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
Photos: Dakore Akande And Timini Lay Father To Rest
Nollywood siblings Dakore Akande and Timini Egbuson have finally laid their father to rest.
Earlier this year, actor, Timini Egbuson, had announced the passing of his father. He said he never thought he would start the year by saying RIP to his dad, and promised to continue to make him proud.
His sister, Dakore Akande, expressed how heartbroken she is, yet glad that he was free from pain. She expressed gratitude for the memories and laughter, the legacy of excellence that he instilled in them, and his love for music and looking stylish.

Taking to his Instagram page, Timini shared photos from his low-key burial ceremony, which was attended only by family.
In his caption, he revealed that they said their final goodbyes as he bade his father farewell. The popular actor said his father’s strength and love will always guide them.
“We said our final goodbyes. Rest well, Papa. Your strength and love will always guide me”.

News
US Mission Decries Horrific Kwara Massacre, Pledges Support For Tinubu’s Security Strategy
The United States Mission in Nigeria has condemned the horrific and senseless attacks in Kaiama Local Government Area of Kwara State that reportedly claimed over 160 lives.
In a statement released on February 6, 2026, the U.S. expressed its condolences and backed President Bola Tinubu’s immediate security and humanitarian response.
JomogNews reports that while the Nigerian Police Force said 75 persons were confirmed killed in the assault on Woro and Nuku communities, local sources and international observers put the death toll significantly higher.
In a statement on X on Friday, the US Mission in Nigeria described the attack as “horrific,” saying more than 160 people were feared dead, with many still unaccounted for.
“The United States condemns the horrific attack in Kwara state in Nigeria, which claimed the lives of more than 160 people, with the death toll still unconfirmed and many still unaccounted for.
“We express our deepest condolences to the families of those affected by this senseless violence,” the statement read.
It welcomed President Bola Tinubu’s directive to deploy security forces to protect affected communities.
“We welcome President Tinubu’s order to deploy security forces to protect villages in the area and his directive to federal and state officials to provide aid to the community and bring the perpetrators of this atrocity to justice,” the statement added.
The reaction adds to international condemnation of the attack, which had earlier drawn rebukes from the United Nations and the Republic of Türkiye.
Tinubu had ordered the deployment of an army battalion to Kaiama and approved the creation of a new military command to lead the operation, following the assault on Woro and Nuku communities.
The Inspector-General of Police, Kayode Egbetokun, had also ordered the immediate deployment of tactical and intelligence teams to Kaiama and surrounding communities to restore calm and prevent further attacks.
Kwara State Governor, AbdulRahman AbdulRazaq, said the deployment of troops under Operation Savannah Shield would help deter further violence, adding that security forces were already on the ground.
News
Nigeria Will Not Bow To Extremism Following Kwara Attacks – President Tinubu
President Bola Tinubu has vowed that Nigeria will never surrender its people to terrorism or extremism following a deadly massacre in the Woro and Nuku communities of Kaiama Local Government Area, Kwara State.
Tinubu gave the assurance on Thursday in a statement he personally signed and issued to State House correspondents.
The President, who described the attack as particularly disturbing, vowed that those responsible would be “pursued and brought to justice, just like other terrorists before them. They will not go scot-free.”
His statement read:
“Today, I met with the Executive Governor of Kwara State, Abdulrahman Abdulrazaq @RealAARahman, to be debriefed on the incident in Kaiama LGA.
“I condemn in the strongest terms this cowardly and beastly attack. The gunmen are heartless for choosing soft targets in their doomed campaign of terror. Their actions offend our humanity, our faith, and our shared values as a nation.
“Yesterday, I directed the immediate deployment of an army battalion to Kaiama Local Government Area of Kwara State following the horrific attack on innocent villagers in Worro. This new military command will spearhead Operation Savannah Shield to checkmate these barbaric terrorists and protect defenceless communities.
“It is particularly disturbing that the victims were killed because they rejected an attempt at forced indoctrination. As I said, “It is commendable that the community members, even though Muslims, refused to be conscripted into a weird belief that promoted violence over peace and dialogue.” Nigeria will never surrender its people to extremism and terrorism masquerading as faith.
“I have further directed close collaboration between federal and state agencies to provide immediate support and relief to the affected community and to ensure that those responsible for this atrocity are pursued and brought to justice, just like other terrorists before them. They will not go scot-free.
“I pray for the repose of the souls of the departed and extend my deepest condolences to the families who have lost loved ones. I also sympathise with the people and government of Kwara State. The Federal Government stands with you. We will protect our communities, defend our values, and defeat those who seek to divide us through terror.”
-
News1 day agoHow Nigeria Can Move From Potential To Economic Prosperity—Zacch Adedeji
-
Entertainment2 days agoPopular Comic Actress Aunty Ajara Passes Away After Battle with Liver Disease
-
News15 hours agoPhotos: Dakore Akande And Timini Lay Father To Rest
-
Entertainment16 hours agoWhy My Kids Are No Longer On My Social Media – Yul Edochie
-
News23 hours agoNigeria Will Not Bow To Extremism Following Kwara Attacks – President Tinubu
-
News17 hours agoUS Mission Decries Horrific Kwara Massacre, Pledges Support For Tinubu’s Security Strategy
