FEDERAL HIGH COURT ISSUES CONTEMPT WARNING TO FIRST BANK, ACCESS BANK, AND ZENITH BANK MDs OVER ALLEGED DISOBEDIENCE TO COURT ORDER IN OML 42 JOINT VENTURE DISPUTE

…says Bank MDs Risk Imprisonment

The Federal High Court in Abuja has issued stern warnings to three major financial institutions: First Bank of Nigeria Limited, Access Bank Plc, and Zenith Bank Plc, placing their Managing Directors on notice that they could face imprisonment for allegedly disobeying a subsisting court order, Very Nigerian reports.

The warnings were contained in a series of Form 48 Notices of Consequences of Disobedience to Court Order, issued in connection with an interim directive made on November 6, 2025, in Suit No. FHC/ABJ/CS/2369/2025.

The highly sensitive dispute revolves around an onshore oil asset and the FSO Ugo Ocha, tied to interests in the OML 42 Joint Venture, in which the Federal Government holds a 55% ownership stake.

According to filings, Form 48 notices dated November 13, 2025, were formally served on the Managing Director of First Bank at both the institution’s Marina Head Office in Lagos and its Abuja main branch on Muhammadu Buhari Way.

In the notices, the court reiterated that it had issued a clear directive mandating all parties to maintain the status quo, stressing that any deviation would constitute contempt of court.

The warning stated:

“Unless you stop further disobedience and comply with the direction contained in the order… you will be guilty of contempt of court and will be liable to be committed to prison.”

To underscore the gravity of the situation, a copy of the original court order was attached.

The order reads:

“The ex-parte application for Interim Injunction is hereby refused.

“The Court hereby directs all parties to maintain the status quo as at today, the 6th day of November 2025.

“Parties are ordered not to deal with the subject matter of the litigation pending the hearing and determination of the Motion on Notice for Interlocutory Injunction.

“The Motion on Notice shall be served on the Defendants/Respondents before the next adjourned date.”

The suit was instituted by Neconde Energy Limited, White Dove Shipping Company Limited, and other parties against First Bank, Access Bank, and five additional defendants.

The issuance of Form 48 marks the first stage of contempt proceedings, serving as a direct warning that any steps taken contrary to the order to preserve the status quo would amount to contempt. The notices were served between November 7 and 13, 2025.

The court has fixed December 4, 2025, for the hearing of the motion for interlocutory injunction and has emphasized that any breach of its directive prior to that date will attract severe legal consequences.