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Nduka Obaigbena: Court Freezes General Hydrocarbons’ Accounts Over $225.8m Debt To First Bank
A Federal High Court has issued a series of orders, including Mareva injunctions, 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 a financial institution.
This is contained in a court document seen by Nairametrics detailing the prayers of the plaintiffs, First Bank of Nigeria Ltd and FBNQuest Trustees Ltd, both subsidiaries of FBN Holdings Plc, a publicly listed financial services company in Nigeria.
General Hydrocarbons, an oil and gas company, is owned by Nduka Obaigbena, the publisher and founder of ThisDay Newspapers and Arise TV.
The company is mentioned as the operator of OML 120, an oil producing block in Nigeria.
The injunctions were granted to prevent the defendants, General Hydrocarbons Limited and other associated entities, from transferring or dissipating assets while a legal dispute over unpaid loan facilities is resolved.
The loans, reportedly issued by the plaintiffs, amount to $225,802,379.69 as of September 30, 2024.
The injunction restrains all major financial institutions in Nigeria including Guaranty Trust Bank, Access Bank, Zenith Bank, First Bank of Nigeria, and emerging digital platforms like Flutterwave, Paystack, and Piggyvest from releasing funds or dealing with any accounts associated with the defendants.
What the court documents reveal
The Federal High Court issued a series of freezing orders, known as Mareva injunctions, against General Hydrocarbons Limited, its directors, and affiliated entities, including Nduka Obaigbena, over an alleged debt of $225.8 million.
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 injunctions restrain banks like GTBank, Access Bank, Zenith Bank, First Bank, and fintech platforms such as Flutterwave, Paystack, and Piggyvest from releasing funds or handling assets linked to the defendants.
This includes accounts associated with key individuals like Efe Damilola Obaigbena and Olabisi Eka Obaigbena, as well as corporate entities such as GHL 121 Ltd, CESL Oyo Production, and other companies tied to the oil block operations.
“An order of Mareva injunction restraining all commercial banks in Nigeria, including Guaranty Trust Bank Limited, Access Bank Plc, Citibank Nigeria Limited, Carbon Bank, Ecobank Nigeria Plc, Fidelity Bank Plc, First Bank of Nigeria Limited, First City Monument Bank Plc, Flutterwave, Globus Bank, Heritage Bank Limited, Jaiz Bank, Keystone Bank Limited, Opay Digital Services Limited, PalmPay Limited, Paystack Payments Limited, Piggyvest, Momo Payment Service Bank Limited, Polaris Bank Limited, Providus Bank, Stanbic IBTC Bank Nigeria Limited, Standard Chartered Bank, Sterling Bank Plc, SunTrust Bank Limited, Union Bank of Nigeria Plc, United Bank for Africa Plc, Unity Bank Plc, Wema Bank Plc, Zenith Bank Plc, and all other financial institutions operating in Nigeria, from releasing or dealing with any funds or assets due to the GHL up to the sum of $225,802,379.69,being the outstanding indebtedness on the GHL’s account with FirstBank as of 30 September 2024 in respect of the loan facilities granted to GHL by FirstBank pending the hearing and determination of the Motion on Notice for interlocutory injunction,” the court injunction partly reads.
The court also mandated the banks to disclose the exact balances in these accounts and provide certified statements of account within seven days.
Furthermore, it ordered companies involved in oil block OML 120 to submit records of production and revenue since operations began, with proceeds directed to the plaintiffs’ account.
In addition to freezing funds, the court issued interim injunctions preventing the defendants from transferring or dissipating assets, including crude oil stocks, insurance policies, shares, and other receivables.
This ensures that the defendants cannot deplete resources that may be used to settle the outstanding debt.
The Directors of General Hydrocarbons were also specifically restrained from disposing of their personal assets, whether movable or immovable, within Nigeria.
Why the Mareva injunction
According to Nairametrics findings, the legal action stems from loans allegedly granted to the first defendant, General Hydrocarbons, by the plaintiff’s bank.
According to the Plaintiff, the loans remain unpaid as of September 30, 2024.
The loan was reportedly secured using various assets, including crude oil stocks, insurance policies, and receivables.
These funds, which were initially intended for oil block acquisition, are claimed to have been misused for personal expenditures.
Among other accusations, the defendants are said to have diverted funds to finance luxury properties and private jet operations.
With the outstanding sum now exceeding $225 million, the plaintiffs sought court intervention to preserve assets pending the determination of the case.
What’s Next?
Sources revealed to Nairametrics that the case is ongoing, and further hearings will determine the outcome of a case that is likely to reverberate through the Nigerian financial services sector.
The outcome of this case could have far-reaching implications for corporate governance and the financial stability of the affected entities.
FBNH’s share price fell 1.27% to close at N31.05 on Thursday, January 2024.
This is a developing story, and more updates are expected as legal proceedings continue….
News
Union Bank Of Nigeria Marks International Women’s Month 2026 With Inclusion-First “Give to Gain” Campaign
In observance of International Women’s Month 2026, Union Bank of Nigeria reaffirms its commitment to gender equity through a focused initiative centred on women living with disabilities and women raising children with disabilities.
Aligned with the global theme “Give to Gain,” the Bank’s campaign “Give to Gain: Creating Pathways for Inclusion and Endless Opportunities” centres the lived experiences of women living with disabilities and underscores the need for intentional systems of support for social and economic advancement.
Throughout March, Union Bank will implement targeted initiatives to expand access, foster inclusion, and unlock sustainable opportunities. Activities include a flagship event which held at
The Stable, its multipurpose venue in Surulere, Lagos, on Saturday. The event convened women with disabilities, caregivers, supporting organisations, and advocates for dialogue, mentorship, and resource sharing.

L-R: Chief Talent Officer, Union Bank of Nigeria, Omayuli Wale-Ajayi; Head, Corporate Banking, Union Bank of Nigeria, Ali Kadiri; Head, Retail and SME Business, Union Bank of Nigeria, Vivian Imoh-Ita; Founder/Executive Director, Deaf International Foundation, Funmilola Ogunro; MD/CEO, Union Bank of Nigeria, Yetunde Oni; SouthWest Coordinator, Nigeria Association of the Blind, Adenike Olorundare; Women Leader, Lagos Chapter, Nigeria Association of the Blind, Olubukola Salako; Executive Director, Corporate Bank & Business Banking Lagos & West, Union Bank of Nigeria, Taiwo Shote; Chief Brand and Marketing Officer, Union Bank of Nigeria, Olufunmilola Aluko; Regional Executive, Business Banking SouthWest and Lagos, Union Bank of Nigeria, Emmanuel Aihevba, and Lead Innovation, Events and Platform Management, Union Bank of Nigeria, Chiamaka Moses during the Bank’s commemoration of International Women’s Day 2026 at the Stable, Surulere, Lagos recently.
Complementary efforts include outreach to disability support facilities and collaboration with educational institutions to distribute learning materials to female students with disabilities. Tailored mentorship programmes will build confidence and capability in education, entrepreneurship, and careers. Through its women’s banking proposition alpher and strategic partnerships, the Bank will also deliver business sustainability training specifically designed for women living with disabilities and women raising children with disabilities.
Internally, Union Bank will activate WeHub — its employee-led women’s network — to strengthen inclusive culture and support professional growth across the organisation.
These actions reflect Union Bank’s long-standing commitment to advancing equity for underserved communities — and align with the United Nations Sustainable Development Goals 5 (Gender Equality) and 10 (Reduced Inequalities). For Union Bank, these are not frameworks to cite; they are commitments to live out.
Olufunmilola Aluko, Chief Brand and Marketing Officer, Union Bank of Nigeria, stated that “At Union Bank, inclusion is not an abstract ideal; it is a deliberate choice. While many conversations around women’s empowerment are important and necessary, women living with disabilities and women raising children with disabilities are too often left out entirely. This year’s theme, ‘Give to Gain,’ reflects exactly what we believe: that when we intentionally open access, support, and opportunity to these women, the value created extends to families, communities, and society at large.”
Union Bank’s IWD 2026 campaign is a statement of intent: that true inclusion requires us to go further, reach deeper, and serve those who have waited longest for a seat at the table. In 2026, Union Bank is committed to ensuring that a seat exists — and that it is built to last.
News
Just In: Dangote Refinery Announces Petrol, Diesel Price Reduction
The Dangote Petroleum Refinery officially reduced its gantry prices for petrol (PMS) and diesel (AGO) following a series of price hikes earlier in the week.
According to a new pricing template released by the refinery on March 10, 2026, the gantry price of petrol has been reduced by N100, dropping from N1,175 to N1,075 per litre.
The refinery also stated that the price of PMS for coastal supply will now be N1,050 per litre. The difference in price reflects additional costs linked to maritime distribution.
Similarly, the price of Automotive Gas Oil (diesel) has been reduced to N1,430 per litre at the gantry, down from the previous N1,620 per litre. This represents a decrease of N190 per litre.
The refinery noted that these gantry prices do not include regulatory charges from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Meanwhile, JomogNews earlier reported on Monday that Dangote Petroleum Refinery raised its gantry PMS price to N1,175 per litre — the third upward adjustment in seven days
The refinery communicated the new ex-depot price to marketers and depot operators, up ₦180 from the N995 per litre announced last week Friday, an 18.1 per cent increase in three days.
News
Drama At Rivers Assembly Over Nominee’s ‘I don’t pay tax’ Statement
A video circulating online has captured a tense moment during the screening of commissioner nominees submitted by Governor Siminalayi Fubara to the Rivers State House of Assembly.
The footage seen shows the Speaker of the Assembly, Martin Amaewhule, questioning one of the nominees, Charity Deemua, over the status of her tax clearance certificate.
During the screening of commissioner nominees, the Rivers State House of Assembly rejected nominee Charity Deemua after she claimed that as a politician, she did not pay taxes.
Speaker Martin Amaewhule and other lawmakers expressed shock at the statement, leading to the rejection of her nomination along with three others due to lack of tax compliance.
During the screening session, Amaewhule pointed out that the nominee’s tax clearance appeared outdated.
“I just wanted to know, so there’s no current tax clearance. Madam has not been paying tax since 2018. I just wanted to know if she’s been exempted from paying taxes. So let her tell us now,” the Speaker said.
Responding, Deemua explained that she had not had a steady source of income in recent years.
“Like I said before, I’m a politician, I don’t have work,” she stated.
When asked to clarify her employment history, Deemua told the lawmakers that she had previously served briefly in government.
“I was a member, a commissioner in the Rivers State House of Assembly Service Commission,” she said.
Amaewhule then pressed further about her role in a local government caretaker committee.
“When were you? Hold on… local government caretaker committee member, right?” the Speaker asked.
“I was just three months there,” Deemua replied.
“When? When was that?” Amaewhule asked.
“And I think November last year,” she responded.
“November when? What year?” the Speaker asked again.
“2025,” she answered.
The Speaker then questioned whether she earned income during that period.
“You were not paid salary? Were you not paid salary?” Amaewhule asked.
“In the caretaker committee, we were paid,” Deemua admitted.
“You were paid? Yes. Is that not income? But you said you have not had any income from 2018 to date as a politician. So no tax clearance, and that’s what you are telling Rivers people. Madam, that is not nice. You are misleading the 10th Rivers State House of Assembly,” Amaewhule said.
In response, Deemua apologised and suggested she could address the issue.
“I’m sorry, Mr. Speaker. But I think I can still go back for…,” she began before being interrupted.
“No, but you say you have not had any income now,” Amaewhule replied before moving on to the next nominee.
The video of the exchange has since drawn reactions online, with many Nigerians asking that if politicians say they don’t work, what exactly are taxpayers paying for.
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