Lagos, Nigeria – First Bank of Nigeria (FBN) has clarified that banks are unable to comply with a recent court order lifting restrictions on the accounts of GHL, citing a pending appeal and a motion for injunction.
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The financial institution emphasized that, in light of the ongoing legal processes, maintaining the status quo is the appropriate course of action.
The clarification comes after a court ruling directed the lifting of restrictions on GHL’s accounts. However, FBN stated that the pending appeal and injunction motion necessitate that banks refrain from taking any action until the legal matters are resolved.
In a statement released on Tuesday, FirstBank reiterated its commitment to protecting the interests of its shareholders, depositors, and stakeholders. The bank also underscored its determination to recover unserviced debts from debtors, ensuring accountability for those who have defaulted on their obligations.
“We will continue to pursue all available legal avenues to recover unserviced debts from debtors, ensuring that those who have defaulted on their obligations are held accountable,” the statement read.
FirstBank further assured its stakeholders of its stability and commitment to resolving the issue in accordance with the law. The bank emphasized that it is addressing the matter with transparency and diligence, while remaining focused on its core operations.
“We wish to seize this medium to assure all our valued stakeholders that FirstBank remains strong, stable, and fully committed to resolving this issue in line with the provisions of the law,” the statement continued. “We are actively addressing all matters at hand with transparency and diligence, while remaining focused.”
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