Court freezes assets, accounts of Nduka Obaigbena’s General Hydrocarbons Limited in all Nigerian commercial banks over alleged $225.8 million debt

Mr Obaigbena is the chairman and editor-in-chief of THISDAY Media Group and Arise News Channel. The court also blocked all commercial banks from releasing or dealing in all monies and assets up to the said amount belonging to Efe Damilola Obaigbena, Olabisi Eka Obaigbena and… pic.twitter.com/tZPfsWLQyV

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The Federal High Court, Ikoyi, Lagos, has granted an order restraining all commercial banks in Nigeria from releasing or dealing in all monies and assets up to $225.8 million due to Nduka Obaigbena from any account maintained by him.

Mr Obaigbena is the chairman and editor-in-chief of THISDAY Media Group and Arise News Channel.

The court also blocked all commercial banks from releasing or dealing in all monies and assets up to the said amount belonging to Efe Damilola Obaigbena, Olabisi Eka Obaigbena and General Hydrocarbons Limited, an oil and gas firm in which all the three are directors and shareholders.

Another order barring the banks from dealing in or releasing such monies and assets due to the company, its agents, privies, subsidiaries and sister companies with the banks up to the same sum was issued, according to court documents obtained by PREMIUM TIMES.

First Bank of Nigeria Limited and FBN Quest Trustees Limited had on 27 December 2024 approached the Federal court to seek the orders in respect of a total claim of $225.8 million being alleged outstanding indebtedness on General Hydrocarbons’ account with First Bank as of 30 September 2024.
The legal action pertains to “the loan facilities granted to the first defendant by the first plaintiff/applicant pending the hearing and determination of the motion on notice for interlocutory injunction.”

First Bank Vs Obaigbena: A background

Atlantic Energy Drilling Concepts Limited, chaired by Jide Omokore, an associate of a former Minister of Petroleum Diezani Alison-Madueke, took a facility from First Bank in 2011.

The $490 million loan was to fund the company’s operating and capital expenditure requirements for the drilling of four oil wells with proven reserves (together known as the Forcados assets) as well as its Strategic Alliance Agreement with the Nigerian Petroleum Development Company (NPDC).

The credit was secured with Atlantic Energy’s assets and rights through the agreement, while First Bank had charge over the company’s collection accounts.

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