The Federal High Court in Lagos has adjourned the hearing to March 25 to consider the request to reschedule the proceeding in connection with an alleged $225.8 million debt owed to First Bank Nego. General Hydrocarbons Limited (GHL), a company owned by an oil and gas company, is Ltd & FBN Quest Trustees Ltd.
After hearing the arguments of parties who had complained to the court that they had appealed the most recent decision that overturned the ex-parte order allowing General Hydrocarbons Limited’s assets and accounts, Justice Deinde Dipeolu set the date.
The court’s decision on January 29 had sparked divergent interpretations from the plaintiffs’ claims, which eventually led to the appeals.
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GHL requested an order striking out or dismissing First Bank’s lawsuit for lack of jurisdiction, for being in gross violation of the lower court’s procedure, and for lacked a reasonable cause of action while First Bank filed an appeal against the discharge of the Mareva order against Global Hydrocarbons and also requested an injunction and/or suspension of the order pending the outcome of the appeal.
Due to the court’s pending applications, Senior Advocate of Nigeria, Victor Ogude, who appeared for First Bank, told the judge that the matter had been adjourned so that the court could decide the order of the proceedings on Wednesday when Justice Dipeolu resumed hearing the case.
The attorney’s request for a stay of the proceedings and a verifying affidavit on the 2nd-5th defendant’s appeal were both confirmed by the attorney, who wanted to respond.
He requested an adjournment so that he could submit his response and address the court regarding the merits of a stay.
Olumide Aju, the Senior Advocate of Nigeria for the 2nd & 5th Defendants (Nduka Obaigbena &, the other GHL directors), informed the court that his clients had appealed a portion of the decision, in which case the case could continue pending appeal.
Aju requested that the lower court postpone “sine die” while the appeal is pending.
Source: Channels TV
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