General Hydrocarbons Slams FirstBank’s ‘Abuse of Process’ in Loan Dispute
General Hydrocarbons Ltd (GHL) has strongly countered claims made by FirstBank regarding the recent court ruling that lifted the freeze on its accounts. The ruling, issued by Justice Deinde Dipeolu of the Federal High Court in Lagos, found that an ex parte Mareva injunction freezing GHL’s assets was unlawful, as it violated an existing order from another court.
In a statement released on Sunday, GHL labeled FirstBank’s appeal against the ruling as an “abuse of process.” The company emphasized that banks had already begun to comply with the court’s pronouncement, despite FirstBank’s warning that compliance was premature and their intention to appeal the decision.
General Hydrocarbons Slams FirstBank’s ‘Abuse of Process’ in Loan Dispute
GHL’s response comes after FirstBank claimed that compliance with the court’s orders was improper. The bank argued that the legal process had not been fully concluded and that they had filed an appeal against Justice Dipeolu’s ruling. However, GHL rejected these claims, asserting that once a court order is made, it is binding and cannot be “stayed” or suspended—especially after compliance has already taken place.
The company further criticized FirstBank for misrepresenting the legal situation to the public, accusing the bank of suppressing crucial facts and misinterpreting the court’s decisions. GHL clarified that the lifting of the Mareva injunction was a declarative order, and as such, it was final and effective upon pronouncement.
GHL Defends Court Victory, Accuses FirstBank of Misleading the Public
According to GHL, FirstBank’s appeal stems from a deliberate attempt to withhold key information. The company claimed that the court had previously issued a restraining order prohibiting FirstBank from seeking any enforcement actions related to the disputed $225.8 million loan agreement while arbitration proceedings were ongoing. GHL further stated that FirstBank had not filed the necessary legal documents to challenge the ruling and that any such filings would be without legal merit.
The company went on to dismiss FirstBank’s public statements, asserting that no valid legal processes had been initiated by the bank. GHL urged the public to disregard these claims, calling them an “erroneous” representation of the legal proceedings.
General Hydrocarbons Responds to FirstBank’s Appeal, Claims Compliance with Court Order
Despite the ongoing legal conflict, GHL reaffirmed its commitment to the arbitration process with FirstBank, which was initiated due to the bank’s alleged failure to fulfill its obligations. The company emphasized its resolve to bring the dispute over the $225.8 million loan debt to a fair and logical conclusion, asserting that it would continue to participate in the ongoing arbitration process.
In conclusion, GHL criticized FirstBank for creating confusion and undermining the legal process, and once again reiterated that banks, except for FirstBank, have complied with the court’s order to unfreeze its accounts.
