Nigeria, Jan. 30 -- The Federal High Court in Lagos has reversed an order of Mareva injunction obtained by First Bank freezing the assets of Global Hydrocarbons, an oil & gas firm, and those of its directors up to the sum of $225.8 million.

Justice Deinde Dipeolu ruled that the injunction contravened an existing order from a court of concurrent jurisdiction. He noted that, compared with an earlier order granted by Justice Ambrose Lewis-Allagoa in Suit No 1953, the order in question should be set aside.

First Bank and FBN Quest Trustees did not completely disclose at the point of seeking the order the previous order issued by Justice Lewis-Allagoa, making the Mareva injunction to be in conflict with the previous ruling, the court said. ...