This legal action follows a lawsuit initiated by First Bank of Nigeria Limited and FBNQUEST Trustees Limited, which allege that the company owes them an outstanding debt of $225,802,379.69 (approximately ₦172 billion), stemming from loan facilities granted as of September 30, 2024.
The court directive bars commercial banks from releasing or managing any assets or funds owned by General Hydrocarbons Limited, including those associated with its subsidiaries, agents, or sister companies, up to the amount claimed by the plaintiffs.
