- Advances with Arise Skypavilion plan…
By Abiola Olawale
The intermittent battle of wits between General Hydrocarbons Limited (GHL), a pre-eminent player in the oil and gas industry and Nigeria’s oldest financial institution, First Bank may have entered a new frontier as ARISE TV/ThisDay media Group have effectively evicted First Bank from its prime property located in highbrow Ikoyi, Lagos.
This is as The New Diplomat exclusively gathered that Arise TV/ThisDay Media Group, owners of the sprawling edifice located on upscale Awolowo Road, Ikoyi, successfully threw out First Bank a few days back, and has commenced moves to erect what some described as Arise Skypavilion.
The New Diplomat findings reveal that the building which was until now, was housing First Bank corporate branch, situated at 113 Awolowo Road Ikoyi, Lagos, belong to Arise TV/ThisDay media Group.
The New Diplomat further learnt that upon eviction of the financial institution(First Bank), the media group is now advancing with moves to build a corporate skyrise to be named Arise Skypavilion.
Recall that Arise TV/ThisDay newspapers owned by media mogul, Prince Nduka Obaigbena, are highly influential global news organizations, which uniquely report compelling narratives to global audiences across Africa, Europe, Asia-Pacific and North America, largely from African lenses.
Recall also that Prince Obaigbena’s promoted General Hydrocarbon Limited( GHL), a premier player in Nigeria’s oil and gas industry and First Bank, Nigeria’s oldest financial institution have been ensnared in a major legal tussle.This comes amidst escalating disputes, tackles and counter arguments between GHL and First Bank.
The dispute centres around a loan or credit facilities purportedly extended by First Bank to GHL for the development of Oil Mining Lease (OML) assets.
The relationship was reportedly formalized through a Subrogation Agreement in May 2021, where First Bank was required to fund GHL’s exploration and development activities in exchange for a share of the profits from oil proceeds.
But, First Bank did not think so, prompting the financial institution to secure a Mareva injunction to freeze GHL assets.
However, a Federal High Court in Lagos presided over by Justice Deinde Dipeolu, lifted the injunction on January 29, 2025, ruling that First Bank failed to disclose critical information, rendering the order an abuse of court process.
GHL had also countered First Bank’s claims, asserting that their relationship with First Bank was a 50/50 profit-sharing arrangement for Oil Mining Lease (OML) 120, not a traditional loan.
GHL also accused First Bank of breaching its subrogation agreement, leading to a loss of trust and prompting arbitration proceedings.
Also, a recent judgment by the Federal High Court sitting in Port Harcourt, Rivers State, dismissed the suit filed against GHL by First Bank.
The presiding judge, Justice E. A Obile dismissed the entire suit on the grounds that the court is bereft of requisite jurisdiction to entertain the case, upholding the arguments of counsel for General Hydrocarbons Limited., Dr ‘Biodun Layonu, SAN,
In dismissing the case, the court upheld GHL’s notice of preliminary objection challenging its jurisdiction to entertain the suit.
The court agreed with the GHL’s submissions in the notice of preliminary objection and dismissed the entire suit filed by FBN for being an abuse of court process and a breach of the orders of Justice Allagoa issued on 12th December 2024 in Suit No FHC/L/CS/1953/2024.
Following the court ruling, GHL approached the court again seeking $1 billion each in damages from First Bank for defamation and wrongful account freezing, further escalating the legal tussle.
This development is coming amidst an ongoing struggle for control of the soul of First Bank Holdings Plc between contending business moguls and entities.
