News
First Bank responds to legal dispute with General Hydrocarbons
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.
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.
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.
…commend his leadership qualities, contribution to national development
By Gloria Ikibah
The Chairman House of Representatives’ Committee onthe Federal Capital Territory (FCT), Rep. Muktar Betara has congratulated Governor of Niger State, Mohammed Bago on his 51st birthday.
Rep. Betara who represents Biu/Bayo/Shani/Kwaya Kusar Federal Constituency of Borno State, in a congratulatory message admitted Governor Bago’s relentless advocacy for Nigerites as well as the meaningful contributions to legislative processes that shaped national development while serving as Member of the House of Representatives.
Thrilled by the leadership qualities of Governor Bago, he applauded various unprecedented developmental projects initiated since his assumption of office in 2023.
He said: “Your Excellency, on this special occasion of your 51st birthday, I extend my heartfelt congratulations and best wishes to you.
“This milestone is a testament to a life dedicated to public service, leadership, and unwavering commitment to the progress of Niger State and Nigeria at large.
“As the Governor of Niger State, your visionary leadership has continued to inspire hope and transformation across various sectors.
“Your dedication to infrastructural development, education, healthcare, and especially, agriculture, and security has significantly improved the lives of the people, reinforcing your reputation as a leader who prioritises the welfare of his people.
“Your efforts in fostering economic growth and good governance have set a solid foundation for sustainable development in the state.
“Before assuming office as Governor, your impactful tenure as a Member of the House of Representatives was marked by your relentless advocacy for your constituents and meaningful contributions to legislative processes that shaped national development.
“As you celebrate this new chapter of your life, may you continue to be blessed with wisdom, strength, and good health to steer Niger State toward greater heights. Happy birthday !”
…as currency swap boosting bilateral trade
By Gloria Ikibah
The Nigerian government is deepening economic collaboration with China to drive industrialisation and economic diversification.
Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, made this known when she received the Chinese Ambassador to Nigeria, Yu Dunhai, in Abuja.
The Minister emphasised that Nigeria’s longstanding ties with China, spanning over five decades, align with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises economic expansion and resilience.
Outlining key areas where Nigeria seeks Chinese support, including electric vehicle production, digital technology, renewable energy, and agriculture, Amb. Odumegwu-Ojukwu acknowledged China’s significant role in Nigeria’s road and rail infrastructure development and noted that the country is taking concrete steps to modernize its ports and power sector to attract more investment.
She also highlighted the importance of cultural ties, and noted the growing interest among Nigerian youths in learning the Chinese language.
The minister reaffirmed Nigeria’s commitment to strengthening its economic partnership with China, highlighting that the ongoing currency swap agreement is already enhancing trade relations between both nations.
“It’s quite interesting that a large population of Nigeria youth is inching towards Chinese Language. A lot of Nigerian Universities are desirous to offer Chinese Language. Chinese had become the language of trade in the world.
“Nigeria-China will continue to relate not just bilaterally but multilaterally.
“We expect that we will continue to get the support of China but we will always reciprocate that multilaterally.
“In line with President Tinubu’s plan to industrialise Nigeria, we expect Chinese cooperation in establishing assembly plants of electric vehicles; digital communication, renewable energy, all aspects of digital technology, agriculture because of food insecurity as the government is interested in seeing that food gets to the poorest of the poor. Government is not just talking about food but has established a separate Ministry of Livestock,” the minister stated.
She urged China to extend trade tariff exemptions to its exports, similar to the concessions already granted to 33 other African nations, emphasising that the Renewed Hope Agenda prioritizes stronger ties between citizens and deeper country-to-country partnerships.
In response, Chinese Ambassador Yu Dunhai reaffirmed China’s commitment to strengthening its relationship with Nigeria, describing the country as a key strategic partner. He noted that President Bola Ahmed Tinubu’s visit to China and participation in the Forum on China-Africa Cooperation (FOCAC) had elevated diplomatic and economic engagements between both nations.
Amb. Yu highlighted ongoing collaborations in infrastructure, including roads, railway modernization, power, industrial parks, and the Lekki Deep Sea Port. He disclosed that trade volume between the two nations exceeded $21 billion last year, with Nigeria’s exports to China accounting for over 25% of this figure.
He further underscored the role of manufacturing in industrialization, pointing to the recently renewed $2 billion currency swap agreement as a tool to enhance financial cooperation, boost bilateral trade, and attract more investment.
Expressing optimism about the future, the envoy stated that these efforts would ultimately yield tangible benefits for ordinary citizens in both countries.
He said: “We have a comprehensive strategic partnership with Nigeria. China would want Nigeria to play a big role in the international scene. We want Nigeria to become a member of G-20. These will all provide opportunity for China and Nigeria to further work together closely.
“For China, we have been very consistent. We give grant to any African countries; we don’t give any conditions.”
He further acknowledged that it was important that the two countries met to review how far they have performed in their bilateral cooperation.
Speaker Abbas Hails Governor Bago @51
Betara Celebrates Governor Bago @51
Nigeria Seeks Stronger Economic Ties with China
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