Banking
$225.8m Loan: GHL Directors Go After First Bank, Seek $1bn Each in Damages
By Adedapo Adesanya
The directors of General Hydrocarbons Limited (GHL) impacted by an ex parte freezing order secured by First Bank of Nigeria as regards a $225.8 million loan are seeking $1 billion each in damages for defamation and wrongful freezing of their accounts.
This is coming after GHL obtained an order from a Federal High Court in Lagos to set aside the Mareva injunction freezing the company’s and its directors’ assets on Wednesday.
Justice Dehinde Dipeolu had yesterday held that the Mareva order violated an existing ruling from a court of concurrent jurisdiction.
GHL’s counsel Mr Abiodun Layonu, a Senior Advocate of Nigeria (SAN), and Mr Olumide Aju (SAN), who represented the 2nd to 5th defendants, argued that the injunction amounted to an abuse of the court process.
They alleged that First Bank had misled the court by failing to disclose a previous order by Justice Lewis-Allagoa, which had restrained the bank from taking further action.
Mr Layonu claimed that the asset freeze had caused severe financial harm to GHL and its directors.
The dispute stems from a loan arrangement between First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc, and GHL, along with related entities such as GHL 121 Ltd, Aimonte Nigeria Limited, and Schlumberger Nigeria Limited.
On December 12, 2024, a court order barred First Bank from enforcing loan recovery measures until arbitration proceedings concluded.
Despite this development, it was reported that First Bank sought an ex-parte order against GHL and 15 other entities, leading to the asset freeze.
GHL and its co-defendants challenged the injunction, arguing it was obtained through fraudulent misrepresentation and the concealment of material facts.
They argued that had all the facts been presented before the trial judge, the order against them would not have been granted.
The trial judge upheld GHL’s arguments and consequently set aside the freezing order.
In his ruling, Justice Dipeolu stated that when compared with an earlier order issued by Justice Ambrose Lewis-Allagoa in Suit No. 1953, the Mareva Injunction should be set aside.
The court found that First Bank of Nigeria and FBNQUEST Limited, at whose instance the order was procured, failed to fully disclose Justice Lewis-Allagoa’s order, which made the Mareva Injunction incompatible with the earlier ruling.
The court consequently agreed with GHL and the 2nd to 5th defendants that First Bank deliberately “suppressed facts” to mislead the court into granting the order against GHL.
The court in the circumstance, said it had no choice but to set aside the order freezing GHL accounts as well as the accounts of all the other defendants in the case.
Justice Dipeolu adjourned the case till February 19, 2025, for further proceedings.
By Modupe Gbadeyanka
Preparations are ongoing for the maiden Africa Trade Conference (ATC) taking place in Cape Town, South Africa on March 12, 2025.
The event is being hosted by Access Bank Plc and it is to advance the continent’s economic transformation under the theme, Empowering Africa Through Trade, Innovation, and Sustainable Growth.
“The Africa Trade Conference represents a crucial step in redefining Africa’s trade potential. By creating platforms for dialogue, innovation, and actionable solutions, Access Bank is enabling African businesses to connect and thrive in the global economy,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, said.
It was gathered that the event will bring together the most influential voices in trade, finance, and policy to address the future of commerce across Africa.
With Africa’s trade finance gap estimated at $81 billion annually, the conference aims to tackle the systemic challenges hindering trade, particularly for SMEs and domestic firms.
By fostering collaboration among key stakeholders, the conference will explore innovative solutions, sustainable trade practices, and strategies for expanding African economies into global value chains.
The ATC will also shine a spotlight on the transformative potential of the Africa Continental Free Trade Area (AfCFTA), which aims to reduce trade barriers, enhance infrastructure, and integrate African economies into global trade networks.
Furthermore, the event will explore critical themes shaping the continent’s economic future, including the transformative role of digitisation and innovation in global trade, solutions for overcoming trade barriers to enhance market access, as well as sustainable trade practices and innovative financing models, thereby providing a comprehensive roadmap for advancing Africa’s position in global commerce.
The Executive Director for African Subsidiaries at Access Bank, Mr Seyi Kumapayi, said the programme would “not only address Africa’s trade challenges, but to champion the continent’s opportunities.”
“Through strategic partnerships, tailored financial solutions, built on the ethos of sustainability, we are paving the way for Africa’s businesses to take their place on the global stage,” he added.
Access Bank’s presence across 24 countries globally, including 16 in Africa, provides a unique advantage in facilitating inter- and intra-African trade.
The bank’s growing network positions it as a key player in addressing trade complexities and promoting inclusive growth across the continent.
By Adedapo Adesanya
London-based remittance company, LemFi, has obtained regulatory approval from the Central Bank of Ireland to acquire Irish payment firm, Bureau Buttercrane, as it continues to expand its European footprints.
According to a statement, LemFi will inherit Bureau Buttercrane’s existing Payment Institution license (CBI reference number: C182347), allowing it to offer an extended range of financial services in the European Economic Area (EEA) region. These services include but are not limited to payment account issuance, money remittance and more.
This move continues LemFi’s commitment to providing seamless and efficient services while complying with the regulatory frameworks set by the relevant authorities.
The company which recently completed a $53 million Series B fundraise will continue to pursue its global expansion goals, staying true to its vision of building the future of financial services and products for immigrants everywhere.
In 2021 it acquired UK-based RightCard Payment Services Limited, securing an Electronic Money Institution (EMI) License in the process and in 2023, it secured a pivotal International Money Transfer Operator license (IMTO) from the Central Bank of Nigeria (CBN).
Just last year, the company expanded into Ghana and Kenya, allowing it to enter into partnerships with multiple partners.
Late in 2024, LemFi launched its services in select European countries through a strategic partnership. Providing minutes transfers at the best value to recipients in over 20 countries in Asia, Europe and Africa.
Speaking on the deal, Ms Rebeca Wignall, General Counsel at LemFi said, “We are very pleased to have completed this acquisition and are particularly delighted by the possibilities this offers us at LemFi.
“We also extend a note of gratitude to the Central Bank of Ireland (CBI) and the legacy team at Bureau Buttercrane for their role in seeing this through,” she added.
By Modupe Gbadeyanka
The sum of N21 million have been won by 360 customers of Union Bank in the first Save and Win Palli Promo 4 draw held recently in Lagos.
The Save & Win Palli campaign is a nationwide promo to reward both new and existing customers with cash prizes.
The Season 4, which began in December 2024, and runs until May 2025, and offers customers the opportunity to win N131 million in cash prizes, motorcycles, tricycles, fuel vouchers, and a star prize of N5 million, which will be handed out to three lucky winners at the grand finale.
Open to new and existing customers, the Save and Win Palli Promo requires participants to save a minimum of N10,000 and perform a minimum of five transactions monthly to qualify for draws.
Monthly winners can receive N100,000, while quarterly draws will reward lucky savers with motorcycles, tricycles, and other exciting prizes.
Customers who save in multiples of N10,000 will increase their chances of winning.
New customers can join the promo by downloading the UnionMobile app to open an account or visiting any Union Bank branch, while existing customers can reactivate accounts by calling the 24-hour Contact Centre at 07007007000 or visiting a branch.
At the first live draw of this season, 60 customers went away with N100,000 each, while 300 others won N50,000 worth of gift vouchers.
The Area Business Executive at Union Bank for Lagos Island 1, Ms Gloria Omereonye, said, “Union Bank is always dedicated to rewarding customers for their loyalty and financial discipline.
“We are pleased that our promo has continued to achieve its noble goals of providing succour to our customers through our gifts and rewards, especially in these economically trying times, while facilitating a sustainable savings culture for future goals and objectives.”
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