Kehinde Fajobi
The Federal High Court in Ikoyi, Lagos, has issued an order preventing all commercial banks in Nigeria from releasing or dealing with $225.8 million linked to Nduka Obaigbena, chairman of THISDAY Media Group and Arise News Channel.
The order also includes assets held by Obaigbena’s family members, Efe Damilola Obaigbena and Olabisi Eka Obaigbena, as well as General Hydrocarbons Limited, an oil and gas company where they are directors and shareholders.
The court’s decision followed a motion filed by First Bank of Nigeria Limited and FBN Quest Trustees Limited on December 27, 2024, concerning alleged outstanding debt of $225.8 million owed by General Hydrocarbons.
The claim is linked to a loan provided to the company and concerns unresolved loan facilities with First Bank dating back to 2011.
First Bank had previously extended a $490 million loan to Atlantic Energy Drilling Concepts, chaired by Jide Omokore, to fund the drilling of oil wells.
However, the loan became problematic as Atlantic Energy defaulted, leading to write-offs and regulatory intervention.
In a letter Obaigbena detailed his involvement in efforts to assist First Bank in managing its exposure to Atlantic Energy and its subsequent restructuring efforts.
In the latest legal move, the court’s orders bar any transaction involving the specified funds or assets.
Justice D.I. Dipeolu, who granted the restraining orders on December 30, 2024, also mandated the banks to submit affidavits detailing the balance in accounts related to the individuals and the company.
The case is scheduled for further hearing on January 20, 2025.