By Princess Don, Uyo.
General Hydrocarbons Limited (GHL) has issued a formal rebuttal to recent allegations from First Bank of Nigeria (FBN), claiming that the company misappropriated funds and engaged in financial misconduct.
In a statement signed by the company’s Director of Strategy & Operations, Abdelmuizz Bello, on Friday and made available to our Correspondent, asserting that GHL adhered strictly to all contractual obligations and financial agreements.
According to the statement, GHL rejects FBN’s accusations, stating that the bank has not provided any concrete evidence to support claims of fund diversion. The company affirms that all payments were made directly by FBN’s Credit and Risk teams to the service providers, in line with agreed procedures.
However, GHL points out that FBN breached the Tripartite Agreement by failing to disburse funds within the stipulated five-day period. This failure triggered a significant operational crisis, as highlighted by a critical situation involving the Blackford Dolphin drilling rig off Nigeria’s coast on October 7, 2023. The rig, housing 93 crew members, faced a severe shortage of essential supplies, endangering lives and threatening a potential disaster.
GHL was forced to act swiftly to secure emergency supplies, executing an Irrevocable Third-Party Payment Order to avoid a crisis. Despite earlier assurances from FBN that payments would be processed within three days, the bank failed to fulfill its obligations. GHL’s intervention was subsequently misrepresented by FBN as a diversion of funds.
In addressing the ongoing legal dispute, GHL referred to a December 12, 2024, ruling by Justice Ambrose L. Allagoa, which imposed a restraining order on FBN, preventing the bank from enforcing any demands under the Facility Agreement. GHL accuses FBN of attempting to circumvent this judgment by seeking an Exparte Mareva injunction without disclosing the prior court ruling.
Additionally, GHL criticized FBN’s efforts to appoint an Independent Asset Manager to oversee the company’s operations, labeling it an attempt to take control of the business. GHL rejected this proposal and instead suggested the establishment of a Joint Operating Committee, which FBN dismissed.
GHL reiterated its commitment to resolving the dispute through the legal process and emphasized its readiness to present evidence in court to refute FBN’s claims, aiming to clarify the facts surrounding the alleged financial misconduct.
