Obaigbena’s GHL responds to allegations, seeks resolution through courts

Stanley Ihedigbo

General Hydrocarbons Limited (GHL), owners and operators of OML 120, Deep Offshore Nigeria, has released addressed claims and counterclaims surrounding its oil and gas drilling campaign.

In a statement made available to The Mirror by the company chairman, Mr. Nduka Obaigbena, stated that they clarified their partnership with First Bank of Nigeria Limited (FBN), which was established to finance the exploration, development, and operations of OML 120.

According to GHL, the partnership was formed through a Subrogation Agreement, which allowed FBN to share profits and liquidate its non-performing loans.

However, GHL alleged that FBN has breached its obligations under the agreement, leading to current challenges.

GHL assured its valued partners that it is working through the courts, arbitration, or mediation to resolve its differences with FBN.

The company expressed confidence in its strong assets base and its ability to meet any obligations that may fall due.

GHL also highlighted its achievements in the oil and gas sector, including the discovery of oil and gas in Deep Offshore Nigeria, thanks to the expertise of its Nigerian-born engineers and technical partners.

The company reaffirmed its commitment to Nigeria’s oil and gas sector and expressed its belief that justice and reason will prevail in its dispute with FBN.

In a related development, a Federal High Court in Lagos State has granted an ex-parte order freezing GHL’s assets and accounts with all commercial banks in Nigeria, following a lawsuit filed by FBN and FBNQUEST Trustees Limited.