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Nduka Obaigbena: Court Freezes General Hydrocarbons’ Accounts Over $225.8m Debt To First Bank

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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….

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Panic In Ibadan As Rising Kidnap, Robbery Threats Trigger Official Red Alert

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Residents of Ibadan, specifically in Bodija, Agbowo, Akobo, and the Agodi GRA, are currently on high alert after the Police and the Police Community Relations Committee (PCRC) issued an urgent warning regarding a recent surge in kidnappings and armed robberies in those areas.

 

According to the DAILY POST, the Bodija Housing Estate Police Division and its community partners have formally expressed concern over the deteriorating security situation in the area.

 

In a statement signed by Bodija Housing Estate Police Division PCRC and Community Policing Unit of the division, they noted that there is an increase in the rate of kidnapping and armed robberies in areas such as Akobo and Bodija.

 

The statement urged residents to take necessary safety measures amidst rising cases of kidnapping and other criminal activities in areas such as Akobo and Bodija.

 

In the statement tagged “Urgent Safety Measures Amid Rising Kidnapping and Armed Robbery Incidents in Areas Including Akobo and Bodija the residents were alerted that the desire for quick wealth has driven some individuals to commit terrible acts.

 

Part of the statement reads, “In light of the recent increase in criminal activities such as kidnapping and armed robbery across our communities, it has become imperative to issue updated safety guidelines. The desire for quick wealth has driven some individuals to commit terrible acts, and we must all be vigilant.

 

“Please adhere strictly to the following precautions, and also note the additional measures outlined below:

 

“Remember: Your safety and that of your loved ones depend greatly on your level of awareness and willingness to take precautionary steps. Security is a collective responsibility.

 

“Report emergencies promptly to: Oyo State Police Command: control room:08081768614, 08081768574

Bodija Division: DPO +2348052046348; PCRC Helpline/ Chairman – 07068874553”.

 

JomogNews reports that some residents have been in a panic mood as a result of the notice.

 

A resident of Bodija Housing Estate, who spoke on the condition of anonymity, explained that the recent happenings necessitated the notice.

 

“The recent happenings necessitated the move. Yes we have to be careful. People now think twice before they go out. We are more security conscious than before,” he said.

 

 

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Rivers Assembly Formally Serves Impeachment Notice To Gov. Fubara

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The Rivers State House of Assembly has formally served an impeachment notice to Governor Siminalayi Fubara and Deputy Governor Ngozi Odu.

 

The move marks the third major attempt to remove the governor since 2023, following his return to office in September 2025 after a six-month state of emergency.

 

Recall that the assembly on Thursday during an emergency plenary, commenced the impeachment of the governor and his deputy.

 

26 members of the House accused the governor of misconduct, capable of undermining democracy in the state.

 

The notice which was addressed to the governor, contained the signature of at least 19 lawmakers.

 

The notice also contained about 8 alleged gross misconducts by the governor and his administration.

 

In a post on its official Facebook page,the assembly said, “The impeachment notice has been successfully served on the Governor of Rivers State, Siminalayi Fubara”.

 

 

 

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NCC, CBN Set To Roll Out Refund Framework For Failed Airtime And Data Transactions

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In line with the consumer-focused objectives of the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN), the two regulators have drawn up a framework to address consumer complaints arising from unsuccessful airtime and data transactions during network downtimes, system glitches, or human input errors.

 

The framework is the outcome of several months of engagements involving the NCC, the CBN, Mobile Network Operators (MNOs), Value Added Service (VAS) providers, Deposit Money Banks (DMBs), and other relevant stakeholders. These engagements were prompted by a rising incidence of failed airtime and data purchases, where subscribers were debited without receiving value and experienced delays in resolution.

 

The Framework represents a unified position by both the telecommunications and financial sectors on addressing such complaints. It identifies and tackles the root causes of failed airtime and data transactions, including instances where bank accounts are debited without successful delivery of services. It also prescribes an enforceable Service Level Agreement (SLA) for MNOs and DMBs, clearly outlining the roles and responsibilities of each stakeholder in the transaction and resolution process.

 

Under the new framework, where a purchaser is debited but fails to receive value for airtime or data—whether the failure occurs at the bank level or with an NCC licensee—the purchaser is entitled to a refund within 30 seconds, except in circumstances where the transaction remains pending, of which the refund can take up to 24 hours.

 

The framework further mandates operators to notify consumers via SMS of the success or failure of every transaction. It also addresses erroneous recharges to ported lines, incorrect airtime or data purchases, and instances where transactions are made to the wrong phone number.

 

Speaking on the development, the Director of Consumer Affairs at the NCC, Mrs. Freda Bruce-Bennett disclosed that the framework also establishes a Central Monitoring Dashboard to be jointly hosted by the NCC and the CBN. According to her, the dashboard will enable both regulators to monitor failures, the responsible party, refunds, and track SLA breaches in real time.

 

“Failed top-ups rank among the top three consumer complaints, and in line with our commitment to addressing these priority issues, we were determined to resolve it within the shortest possible time,” she said.

 

“We are grateful to all stakeholders—particularly the Central Bank of Nigeria and its leadership—for their tireless commitment to resolving this issue and arriving at this framework, and for ensuring that consumers of telecommunications services receive full value for their purchases.

 

“So far, pending the approval of management of both regulators on the framework, MNOs and banks have collectively made refunds of over N10 billion to customers for failed transactions.”

 

Mrs. Bruce-Bennett further noted that implementation of the framework is expected to commence on March 1, 2026, once the two regulators have made final approvals, and technical integration by all MNOs, VAS providers and DMBs is concluded.

 

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