Nduka Obaigbena, chairman of THISDAY Media Group and Arise News Channel, has had his assets worth a staggering $225.8 million frozen by a Federal High Court in Lagos as well as his family members and General Hydrocarbons Limited through a Mareva order.
The court’s decision comes after First Bank of Nigeria Limited and FBNQuest Trustees Limited filed a lawsuit accusing Nduka Obaigbena and General Hydrocarbons Limited of defaulting on a $225.8 million loan.
The bank claims that Nduka Obaigbena through General Hydrocarbons Limited, an oil and gas firm, owes the money as of September 30, 2024.
The order restricts commercial banks in Nigeria from releasing or dealing with assets belonging to Nduka Obaigbena, his family members, and General Hydrocarbons Limited.
Specifically, the court has blocked assets belonging to:
– Efe Damilola Obaigbena: Director and shareholder of General Hydrocarbons Limited
– Olabisi Eka Obaigbena: Director and shareholder of General Hydrocarbons Limited
– General Hydrocarbons Limited: An oil and gas firm
The plaintiffs, First Bank of Nigeria Limited and FBNQuest Trustees Limited, approached the court on December 27, 2024, seeking orders to recover the outstanding debt.
The court’s decision is a significant development in the case, which highlights the ongoing efforts to recover debts owed by General Hydrocarbons Limited.
