The Federal High Court in Ikoyi, Lagos, has issued an order restraining all commercial banks in Nigeria from releasing or dealing with funds and assets totaling $225.8 million linked to Nduka Obaigbena, Chairman and Editor-in-Chief of THISDAY Media Group and Arise News Channel.
The court also froze accounts belonging to Efe Damilola Obaigbena, Olabisi Eka Obaigbena, and General Hydrocarbons Limited, an oil and gas company where they serve as directors and shareholders.
The ruling aims to safeguard the assets pending further investigations.
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.
First Bank of Nigeria Limited and FBN Quest Trustees Limited had on 27 December 2024 approached the Federal court to seek 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 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).