreements, resulting in the present challenges.
“We’re in courtroom and arbitration to resolve our variations and have obtained a courtroom order securing our operations pending willpower. We hope for a good consequence below our system of justice,” he added.
Obaigbena additionally accused FBN of disregarding and disobeying a subsisting courtroom judgment in favor of GHL, stating that the bank was allegedly deceptive the general public.
“Our legal professionals are addressing this flagrant breach within the applicable discussion board. There isn’t a trigger for alarm,” he added.
Obaigbena emphasised that GHL stays a Nigerian-owned firm working in Deep Offshore Nigeria, at depths of 850 to 1,000 meters, and 75 kilometers at sea.
“Our oil and gasoline marketing campaign has found oil and gasoline to the glory of Nigeria, due to the ingenuity of our Nigerian-born engineers and technical companions, together with Schlumberger (SLB), Baker Hughes, Century Group, and others,” the assertion learn.
He reassured stakeholders that GHL’s robust asset base positions the corporate to satisfy any monetary obligations which will come up.
Obaigbena additionally referred to as on companions to stay calm as the corporate seeks resolutions to the dispute via the courts, arbitration, or mediation.
He additional claimed that GHL had voluntarily rescued FBN from collapse prior to now, highlighting that their collaboration helped resolve FBN’s monetary challenges whereas additionally contributing to the invention of crude oil in Nigeria.
What You Ought to Know
- The assertion is in response to the Federal Excessive Courtroom ruling, which additionally barred Common Hydrocarbons Restricted and related entities from transferring or dissipating property whereas the authorized dispute over unpaid mortgage amenities is resolved.
- The courtroom directed all main industrial banks and monetary establishments in Nigeria to dam the defendants’ accounts and limit entry to funds or property as much as the declare quantity, pending additional authorized proceedings.
- The injunction impacts banks akin to GTBank, Access Bank, Zenith Bank, and First Bank, in addition to fintech platforms together with Flutterwave, Paystack, and Piggyvest.
These entities have been instructed to not launch funds or deal with property linked to the defendants, together with accounts related to people like Efe Damilola Obaigbena and Olabisi Eka Obaigbena, and company entities akin to GHL 121 Ltd and CESL Oyo Manufacturing.
Events concerned are anticipated to look in courtroom within the coming weeks to deal with the excellent debt claims by FBN.
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