Obaigbena, GHL Appeal Despite Favorable High Court Ruling Against First Bank

Nduka Obaigbena and General Hydrocarbons Limited (GHL) have filed an appeal against a recent High Court ruling that favored them in their legal dispute with First Bank of Nigeria (FBN). The move seeks further legal clarity and enforcement of the decision, particularly regarding the unfreezing of GHL’s accounts, which remain restricted despite the court order.

The case revolves around a contractual disagreement, with GHL accusing First Bank of failing to meet financial obligations after benefiting from their business relationship. GHL has repeatedly insisted that the bank imposed restrictions on its accounts without justification, negatively impacting its operations.

First Bank, on the other hand, has argued that compliance with the court’s ruling is complicated due to regulatory and financial considerations. The bank maintains that certain legal and operational constraints prevent an immediate lifting of restrictions on GHL’s accounts.

As the legal battle continues, industry watchers are closely monitoring the outcome, as it could set a precedent for similar disputes in Nigeria’s financial sector. The appeal signals GHL’s determination to ensure full compliance with the court’s verdict, while First Bank continues to navigate its legal and regulatory obligations.