GHL vs FBN: The Facts, The Half-Truths and The Fiction

GHL vs FBN: The Facts, The Half-Truths and The Fiction

1.Is GHL’s liability to First Bank a loan? The simple answer is NO,as it is

not a normal commercial loan:it is a Project Finance relationship.

Here is how:

2.GHL is the awardee and licenced operator of OML 120. FBN approached 

(discounted from $718million from AMCON’s Eligible Bank Asset)in 

and share profit 50:50, while paying FBN cost of finance.The FBN 50% 

order to resolve FBN’solvency issues.

GHL to finance the exploration,development and production of OML 120

In doing that, GHL guaranteedFBN’s liability to AMCON, through a 

share is dedicated to pay down its non-performing loan of $600million

Tripartite Agreement between GHL, FBN and AMCON

3.The result of the Tripartite Agreement was that FBN became immediately 

the project has not achieved commercial production.So,at best FBN’s

its financial statements open to challenge.Meanwhile the FBN’s claim of 

downtimes of $47th million, which has snowballed into the current impasse

precedent to profitability in failing to finance OML 120 as agreed, leaving

profitable and moved from a loss of N302Billion to a profit of N151Bn for 

as FBN has failed to make further required payments for the drilling and 

required for the optimal exploration and development of OML 120 as 

exploration of OML 120.Essentially, FBN failed to fulfil its condition 

2021 FYE. However, in return,it has failed to meet its commitment under 

$225Million loan is not due as it is still covered by moratorium, given that 

the Tripartite Agreement to fully finance and make the payments 

agreed in the Tripartite Agreement, resulting in losses in day rate and 

The claim is premature.

.GHL has now gone for Arbitration which is ongoing and FBN has gone 

reputable companies with strict compliance regimes.

verification by FBN, and the 3rd parties are mainly global, world class, 

whilst the second temporary Mareva is pending at the Federal High Court 

5.Did GHL dissipate any assets? The answer is no as all payments were made 

GHL will continue to fight for justice and damages whilst remains open 

claiming $225million debt which it never complied with in line with the 

by First Bank DIRECTLY to 3rd parties after due diligence and 

6.GHL is filing a claim of over $1 Billion in various courts, while FBN is 

which has been vacated and the case is now being heard on the merit, 

agreements.

unproven allegations of dissipation of assets.”

to court with a series of Exparte (temporary) Mareva measures, the first of 

in Port-Harcourt, Rivers State, both supported by”wild, unfounded and 

for mediation and resolution.