Court Blocks Nduka Obaigbena’s Accounts Over $225.8 Million First Bank Debt

informantonline.com.ng

January 9, 2025

The Federal High Court in Ikoyi, Lagos, has issued an order prohibiting all commercial banks in Nigeria from releasing or handling any funds or assets up to $225.8 million linked to Nduka Obaigbena from any account he holds.

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

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The court also restricted the banks from releasing or handling any funds or assets up to the same amount belonging to Efe Damilola Obaigbena, Olabisi Eka Obaigbena, and General Hydrocarbons Limited, an oil and gas company in which all three are directors and shareholders.

In addition, the court issued a separate order preventing the banks from dealing with or releasing any funds or assets owed to the company, its agents, affiliates, subsidiaries, and sister companies up to the same amount.

First Bank of Nigeria Limited and FBN Quest Trustees Limited had approached the court on December 27, 2024, to seek the orders regarding a total claim of $225.8 million, representing an alleged outstanding debt on General Hydrocarbons’ account with First Bank as of September 30, 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.”