Justice Dehinde Dipeolu of the Federal High Court in Lagos has vacated an ex parte Mareva Injunction that froze the assets of General Hydrocarbons Limited (GHL), a Nigerian oil and gas services company, in connection with a disputed $225.8 million loan.
In his ruling, Justice Dipeolu determined that the injunction violated a prior order issued by Justice Ambrose Lewis-Allagoa in Suit No. 1953. The court found that First Bank of Nigeria, which sought the freezing order to recover the loan, failed to disclose Justice Lewis-Allagoa’s order, rendering the injunction incompatible with the earlier ruling.
The Mareva Injunction had been granted on December 30, 2024, and had prohibited commercial banks from releasing or dealing with any assets belonging to General Hydrocarbons Limited or its affiliates, up to the amount of the disputed loan. In addition, a preliminary injunction was issued barring GHL’s directors—Nduka Obaigbena, Efe Damilola Obaigbena, and Olabisi Eka Obaigbena—from transferring or dissipating any of their assets in Nigeria.
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The case, filed under Suit No. FHC/L/CS/2378/2024, involves several other respondents, including GHL 121 Ltd, Aimonte Nigeria Ltd, Calidin Global Resources Ltd, and global entities such as VITOL SA, Schlumberger Nigeria Ltd, and Mercuria Energy Trading SA.
cwhich obtained the order, opposed GHL’s request to lift the freezing of its assets. The bank argued that the injunction was essential to secure the loan recovery. However, GHL’s lawyer, Abiodun Layonu, claimed that the injunction had been granted based on misleading information and failed to disclose the earlier order from Justice Lewis-Allagoa, which had halted further actions until arbitration proceedings took place. Layonu argued that the Mareva injunction had caused significant financial harm to GHL and should be dismissed.
The case continues to evolve, with both sides awaiting further decisions from the court.
