Banks comply with court ruling lifting Mareva injunction on GHL
According to a statement signed by GHL’s management, banks across Nigeria have complied with the Federal High Court’s ruling delivered by Justice Deinde Dipeolu on January 29, 2025, lifting the Mareva injunction against GHL, its directors, and shareholders.
The statement follows allegations that First Bank of Nigeria (FBN) Chairman Femi Otedola, Managing Director Olusegun Alebiosu, and the bank’s legal team made misleading public statements regarding the court’s decision.
The statement condemned these actions, with GHL accusing First Bank of deliberately misinforming the public. GHL referred to the statements as malicious and part of a wider pattern of dishonesty by the financial institution.
The company expressed its shock that First Bank, a prominent entity in Nigeria’s banking sector, would disregard a court ruling and continue to spread false information.
In response, GHL has filed multiple legal cases seeking damages for defamation, libel, and breach of contract across various jurisdictions.
It was noted in the statement that the Mareva injunction was originally secured by First Bank after allegedly failing to disclose a key judgment from the Federal High Court in Lagos.
GHL also revealed its intention to pursue legal action against First Bank for breach of contract, citing the bank’s failure to comply with obligations related to its financial statements.
The company is seeking a court ruling to determine whether First Bank’s restated audited accounts for 2021/2022, which reported a recovery from a N306 billion loss to a N151 billion profit, are accurate, in light of claims that the bank did not meet the required conditions for the restatement.
