The Federal High Court in Lagos has set aside an ex-parte order freezing the assets and accounts of Nigerian oil and gas firm, General Hydrocarbons Limited (GHL), over a disputed $225.8 million loan.
In a three-hour judgment, Justice Deinde Dipeolu ruled that the court had jurisdiction to hear the case during the 2024 Christmas vacation, as it involved vital banking and oil sector activities crucial to the nation’s economy.
The court examined whether its interim orders of 30th December 2024 were based on misrepresentation and concealment of material facts.
Justice Dipeolu noted that First Bank failed to fully disclose a prior ruling by Justice Lewis Allagoa, who had on 12th December 2024 restrained the bank from enforcing any security or assets of GHL pending arbitration proceedings.
Given this omission, the court ruled that its own Mareva order freezing GHL’s assets must be set aside.
The case was adjourned until 19th February 2025 for further proceedings.