GHL: We approached the court for legal remedies, to preserve assets, recover diverted funds… Firstbank

•Safeguard bank’s interest, prevent reoccurrence of breaches

FirstBank Limited, subsidiary of FirstHoldco Plc has explained that the bank is committed to protecting investors, funds, shareholders interest and sustaining the sanctity of agreements entered into with business partners.

The bank in a recent statement explaining that while it took General Hydrocarbons Limited to court, was to ensure legal remedies, preserve the bank’s assets, recover its diverted funds and safeguard the bank’s interest amongst other reasons.

The bank said that it approached the court for legal remedies, to preserve assets, recover diverted proceeds, prevent reoccurrences and safeguard FirstBank’s interest” adding that “It is clear to us that the courts do not support or protect illegalities and breaches of contracts”.

The release titled, Public Statement by FirstBank of Nigeria Limited” the financial institution said that the statement became imperative because, “our attention has been drawn to recent media reports regarding a commercial transaction between First Bank of Nigeria Limited (First- Bank) and General Hydrocarbons Limited (GHL) that is currently a subject of litigation”.

It stressed that as a responsible and law-abiding corporate citizen of Nigeria with utmost respect for the courts,” First bank will not be able to offer comments on issues which are pending for determination by the courts, as such issues are subsidized.