General Hydrocarbons Limited (GHL), owners and operators of OML 120, Deep Offshore Nigeria, has reacted to a recent Mareva injunction issued by the Federal High Court in Lagos, which temporarily freezes its assets across Nigerian banks and digital platforms.
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In a statement dated January 10, 2025, and signed by Nduka Obaigbena, Chairman of the GHL Board, the company addressed allegations of unpaid loans totaling $225.8 million owed to First Bank of Nigeria (FBN).
The Federal High Court had directed all major Nigerian banks, including GTBank, Access Bank, Zenith Bank, and First Bank, as well as fintech platforms such as Flutterwave, Paystack, and Piggyvest, to restrict access to funds or assets linked to GHL and associated entities. The order also named individuals like Nduka Obaigbena and corporate entities including GHL 121 Ltd and CESL Oyo Production.
The injunction aims to secure the claim amount while legal proceedings continue, barring the transfer or dissipation of the affected assets.
In his statement, Obaigbena provided context for the dispute, revealing that GHL had entered into a Subrogation Agreement with FBN to address the bank’s non-performing loans (NPLs), which posed systemic risks. Under the agreement, FBN was to finance the exploration and operations of OML 120, with profits shared to liquidate the bank’s NPLs.
Obaigbena alleged that FBN breached its obligations under the Subrogation and Tripartite Agreements, resulting in the current challenges. He emphasized that GHL had taken legal and arbitration measures to resolve the matter and obtained a court order to secure its operations pending a resolution.
He accused FBN of disregarding a subsisting court judgment in favor of GHL and misleading the public about the situation.
Obaigbena highlighted GHL’s strong asset base and its contributions to Nigeria’s oil and gas sector. He reassured stakeholders of the company’s ability to meet financial obligations and urged partners to remain calm as the matter proceeds through legal and arbitration channels.
“Our operations have led to the discovery of oil and gas to the glory of Nigeria, thanks to the ingenuity of Nigerian-born engineers and technical partners, including Schlumberger, Baker Hughes, and Century Group,” he stated.
He further claimed that GHL had previously helped rescue FBN from financial collapse, emphasizing the mutual benefits of their collaboration in the past.
The court has scheduled hearings in the coming weeks to address the outstanding debt claims. GHL and FBN are expected to present their arguments as the legal battle unfolds.
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