The High Court in Lagos has lifted an ex parte Mareva injunction that froze the assets of General Hydrocarbons Limited (GHL) and its directors.
The court ruled that the injunction, obtained by First Bank of Nigeria, conflicted with an existing order from a court of concurrent jurisdiction.
Justice Dehinde Dipeolu found that First Bank had failed to fully disclose a prior ruling by Justice Ambrose Lewis-Allagoa in Suit No. 1953, making the Mareva injunction legally unsound.
The case arose from an order granted on December 30, 2024 in Suit No. FHC/L/CS/2378/2024, which GHL and its co-defendants argued was obtained through misrepresentation and concealment of facts.
The court agreed with GHL’s counsel, Abiodun Layonu, SAN, and co-defendants’ counsel, Olumide Aju, SAN, that First Bank had deliberately “suppressed facts” to mislead the court.
As a result, the court set aside the freezing order on GHL’s accounts and those of the other defendants.
Following this ruling, GHL’s directors have initiated global legal proceedings against First Bank, seeking $1 billion each in damages for defamation and wrongful account freezing.
Additionally, GHL has lodged a complaint with the Legal Practitioners Privileges Committee against First Bank’s lawyers, Babajide Koku, SAN, and Victor Ogude, SAN, for alleged unprofessional conduct.
