The Federal High Court in Lagos has adjourned proceedings in a case involving an alleged $225.8 million debt owed to First Bank Nig. Ltd and FBN Quest Trustees Ltd by General Hydrocarbons Limited (GHL). The court will reconvene on March 25 to deliberate on an application seeking to adjourn the case indefinitely.
Justice Deinde Dipeolu set the date after hearing submissions from both parties, who indicated they had filed appeals against a January 29 ruling. That ruling had overturned an earlier ex-parte order freezing the assets and accounts of GHL, leading to differing interpretations and subsequent appeals.
First Bank appealed the discharge of the Mareva injunction against GHL, filing for an injunction to suspend the ruling pending the outcome of the appeal. Meanwhile, GHL requested the Court of Appeal to dismiss First Bank’s suit, citing lack of jurisdiction, abuse of court process, and absence of a reasonable cause of action.
During Wednesday’s proceedings, Victor Ogude (SAN), counsel for First Bank, confirmed receipt of an application for a stay of proceedings and a verifying affidavit regarding the appeal. He requested time to respond and address the court on the propriety of staying proceedings.
In response, Olumide Aju (SAN), representing GHL’s directors, including Nduka Obaigbena, informed the court that his clients had also appealed aspects of the ruling. Aju urged the court to adjourn the case “sine die” until the appeal is resolved.
After considering the submissions, Justice Dipeolu adjourned the matter to March 25 to allow Ogude to file his response and to decide on whether the proceedings should be adjourned indefinitely.