Connect with us

News

First Bank responds to legal dispute with General Hydrocarbons

Published

on

By Francesca Hangeior.

 

First Bank of Nigeria Limited has described media reports alleging that it abused court processes in its legal battle with General Hydrocarbons Limited (GHL) as false and misleading.

In a statement released on Tuesday, the bank clarified that it had fulfilled its obligations under the loan agreements. However, the dispute began when First Bank demanded good governance and transparency in the transactions—demands that GHL allegedly rejected.

Advertisement

The statement emphasized that, as a responsible and law-abiding corporate entity with deep respect for the judiciary, First Bank will not comment on matters currently before the courts, as these are sub judice.

However, the bank expressed its concerns over what it described as “sponsored but false narratives” being circulated in some media outlets.

According to First Bank, the legal tussle stems from a commercial transaction in which it extended significant credit facilities to GHL to finance the development of certain Oil Mining Lease (OML) assets. The bank asserts that these facilities were governed by robust loan agreements that outlined the obligations of both parties and detailed the security arrangements.

The statement further alleged that breaches by GHL, including the diversion of proceeds, prompted First Bank to demand the appointment of an independent operator to manage the financed assets transparently. This request, the bank says, was in line with the terms of the agreement.

Advertisement

When GHL refused to comply, First Bank initiated a court case to protect its interests. The bank also accused GHL of pursuing “unnecessary arbitral proceedings” in response.

First Bank maintains that its decision to take legal action was necessary to safeguard its assets, recover diverted proceeds, and ensure that similar breaches do not occur in the future.

The bank assures its numerous customers, stakeholders and the general public that it remains solid, calm, steadfast and unflinching in its resolve to continue to provide first-class services to its teeming customers within and outside the country.

FirstBank also thanked its shareholders for the indicatively over subscribed Rights Issue of its parent Company, First Holdco Plc in the first round of its capital raise and looks forward to an equally successful final leg of the recapitalization exercise when it is announced by FirstHoldCo.

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Just in: Shettima jets out to attend Senegal’s independence

Published

on

 

Vice President Kashim Shettima has departed Abuja for Dakar, Senegal for official assignment.

The VP is expected to represent President Bola Ahmed Tinubu at the West African nation’s 65th Independence Anniversary celebrations.

Senegal marks its Independence Day on April 4 each year, commemorating its liberation from French colonial rule in 1960.

Advertisement

The annual celebration is a significant event featuring national parades, cultural displays, and ceremonies highlighting the country’s achievements and unity.

A statement issued on Thursday by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, said Shettima’s participation followed an official invitation from Senegalese President, Bassirou Diomaye Faye.

This underscored the strong diplomatic and economic ties between Nigeria and Senegal.

The two nations share longstanding relations, particularly within the Economic Community of West African States (ECOWAS), fostering cooperation on regional security, trade, and development initiatives.

Advertisement

The event is expected to reaffirm Senegal’s commitment to democratic governance and regional cooperation.

Vice President Shettima is scheduled to return to Nigeria immediately after the one-day celebrations, continuing his engagements in national development and diplomatic outreach.

Continue Reading

News

Just in: “Ignore rumour mongers, there was no time I collapsed “-Wike asserts

Published

on

By

Federal Capital Territory FCT minister, Nyesom Wike on Thursday dismissed social media reports that he collapsed last week, describing the reports as the handiwork of rumour mongers trying to score cheap political points.

Wike spoke after he inspected four ongoing projects in the territory, including the International Conference Centre ICC.

Continue Reading

News

CJ transfers Natasha’s case to Justice Nyako

Published

on

 

The Chief Judge of the Federal High Court, Justice John Tsoho, has reassigned the suit filed by Senator Natasha Akpoti-Uduaghan against Senate President Godswill Akpabio and others to Justice Binta Nyako.

The case, which was initially handled by Justice Obiora Egwuatu, will now be heard afresh by Justice Nyako following Egwuatu’s withdrawal from the matter. His decision came after allegations of bias were reportedly raised by Akpabio, the third defendant in the suit.

Justice Egwuatu withdrew from the case on March 25, citing concerns over judicial integrity.

Advertisement

“Justice is rooted in confidence in the court. Once a litigant expresses his belief that there is bias or likelihood of bias on the part of the judge, it will not be in the interest of justice for the judge to continue,” he stated.

He forwarded the case file to the Chief Judge for reassignment.

Senator Akpoti-Uduaghan, who represents Kogi Central Senatorial District, had filed the lawsuit to halt an investigation into her alleged misconduct by the Senate Committee on Ethics, Privileges, and Public Petitions. She had sought an interim injunction to prevent the committee from proceeding with disciplinary actions against her.

Justice Egwuatu previously issued an order on March 4 declaring Akpoti-Uduaghan’s suspension by the Senate null and void. However, on March 19, he set aside a portion of his ruling after hearing arguments from both sides. The Senate had filed a motion urging the court to vacate the order, arguing that it interfered with its legislative duties and could lead to a constitutional crisis.

Advertisement

During legal proceedings, the Senate’s lawyer, Chikaosolu Ojukwu, argued that the court’s order restrained the Senate from fulfilling its constitutional responsibilities, while Akpoti-Uduaghan’s counsel, Michael Numa, opposed the motion, describing it as a disregard for the court’s authority. He urged the court to dismiss the Senate’s application and take disciplinary action against the defendants for contempt.

Akpoti-Uduaghan also filed a contempt charge, asserting that her suspension was a deliberate violation of the court’s interim injunction. She maintained that the court’s directive was duly served on the defendants, but they proceeded with actions in defiance of the ruling.

Nigeria’s 1999 Constitution (as amended) grants the National Assembly the authority to manage its internal affairs, including disciplining its members. However, this power is not unlimited. It must be exercised in accordance with constitutional provisions, due process, and the rule of law.

The principle of separation of powers, outlined in Section 4 for the legislature, Section 6 for the judiciary, and Section 5 for the executive, ensures that each arm of government functions independently without interference. However, courts have the authority to review legislative actions if they infringe on fundamental rights or violate existing laws.

Advertisement

Judicial rulings have established that while legislatures hold disciplinary authority, their actions must align with the principles of natural justice, particularly the right to a fair hearing, as outlined in Section 36 of the Constitution. The outcome of this case could clarify the extent of legislative immunity and determine whether courts can override Senate disciplinary actions when due process is at stake.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News