General Hydrocarbons Limited, a company with ownership linked to media baron Nduka Obaigbena, denies owing First Bank Nigeria $225.8 million. The company issued a statement clarifying its position following a report that its accounts were frozen by FBN over a loan default. GHL maintains it has an active agreement with FBN for oil production and development of OML 120, but disputes the projected debt amount.
The end is yet to be heard in the crisis between Femi Otedola and media baron, Nduka Obaigbena, as General Hydrocarbons Limited denies owing First Bank Nigeria $225.8 million. General Hydrocarbons, with ownership linked to Obaigbena, made this clarification in a statement posted by ThisDay Newspaper on Monday. The company was replying to a report that all its accounts in financial institutions were frozen by FBN over failure to meet up with a $225.8 million loan obligation.
'In its quest to stay afloat, the FBN loan was sold at $600 million as an Eligible Banking Asset , with comfort from GHL; the FBN then collected the cash from Assets Management Company of Nigeria, , with which they rebuilt the bank without meeting GHL's needs.
DEBT DISPUTE FIRST BANK NIGERIA GENERAL HYDROCARBONS LIMITED OML 120 FEMI OTEDOLA
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