All commercial banks in Nigeria have been prohibited by the Federal High Court, which is located in Lagos, from releasing funds or managing assets owned by General Hydrocarbons Limited, an oil and gas company.
Following allegations of unpaid loans owed to First Bank Nig amounting to up to $225.8 million, Justice Deinde Dipeolu issued the order. Ltd &, FBN Quest Trustees Ltd.
Additionally, the court forbade all commercial banks from transferring funds and other assets held by individuals who are listed as General Hydrocarbons Ltd. directors and shareholders.
Within seven days of receiving certified statements of accounts, the court mandated that the banks make the exact balances available for these accounts.
General Hydrocarbons Ltd. is mentioned as the owner of the nation’s OML 120 oil-producing block.
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Companies affiliated with OML 120 were required to report the amount of products lifted, as well as production and revenue records, along with receipts for profits to the directors’ accounts.
Additionally, General Hydrocarbons’ directors were prohibited from transferring or dissipating any of the company’s assets, including but not limited to, all forms of stock, shares, receivables, and contracts that were pledged as security for the loan facilities granted.
In addition, the court further forbade the company’s directors from disposing of their immovable or immovable assets while the substantive suit is being resolved.
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