General Hydrocarbons Limited (GHL) yesterday said banks have complied with the Federal High Court ruling lifting the Mareva injunction placed on its accounts and those of its directors and shareholders.
Justice Deinde Dipeolu set the order aside on Wednesday. In a statement by the management, GHL described the verdict as a “clear and unambiguous ruling by the learned judge”.
The company said it has filed “multiple cases across borders seeking damages for defamation, libel and breach of contract”.
It added: “GHL will continue to seek justice worldwide against FirstBank for breach of contract.”
According to GHL, the court upheld the arguments of its counsel, Abiodun Layonu (SAN), as well as the arguments of Olumide Aju (SAN) representing the second to fifth defendants.
It said the court held that the injunction violated an existing order from a court of concurrent jurisdiction.
Justice Dehinde Dipeolu, according to GHL, ruled that when compared with an earlier order issued by Justice Ambrose Lewis-Allagoa in Suit No. 1953, the Mareva injunction should be set aside.
The court, GHL said, found that First Bank of Nigeria and FBNQuest LTD, at whose instance the order was procured, failed to fully disclose Justice Lewis-Allagoa’s order, which made the Mareva injunction incompatible with the earlier ruling.
Furthermore, the court consequently agreed with it and the second to fifth defendants that First Bank deliberately “suppressed facts” to mislead the court into granting the order against GHL.
The court, in the circumstance, said it had no choice but to set aside the order freezing GHL accounts as well as the accounts of all the other defendants in the case.
Justice Dipeolu held: “Based on all of my findings above, I hold that the first defendant/applicant’s motion on notice dated the 13th of January 2025 succeeds.
“The Mareva order of 30th December 2024 is hereby set aside.”
The judge added: “Therefore, the second to fifth defendants/applicants’ alternative relief succeeds to the extent that the Mareva order of 30th December 2024 is set aside against the second to fifth defendants.
“This is the ruling of the court.”
