The Federal High Court in Lagos has lifted a Mareva injunction that had frozen the assets of the company and its directors.
The court’s decision followed compelling arguments from GHL’s legal team, led by Abiodun Layonu, SAN, and Olumide Aju, SAN, who represented the second to fifth defendants in the case.
Justice Dehinde Dipeolu’s ruling to overturn the Mareva injunction was based on the violation of a prior order from a court of concurrent jurisdiction. The court examined an earlier order from Justice Ambrose Lewis-Allagoa in Suit No. 1953, which had already dealt with the matter.
This suggests that the court found the Mareva injunction to be inconsistent with the earlier ruling, leading to its decision to lift the freeze on the company’s assets and those of its directors.
Justice Dipeolu’s ruling further emphasized that First Bank of Nigeria and FBNQUEST LTD had failed to disclose Justice Lewis-Allagoa’s prior order when seeking the Mareva injunction.
This omission made the injunction incompatible with the earlier ruling, leading the court to conclude that First Bank had deliberately “suppressed facts” in an effort to mislead the court.
As a result of the court’s findings, Justice Dipeolu set aside the freezing order on GHL’s accounts, along with those of the other defendants involved in the case.
This decision effectively restores access to the assets that were previously frozen, marking a significant victory for GHL and the other defendants.
First Bank initially sought the injunction through an ex-parte application, targeting GHL and 15 other entities, despite the existence of an ongoing judgment.
GHL and several of the defendants argued that the injunction was obtained through fraudulent misrepresentation and the concealment of crucial facts.
They contended that had all the relevant information been disclosed, the injunction would not have been granted.
In response to the court’s ruling, GHL has vowed to pursue legal action on a global scale. The company’s directors, who were also impacted by the injunction, have begun proceedings to seek $1 billion each in damages for defamation and the wrongful freezing of their accounts.
Additionally, GHL is taking legal steps against First Bank’s lawyers, Babajide Koku, SAN, and Victor Ogude, SAN, by filing a case before the Legal Practitioners Privileges Committee, accusing them of unprofessional conduct.
