LAGOS—The Federal High Court in Lagos has overturned an asset freeze imposed on General Hydrocarbons Limited (GHL), a company owned by Prince Nduka Obaigbena, the founder of Arise TV and publisher of ThisDay Newspaper.
Justice Dehinde Dipeolu ruled on Wednesday, January 29, that First Bank of Nigeria and FBNQuest Ltd failed to disclose a pre-existing court order while obtaining the Mareva injunction.
“The bank deliberately suppressed facts to mislead the court,” Justice Dipeolu stated, highlighting that the injunction conflicted with an earlier ruling by Justice Ambrose Lewis-Allagoa in Suit No. 1953.
The disputed order had restricted GHL’s accounts following an ex parte application from First Bank, despite a prior judgment favoring the company. GHL and its directors argued that the bank had engaged in “fraudulent misrepresentation and concealment of material facts” to secure the asset freeze. “This was a clear case of abuse of court processes,” said a legal representative for GHL.
“Had the full facts been disclosed, this ruling would never have been granted.”With the asset freeze now lifted, GHL’s directors have launched a lawsuit against First Bank, seeking $1 billion each in damages for defamation and wrongful account restriction.
In a further legal move, the company has also filed a complaint with the Legal Practitioners Privileges Committee against First Bank’s lawyers, Babajide Koku, SAN, and Victor Ogude, SAN, alleging professional misconduct.
First Bank has yet to issue a public response to the court’s ruling.
