News
General Hydrocarbons Issues Statement Addressing $225 Million Freezing Injunction On Its Bank Accounts
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.
News
Gumi Defends Dialogue As Sole Solution To Nigeria’s Insecurity
Islamic cleric Sheikh Ahmad Gumi recently defended his past interactions with armed groups, stating he “took the bull by the horns” in 2021 as a necessary step to address Nigeria’s insecurity.
In a post shared on Facebook on Thursday, Gumi said decades of neglect of disadvantaged populations had created deep socio-economic inequalities, leaving many youths vulnerable to manipulation by external forces seeking to destabilise the country.
According to him, the widening gap between the rich and the poor has turned many young people into “ready-made foot soldiers” in cycles of violence that enable the exploitation of Nigeria’s resources.
He also criticised the political class for being largely unresponsive, while noting that the intellectual community is preoccupied with survival struggles.
Reflecting on his past efforts, Gumi said he “took the bull by the horns” in 2021 by attempting to reintegrate violent elements into society rather than allowing them to be further radicalised.
He wrote: “Nigeria for decades has ignored the underprivileged section of its society. There is a significant socio-economic discrepancy, and the society is stratified. This makes our teaming youth ready-made foot soldiers for any foreign interest trying to divide us and rule. To plunder our resources while we are involved in a vicious circle of violence.
”Unfortunately, the political class is unattentive while the intelligentsia is held hostage in the struggle for existence.
“In 2021, I took the bull by the horns in an attempt to bring some of these uncouth elements back to our fold rather than letting them be exploited by the devil.
“I still believe this is the only way out of our predicament. However, it needs the political will and determination to achieve.
“May Allah bring peace back to our nation.”
News
Court Clears Senator Ireti Kingibe To Remain Active In ADC
The Federal High Court in Abuja rejected an ex-parte application seeking to bar Senator Ireti Kingibe from participating in the activities of the African Democratic Congress (ADC).
Justice Peter Lifu declined the request from Wuse Ward leaders, ruling that such an order could not be granted without first hearing from the senator.
Instead, the judge ordered the ward leaders said to be loyal to the Minister of the FCT, Nyesom Wike, to put the senator on notice to appear in court to join issues with them on their grievances.
Justice Lifu in a ruling on Thursday held that discretion in such a request for prohibition from party activities and in political matters must be exercised judicially and judiciously.
The judge said justice would be met in the case of the plaintiffs only when the side of the defendant is heard on its merit, along with that of the plaintiffs.
Consequently, the judge ordered that Senator Ireti Kingibe should be served with all court processes by the plaintiffs to enable her become aware of the suit and to prepare her defense.
The judge fixed April 20, 2026, for the plaintiffs and the serving senator to appear before him for hearing of all applications in the matter.
Those who sued the senator in the suit marked FHC/ABJ/ CV/539/2026 are Okezuo Godfrey Anayo and Isaiah Ojonugwa Samuel, on behalf of themselves and ward members as plaintiffs. The senator is the sole defendant.
In their ex-parte application, Kingibe representing the FCT in the Senate was said to have been suspended on March 10, 2026 by her Wuse Ward executives following allegations of anti-party activities and disregard of your cnstitution of the ADC.
In the ex- parte application filed on their behalf by a Senior Advocate of Nigeria, SAN, Kolawole Olowookere, the aggrieved ADC members in Wuse Ward applied for an order of interim injunction restraining Kingibe from parading herself as a member of party, pending the hearing and determination of their motion on notice for interlocutory injunction.
They also asked the judge to restrain the senator from performing any function, attending meetings or performing activities reserved for ADC members or representing the party in any activities.
Besides, the Ward Executive Committee had asked that she be restrained from further interfering with the administration of the ward, ward register and other activities.
The suit was predicated on five grounds among which are that Mrs Kingibe was placed on suspension due to anti-party activities, gross misconduct and confiscation of the ward statutory records.
They argued that the suspension followed due process as enshrined in the ADC constitution and ratified by the two thirds majority of the EXCO members.
They averred that despite the communication of the suspension to Kingibe, she has continued to hold parallel meetings, issue press statements as an ADC member, and using her security details to intimidate the executive committee.
“Her actions constitute flagrant disregard to the internal mechanism of the party,” the plaintiffs stated.
Meanwhile, a lawyer, Abubakar Marshall who claimed to be representing the senator, announced that he had filed a preliminary objection against the suit. He added that it was served on M. S. Garba, who stood for the plaintiffs at Thursday’s proceedings.
News
COAS Shaibu Hits Jos To Restore Peace, Public Confidence
The Chief of Army Staff (COAS), Lieutenant General Waidi Shaibu, visited Jos, Plateau State, on Thursday, April 2, 2026, to lead a high-powered security assessment following recent security breaches.
The visit was aimed at strengthening public confidence and reinforcing ongoing efforts to stabilize affected communities.
Colonel Appolonia Anele, acting Director, Army Public Relations, said in a statement that the visit forms part of ongoing efforts to restore calm and entrench lasting peace across the state.
According to the statement, upon arrival, the COAS was received by the Executive Governor of Plateau State, Caleb Mutfwang, in a clear demonstration of strong civil-military cooperation and a shared commitment to addressing emerging security challenges.
The statement said the COAS received a comprehensive operational briefing from the General Officer Commanding 3 Division and Commander, Joint Task Force Operation ENDURING PEACE, Major General Folusho Oyinlola, who highlighted ongoing operations and proactive measures being implemented in synergy with other security agencies to contain threats, protect lives and property, and stabilise affected communities.
“As part of his engagements, Lieutenant General Shaibu also interacted with community leaders and residents, reassuring them of the unwavering commitment of the Nigerian Army to safeguarding all law-abiding citizens.
He urged residents to remain calm, vigilant and supportive of security agencies by complying with the curfew and cooperating fully with ongoing operations and investigations, while going about their lawful activities.
The chairman of Jos North Local Government Area, Hon. Dachung Bagos, commended the COAS for the timely visit, noting that the presence of the nation’s top military leadership would boost public confidence and reinforce trust in ongoing security efforts.
-
News2 days agoUnited Nigeria Airlines Staff Suspended After Viral Amputee Abuse Video
-
News2 days agoJUST IN: FG Approves Friday 3, Monday 6, as Easter Public Holidays
-
News2 days agoPay Your Fare: AIG Cracks Down On Officers Boarding For Free
-
News2 days agoINEC Removes David Mark, Aregbesola From ADC Leadership Portal
-
News1 day agoCOAS Shaibu Hits Jos To Restore Peace, Public Confidence
-
News1 day agoPresident Tinubu Appoints New PTDF Executive, Reappoints TCN Head
-
Entertainment2 days agoSimi Welcomes Second Child With Adekunle Gold
-
News1 day agoCourt Clears Senator Ireti Kingibe To Remain Active In ADC
