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FIRSTBANK CLARIFIES MISLEADING REPORTS, REASSURES CUSTOMERS OF GOLD STANDARD BANKING SERVICES

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3 months ago

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FIRSTBANK CLARIFIES MISLEADING REPORTS, REASSURES CUSTOMERS OF GOLD STANDARD BANKING SERVICES

 

Our attention has been drawn to recent media reports regarding a commercial transaction between First Bank of Nigeria Limited (FirstBank) and General Hydrocarbons Limited (GHL) that is currently a subject of litigation.

 

As a responsible and law-abiding corporate citizen of Nigeria with utmost respect for the courts, FirstBank will not be able to offer comments on issues which are pending for determination by the courts, as such issues are sub-judice.

 

However, we are constrained to issue the following clarifications to correct the sponsored but false narratives on the matter presented in some of the media publications.

 

There is a subsisting commercial transaction between FirstBank as lender, and GHL as borrower, where FirstBank extended several credit facilities to GHL for the development of some Oil Mining Lease assets.

 

These facilities are backed by very robust loan agreements executed by the parties in which the obligations of the parties are clearly defined and the security arrangement clearly spelt out.

 

While FirstBank has diligently performed its obligations under the loan agreements, at the root of the present dispute is FirstBank’s demand for good governance and transparency in the transaction, which GHL rejected.

 

Upon FirstBank’s realization of breaches on the part of GHL including diversion of proceeds, FirstBank requested that an independent operator mutually acceptable to both parties be appointed in line with the terms of the agreement, to operate the financed asset in a transparent manner that will bring greater visibility to the project, protect the interest of, and bring value to all stakeholders. Not only did GHL roundly reject this reasonable and fair request, rather GHL insisted that FirstBank avails it with more funding. GHL refused to execute the terms of offer stipulated by the Bank for the availment of additional funding but rather proceeded to commence needless Arbitral proceedings.

 

GHL issued a notice to initiate arbitration and has no substantive claim pending at the Federal High Court. GHL approached the Federal High Court solely to seek preservative orders pending arbitration. Some of the preservative orders sought by GHL were granted while others were denied.

 

FirstBank is the only party that filed a substantive claim against GHL at the Federal High Court and the subject matter of FirstBank ‘s claim is not identical with the dispute GHL submitted to arbitration because FirstBank’s claim is in respect of subsequent credit facilities granted to GHL and the offer letters and finance documents pertaining to the subsequent transactions clearly state that the disputes arising from the subsequent facilities are to be resolved by a court of competent jurisdiction in Nigeria and not by arbitration.

 

Consequently, it is incorrect to assert that FirstBank abused the process of the court.

 

GHL off-took crude from the Floating Production Storage and Offloading (FPSO) vessel and diverted the proceeds. The Bank had no choice as a secured lender, under these circumstances of continued breaches, non-payment of due obligations and attempts to shield the Bank away from agreed security and repayment sources, than to approach the court for legal remedies, to preserve assets, recover the diverted proceeds, prevent reoccurrences and safeguard FirstBank’s interest. It is clear to us that the courts do not support or protect illegalities and breaches of contracts.

 

FirstBank has a long and very rich history of supporting and providing for the financial needs of its customers over its more than 130 years of unbroken existence. FirstBank remains committed to ensuring that it continues to support legitimate business aspirations of its teeming customers. At the same time, FirstBank is committed to the building of a strong credit culture where borrowers pay their debts when they borrow and will always take appropriate steps, within the ambit of the law, to resist attempts by borrowers to repudiate their repayment obligations.

 

We wish to assure FirstBank’s numerous customers, stakeholders and the general public that FirstBank remains solid, calm, steadfast and unflinching in its resolve to continue to provide first-class services to its teeming customers within and outside the country.

 

FirstBank also wishes to respectfully thank our shareholders for the indicatively oversubscribed Rights Issue of its parent Company, First Holdco Plc (“FirstHoldco”), in the first round of its capital raise and looks forward to an equally successful final leg of the recapitalization exercise when it is announced by FirstHoldco.

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Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

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The Purple Blossom Dental Studio Opens Its Doors with State-of-the-Art Facilities in Moreleta Park

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1 day ago

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April 5, 2025

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The Purple Blossom Dental Studio Opens Its Doors with State-of-the-Art Facilities in Moreleta Park

Excitedly, the Purple Blossom Dental Studio has officially reopened its doors in Moreleta Park, Pretoria, bringing advanced dental care and technology to the heart of the community. The studio, known for its dedication to providing top-tier service, has undergone a major upgrade, ensuring patients receive the highest standard of care in a serene and comfortable environment.

The studio caters to patients of all ages, offering a range of services from routine check-ups to specialized treatments. Whether you’re looking to maintain your oral health or seeking cosmetic dental work, the team at The Purple Blossom Dental Studio is committed to helping you smile with confidence.

“We are thrilled to be back and better than ever,” said the spokesperson for The Purple Blossom Dental Studio. “Our goal is to provide every patient with exceptional dental care using the latest technology and techniques, all while ensuring a relaxing and welcoming atmosphere.”

The Purple Blossom Dental Studio Opens Its Doors with State-of-the-Art Facilities in Moreleta Park

The studio invites new and returning patients to schedule their appointments and experience the difference that modern dental care can make. The clinic’s professional team is eager to meet the needs of the local community, and they emphasize that healthy, beautiful smiles are their top priority.

Location:
The Purple Blossom Dental Studio
1277 De Villebois Mareuil Drive
Moreleta Park, Pretoria

For Appointments:
Call 012 997 2040

This marks a significant milestone for The Purple Blossom Dental Studio, as it continues to expand its reach and elevate the dental care experience in Pretoria.
https://g.co/kgs/rJr1etX

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Reliable Source Defends Okunfulure Olusola Steve, Denies Money Laundering Allegations

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2 days ago

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April 4, 2025

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Reliable Source Defends Okunfulure Olusola Steve, Denies Money Laundering Allegations

 

A trusted and close associate of Mr. Okunfulure Olusola Steve has come forward to refute the widespread reports alleging his involvement in money laundering.

According to the source, who is based in the United States and has longstanding ties with Mr. Olusola, the Nigerian-born businessman is a legitimate entrepreneur with a verifiable professional background in the U.S.

“I want to categorically state that Olusola is not involved in money laundering,” the associate stated. “He is a law-abiding citizen who has never engaged in any criminal activity.”

The source clarified that Mr. Olusola was in Nigeria to attend a private function and was apprehended at Murtala Muhammed International Airport while returning to the U.S., with $30,000 in his possession. The issue reportedly arose due to his failure to properly declare the amount to airport authorities, which led to allegations of money laundering.

“This situation has caused significant distress to his family, friends, and associates, as Olusola is widely regarded as a person of integrity and good character,” the associate added.

It will be recalled that Justice Deinde I. Dipeolu of the Federal High Court in Ikoyi, Lagos, on Wednesday, April 2, 2025, convicted and sentenced Mr. Okunfulure Olusola Steve to three months imprisonment for money laundering. He was arrested on March 28, 2025, by operatives of the Nigeria Customs Service at the airport for failing to declare the $30,000 in his possession, in violation of the law.

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AARE ADETOLA EMMANUELKING AT 50: REDAN PRESIDENT CELEBRATES HIS VISIONARY LEADERSHIP

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2 days ago

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April 3, 2025

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AARE ADETOLA EMMANUELKING AT 50: REDAN PRESIDENT CELEBRATES HIS VISIONARY LEADERSHIP

 

It is with great pleasure that I, Prince Akintoye Adeoye, President and Chairman of Council of the Real Estate Developers Association of Nigeria (REDAN), on behalf of the entire Association, extend my warmest birthday wishes to you.

As you celebrate your birthday today, we recognize your outstanding contributions to the real estate industry. Your visionary leadership in making homeownership accessible and building Adron Homes & Properties into a leading brand sets a high standard for excellence. Your passion and dedication continue to inspire many of us in the real estate sector.

Today is not just a birthday; it is a celebration of your remarkable achievements, wisdom, and the abundant grace of God. From a visionary start to shaping the future of affordable housing in Nigeria, your leadership in the real estate sector has been ground-breaking.

REDAN is proud to recognize your invaluable contributions to the real estate sector and our association. As you step into this new age, may you be blessed with continued success and even greater accomplishments in all your endeavors.

Turning 50 is a momentous occasion, offering a time for reflection on the many successes and cherished memories that have shaped your journey. At REDAN, we wish you continued good health, wisdom, and divine grace as you keep contributing to the advancement of the real estate sector and our beloved nation.

May this year and the ones ahead be filled with even greater achievements, joy, and fulfillment.

Once again, happy 50th birthday, Aare Adetola Emmanuel King.

Thank you.

Yours faithfully,

FOR: REAL ESTATE DEVELOPERS’ ASSOCIATION OF NIGERIA

Prince Akintoye Adeoye
President & Chairman of Council

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