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General Hydrocarbons Issues Statement Addressing $225 Million Freezing Injunction On Its Bank Accounts

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General Hydrocarbons Limited (GHL), owners and operators of OML 120, Deep Offshore Nigeria, has addressed a recent Mareva court injunction that temporarily freezes its assets across banks and digital platforms in Nigeria.

The reaction was contained in a statement dated January 10, 2025, and signed by Nduka Obaigbena, Chairman of the GHL Board.

Nairametrics previously reported that the Federal High Court in Lagos issued several orders, including a Mareva injunction, to freeze assets and accounts linked to General Hydrocarbons Limited, its affiliates, and prominent individuals, including media mogul Nduka Obaigbena.

The court’s decision follows allegations of unpaid loans totaling $225.8 million, owed to First Bank of Nigeria (FBN).

Reaction from GHL

In the statement, Obaigbena noted that amidst the claims and counterclaims surrounding GHL’s oil and gas drilling campaign on OML 120, Deep Offshore Nigeria, the public should be aware that GHL had entered into a Subrogation Agreement at FBN’s alleged request.

He stated that this agreement was aimed at addressing the bank’s non-performing loans (NPLs), which were becoming a systemic risk.

He added that under the agreement, FBN was to finance the exploration, development, and operations of OML 120, with both parties sharing profits.

“First Bank’s share was to be used to liquidate its Non-Performing Loans (NPLs). Following the Subrogation Agreement, we gave them comfort in a Tripartite Agreement, resulting in FBN’s return to profitability and growth,” Obaigbena stated.

However, he alleged that FBN had breached its obligations under both the Subrogation and Tripartite Agreements, leading to the current challenges.

“We are in court and arbitration to resolve our differences and have obtained a court order securing our operations pending determination. We hope for a favorable outcome under our system of justice,” he added.

Obaigbena also accused FBN of disregarding and disobeying a subsisting court judgment in favor of GHL, stating that the bank was allegedly misleading the public.

“Our lawyers are addressing this flagrant breach in the appropriate forum. There is no cause for alarm,” he added.

Obaigbena emphasized that GHL remains a Nigerian-owned company operating in Deep Offshore Nigeria, at depths of 850 to 1,000 meters, and 75 kilometers at sea.

“Our oil and gas campaign has discovered oil and gas to the glory of Nigeria, thanks to the ingenuity of our Nigerian-born engineers and technical partners, including Schlumberger (SLB), Baker Hughes, Century Group, and others,” the statement read.

He reassured stakeholders that GHL’s strong asset base positions the company to meet any financial obligations that may arise.

Obaigbena also called on partners to remain calm as the company seeks resolutions to the dispute through the courts, arbitration, or mediation.

He further claimed that GHL had voluntarily rescued FBN from collapse in the past, highlighting that their collaboration helped resolve FBN’s financial challenges while also contributing to the discovery of crude oil in Nigeria.

What You Should Know

The statement is in response to the Federal High Court ruling, which also barred General Hydrocarbons Limited and associated entities from transferring or dissipating assets while the legal dispute over unpaid loan facilities is resolved.

The court directed all major commercial banks and financial institutions in Nigeria to block the defendants’ accounts and restrict access to funds or assets up to the claim amount, pending further legal proceedings.

The injunction affects banks such as GTBank, Access Bank, Zenith Bank, and First Bank, as well as fintech platforms including Flutterwave, Paystack, and Piggyvest.

These entities were instructed not to release funds or handle assets linked to the defendants, including accounts associated with individuals like Efe Damilola Obaigbena and Olabisi Eka Obaigbena, and corporate entities such as GHL 121 Ltd and CESL Oyo Production.

Parties involved are expected to appear in court in the coming weeks to address the outstanding debt claims by FBN.

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Couple Kidnapped, One Shot In Ondo Estate Attack

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Gunmen suspected to be kidnappers have abducted a couple from their residence in the Iluabo area of Akure North Local Government, Ondo State.

During the attack, which occurred in the early hours of Saturday, February 21, 2026, the assailants shot one person before seizing the victims.

The gunmen had stormed Olaribigba Estate in the community when they whisked Mr Jamiu Olawale and his wife into the bush.

Following the development, which has created tension in the agrarian community, residents protested and barricaded the road leading to the community over the incessant kidnappings and insecurity in the community.

According to sources, the couple had arrived at their residence in an ash-coloured Toyota Camry when they were attacked by the gunmen, who lay in ambush for them.

During the incident, a neighbour of the abducted couple, Patrick Ilumaro, who was seated in front of his residence, was shot by the gunmen while fleeing from the community.

A neighbour of the victims revealed that Ilumaro was swiftly rushed to an undisclosed medical facility where he is currently receiving medical treatment.

While confirming the incident, the Ondo State Police Command disclosed that tactical teams as well as conventional operatives have been deployed to the community.

In a statement issued by the Police Public Relations Officer, Abayomi Jimoh, the operatives are already combing the axis in an effort to rescue the victims and apprehend the perpetrators.

“Concerted efforts are ongoing to ensure the safe return of the abducted persons and bring those responsible to justice.

“Members of the public are urged to remain calm and go about their lawful activities. Meanwhile, the Command urges them to provide credible and actionable information that may assist in the investigation to the nearest police station.”

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Brake Failure Leaves One Dead, Four Rescued At Abule-Egba

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One person died and four others were rescued following a road accident at Ekoro Junction, Abule-Egba, on Friday evening, according to a statement from the Lagos State Traffic Management Authority.

The Director, Public Affairs and Enlightenment Department of LASTMA, Adebayo Taofiq, made this known in a statement issued on the agency’s X handle on Saturday.

According to the agency, the crash occurred at about 7:30 p.m. when an empty MACK tanker suffered a sudden brake failure, lost control and rammed into a Toyota Corolla before crashing into a roadside shop.

LASTMA said the tanker, with registration number EKY 900 XY, collided with a Toyota Corolla marked AAA 823 AY.

The impact caused extensive structural damage to the shop and triggered panic among traders and pedestrians in the area.

“The magnitude of the collision led to the immediate confirmation of one fatality at the scene, while four other trapped persons were extricated from the wreckage through coordinated emergency rescue efforts,” the agency stated.

The authority said it immediately activated its Rescue and Recovery Protocol, deploying specialised operatives to manage the situation.

“Personnel implemented strategic traffic diversion, vehicular evacuation procedures and crowd management in synergy with other emergency responders to forestall secondary incidents and guarantee unobstructed access for rescue operations,” LASTMA added.

It stated that emergency teams carried out rescue operations and provided medical attention to the injured victims.

According to the agency, a heavy-duty tow truck was later deployed to evacuate the damaged tanker and clear debris from the road to restore normal traffic flow.

The agency disclosed that the tanker driver fled the scene shortly after the crash and security operatives have since launched efforts to apprehend the driver and initiate legal proceedings.

“Security personnel from the Nigeria Police Force, Ekoro Division, responded expeditiously, maintaining public order, securing the accident perimeter and assisting in investigative processes aimed at establishing the precise sequence of events that culminated in the mechanical failure and subsequent collision.

“The incident precipitated considerable traffic congestion extending across adjoining routes toward Abule-Egba, necessitating robust traffic management interventions by LASTMA officials who remained on ground directing vehicular movement and implementing diversion strategies to alleviate the backlog,” it said.

According to the agency, its General Manager, Olalekan Bakare-Oki, expressed condolences to the family of the deceased and urged transport operators, particularly drivers of articulated vehicles, to prioritise routine vehicle maintenance.

“Preventable mechanical deficiencies remain a significant contributory factor in severe road traffic crashes,” Bakare-Oki said.

He also advised motorists to exercise vigilance, obey traffic regulations and maintain responsible driving practices, especially within densely populated commercial corridors.

Bakare-Oki assured the public that security agencies would conduct a thorough investigation to determine the immediate and remote causes of the incident and ensure that anyone found culpable would be prosecuted in accordance with extant laws.

The agency said other emergency responders at the scene included the Lagos State Emergency Management Agency, the Lagos State Fire and Rescue Service, the Lagos State Ambulance Service, the State Environmental Health Monitoring Unit and officers of the Nigeria Police Force, collaborated to coordinate rescue, medical response and environmental safety measures.

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Court Sets Feb 25 For El-Rufai’s Arraignment In DSS Cybercrime Case

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The Department of State Services (DSS) will arraign former Governnor of Kaduna state, Nasir El-Rufai, on February 25 over alleged cybercrime and breach of national security.

Justice Joyce Abdulmalik of the Federal High Court has fixed the date for the arraignment of the former Governor on a three-count criminal charge filed by the Department of State Services (DSS) after the Chief Judge, Justice John Tsoho assigned the case to her.

NAN earlier reported that the DSS, on Monday, filed a three-count criminal charge against El-Rufai following his alleged involvement in wiretapping the telephone lines of the National Security Adviser (NSA), Mallam Nuhu Ribadu.

The charge, instituted by the Nigerian secret police, is marked FHC/ABJ/CR/99/2026.

The service accused El-Rufai of breaching the Cybercrimes Prohibition Act (2024) and the Nigerian Communications Act (2003.)

In court, El-Rufai was alleged to have, on Feb. 13, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, admitted during the interview that he and his cohorts unlawfully intercepted the phone communications of the NSA, Mr Ribadu.

The offence is said to be contrary to and punishable under Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.

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