$225.8m Debt: GHL Claims First Bank Put 93 Workers At Risk

GHL, owned by the chairman and editor-in-chief of ThisDay Media Group and Arise News Channel, Mr Nduka Obaigbena, in a statement Wednesday morning, said the bank’s failure to pay GHL pending request as per the agreed terms led to an international incident on October 7, 2023, “when the drilling rig, Blackford Dolphin, ran out of fuel, food, water and other critical supplies with 93 souls on board, and the rig was on the verge of declaring MAYDAY.”

“First Bank keeps talking about the diversion of funds by GHL without providing any evidence,” the statement said.

It alleged that all GHL contracts and invoices were vetted and paid by FBN through their Credit and Risk teams directly to all service providers, noting that the bank’s alleged repeated failures to pay on time within the contractual framework of five days which became up to 70 days or not at all, in a clear breach of its Tripartite Agreement obligations.

Recall that the issue commenced when First Bank of Nigeria Limited and FBN Quest Trustees Limited on December 27, 2024, approached the Federal High Court in Ikoyi to seek orders in respect of a total claim of $225.8 million being alleged outstanding indebtedness on General Hydrocarbons’ account with First Bank as of September 30, 2024.

The Ikoyi court granted an order restraining all commercial banks in Nigeria from releasing or dealing in all monies and assets up to $225.8 million due to Mr Obaigbena.

The court also blocked all commercial banks from releasing or dealing in all monies and assets up to the said amount belonging to Efe Damilola Obaigbena, Olabisi Eka Obaigbena and General Hydrocarbons Limited, an oil and gas firm in which all three are directors and shareholders.

Another order barring the banks from dealing in or releasing such monies and assets due to the company, its agents, privies, subsidiaries and sister companies with the banks up to the same sum was issued.

Yesterday, First Bank responded that it didn’t abuse court processes in the ongoing legal battles with General Hydrocarbons Limited, adding that its opponent’s claims were misleading and incorrect.

The bank said it performed its obligations under the loan agreements but trouble started when it demanded good governance and transparency in the transaction, which GHL rejected.

However, in the latest right of reply, GHL said it will meet FBN in court with daily reports and log details to debunk, what it called “this continuing misinformation of diversion.”

“GHL acted to save 93 souls, most of them foreign nationals, who had begun contacting their embassies and home governments, and to save Nigeria from an international incident offshore Nigeria,” the statement said.

“This 2nd Right of Reply has become necessary, again, in view of FBN’s continued misstatement but they have failed to debunk or deny the foundational material facts and seeking to eating their cake and having it. Luckily, FBN has not denied the Subrogation MOU and the benefits it got upfront from GHL’s intervention. They should meet their obligations and all will be well,” it added.