The Federal High Court in Lagos has adjourned sine die (indefinitely) the proceedings in the legal battle over an alleged $225.8 million debt involving First Bank Nigeria Ltd., FBN Quest Trustees Ltd., and oil and gas company General Hydrocarbons Limited (GHL).
Presiding over the case, Justice Deinde Dipeolu ruled on Tuesday that proceedings would remain on hold pending the outcome of an appeal filed by the parties.
During the hearing, Buchi Ofolue appeared on behalf of the plaintiffs, First Bank & FBN Quest Trustees Ltd., while Taiwo Doherty and Wilson Okereke represented the first defendant, General Hydrocarbons Ltd. (GHL).
For the second to fifth defendants—Nduka Obaigbena and other directors of GHL—Senior Advocate of Nigeria (SAN), Olumide Aju, took the lead. I. O. Ike represented the sixth and seventh defendants, Aimonte Nigeria Ltd. and Calidin Oyo Production BBS Ltd., while Uzoamaka Ikpeazu appeared for the 13th defendant, Glencore Energy UK Ltd.
Olumide Aju (SAN) informed the court that all parties involved had filed and exchanged their briefs at the Court of Appeal. He also disclosed that he had spoken with Senior Advocate of Nigeria, Victor Ogude, who previously represented the plaintiffs, and both agreed that the lower court should adjourn the matter indefinitely.
Although Ogude was not present in court on Tuesday, Ofulue, representing the plaintiffs, confirmed that all parties had consented to the indefinite adjournment.
After considering the submissions, Justice Dipeolu ruled that the proceedings would be put on hold indefinitely, pending further developments at the appellate level.
This high-stakes legal dispute underscores the complexities surrounding multi-million-dollar transactions in Nigeria’s oil and gas sector and the financial institutions involved in funding such ventures.
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