Nigeria's General Hydrocarbons' Accounts Frozen Over $225m Debt Dispute with First Bank

General Hydrocarbons' accounts have been frozen by the Federal High Court in Lagos amid a $225m debt dispute with First Bank, according to a Mareva injunction granted against all commercial banks and financial institutions operating in Nigeria. The order restricts banks from releasing money or assets until the dispute is resolved.

The Federal High Court in Lagos has issued a Mareva injunction, temporarily freezing General Hydrocarbons' accounts and preventing commercial banks and financial institutions from releasing funds or assets up to the value of $225 million, amid an outstanding debt dispute with First Bank. This move comes as part of an ongoing court case between the two parties, which is reportedly centered around a significant debt owed by General Hydrocarbons to First Bank. The injunction aims to prevent any further financial transactions or asset transfers until the dispute is resolved. As a result, General Hydrocarbons' access to its own funds has been significantly restricted.