First Bank has issued a clarification regarding recent media reports suggesting that some banks have begun complying with the Federal High Court ruling that lifted the Mareva order on the assets of General Hydrocarbons Limited (GHL), its directors, and shareholders.
In an official statement, FirstBank described such actions as premature, emphasizing that the necessary compliance procedures have not yet been completed for banks and stakeholders to implement the ruling.
FirstBank Appeals Discharge of Mareva Order
The bank has appealed the court’s decision to lift the Mareva order and has also applied for an injunction or suspension of the discharge order pending the outcome of the appeal.
With the appeal and motion for an injunction still in progress, banks are expected to maintain the status quo, meaning the restrictions on GHL’s assets remain in place until a final legal resolution is reached.
Commitment to Debt Recovery and Stakeholder Protection
FirstBank reaffirmed its commitment to:
•Recovering unserviced debts from defaulting borrowers.
•Protecting the interests of shareholders, depositors, and stakeholders.
•Pursuing all available legal avenues to ensure financial accountability.
The bank reassured customers and investors that it remains strong, stable, and dedicated to resolving the matter transparently and in accordance with the law.
What’s Next?
The legal battle over GHL’s assets is ongoing, and FirstBank has signaled its determination to challenge the ruling while seeking an injunction to keep restrictions in place.
With billions of naira at stake, the outcome of this case will have significant implications for the Nigerian banking sector and the enforcement of debt recovery measures.
