Shell-Ejama community dispute: First Bank sets record straight

First Bank has responded to reports of the garnishee order made absolute by a court seeking to attach the funds of First Bank at the Central Bank of Nigeria (CBN).

First Bank’s involvement in the matter only arose from the litigation guarantee in the sum of N17.2 billion plus interest it issued at Shell’s request as a condition for the stay of execution of a ruling in a lawsuit between Shell Petroleum Development Company Limited (Shell) and the Ejama Ebubu Community which is still subject to two separate and subsisting appeals before the Supreme Court of Nigeria.

“While FirstBank will not go into the details of the matter as same remains subjudice, it is important to state that the said ruling was made without regard to the said appeals before the Supreme Court. It is also necessary to put it on record that the sum of N182.7billion remains strange to us as we are not aware of any such judgment sum by any court of law capable of being enforced by a garnishee proceeding,” First Bank said in a statement.

With specific reference to the reported recent ruling of the Federal High Court sitting in Abuja, First Bank and all the other necessary parties to the garnishee order proceedings have filed their respective appeals against the ruling.

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The appropriate applications to restrain parties from overreaching and undermining the outcome of the appeals are also in place already.

“As a responsible corporate citizen, FirstBank has always conducted its business operations in strict compliance with all extant rules and regulations whilst meeting its obligations as and when due,” the statement said.

HOPE MOSES-ASHIKE

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.