A Federal High Court in Ikoyi, Lagos, has ordered a freeze on the assets of Nduka Obaigbena, the chairman and Editor-in-Chief of THISDAY Media Group and Arise News Channel, following allegations of an outstanding debt worth $225.8 million.
The court restrained commercial banks in Nigeria from releasing or dealing with any funds or assets tied to Obaigbena and his family members, including Efe Damilola Obaigbena and Olabisi Eka Obaigbena, who are also directors of General Hydrocarbons Limited, an oil and gas firm.
The action follows a lawsuit filed by First Bank of Nigeria Limited and FBNQuest Trustees Limited, seeking to recover the debt, which is linked to loans extended to General Hydrocarbons Limited.
According to the plaintiffs, as of September 30, 2024, the company had a debt of $225.8 million.
In its suit, First Bank accused the Obaigbenas of using their firm to assume a debt of about $718 million.
The Federal High Court issued a Mareva injunction on December 30, 2024, aimed at preventing Obaigbena from moving any of his assets out of the jurisdiction.
The order, issued by Justice Deinde Dipeolu, also froze bank accounts held by the Obaigbenas and ordered all Nigerian commercial banks to block any financial transactions involving them or businesses linked to them.
In response, the Obaigbenas’ legal team, Abiodun Layonu & Co, accused First Bank of overstepping by seeking the injunction after an earlier ruling from Justice Lewis Allagoa of the Lagos Division of the Federal High Court.
The December 12, 2024 ruling had already barred First Bank from taking any further action related to the dispute pending arbitration proceedings.
