The bank claimed it extended several credit facilities to GHL for the development of some oil mining lease assets, adding that while it diligently performed its obligations under the loan agreements, GHL allegedly breached them, but FBN has so far failed to provide any evidence of the breaches. However, GHL denied owing First Bank and accused it of abusing the court process after getting benefits and profiting from the relationship. The company said it signed the agreement believing and trusting that FirstBank would comply with its obligations to fund OML 120, "but it has clearly not done so". GHL has already dragged FBN to arbitration for several breaches and damages. But FBN has been trying to use the courts to stall the arbitration proceedings but has lost in all its attempts. The arbitration is under way