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Court Freezes 35 Bank Accounts Linked To Nduka Obaigbena’s Company
A major legal blow has hit Nigeria’s oil and financial sectors as the Federal High Court in Lagos ordered a global freeze on the assets of General Hydrocarbons Limited (GHL) and its key directors, including publisher and businessman Nduka Obaigbena, under a sweeping Mareva injunction with worldwide effect, JomogNews reports.
The order, granted on October 24, 2025, by Justice Akintayo Aluko, effectively froze all GHL assets across 35 financial institutions and empowered a court-appointed receiver to take over the company’s most valuable assets, Oil Mining License (OML) 120, one of Nigeria’s richest offshore oil blocks.
According to court documents obtained by Pointblanknews.com, banks and fintech firms such as GTBank, Access Bank, Zenith Bank, Paystack, Flutterwave, and PiggyVest have been directed to place a post-no-debit restriction on all accounts linked to GHL and its affiliates.
The law firm Adedeji & Owotomo LLP, representing the plaintiffs, described the order as “a necessary safeguard to prevent asset dissipation and ensure accountability in the face of significant financial exposure.”
A senior legal analyst familiar with the matter said the ruling amounts to “a full-scale economic lockdown,” noting that “every financial institution named must now freeze, report, and disclose all funds tied to GHL — the ripple effect will be massive.”
In compliance with the order, the affected banks must file affidavits within seven days disclosing balances on all frozen accounts to help determine the full scope of GHL’s financial operations.
At the center of the legal action is OML 120, a strategic oil block central to Nigeria’s petroleum economy. The injunction places the asset under judicial receivership, effectively suspending all commercial activity linked to it.
The court appointed Mr. Seyi Akinwunmi, FBR, as the receiver to take over and preserve GHL’s assets, including its Ikoyi head office and its full interest in OML 120. Justice Aluko also directed the Nigerian Navy, the Inspector General of Police, the NNPC, and other security agencies to assist in enforcing the order and maintaining peace.
Legal experts, however, warn that the injunction carries risks for the applicants. Under court rules, any party seeking a Mareva injunction must provide an undertaking as to damages, meaning that if the court later rules the order was wrongly granted, the applicants could be liable for extensive financial losses suffered by the defendants.
“The court has essentially told the applicants: if you’re wrong, you pay,” a senior commercial litigator told Pointblanknews.com, adding that potential liability “could run into billions, considering the scale of assets involved.”
A former Petroleum Ministry official also cautioned that prolonged disruption at OML 120 could “trigger fiscal strain, reduce crude output, limit dollar inflows, and heighten market anxiety.”
The ruling has reignited conversations about corporate governance and transparency in Nigeria’s energy sector, where disputes over asset ownership and control remain frequent.
The case is expected to resume on November 10, 2025, when Justice Aluko will hear arguments on whether to sustain or lift the injunction.
Until then, General Hydrocarbons Limited; once a major player in Nigeria’s offshore oil industry and its directors, Nduka Obaigbena, Efe Damilola Obaigbena, and Olabisi Eka Obaigbena, remain under a comprehensive judicial freeze as the high-stakes legal battle continues.
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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.
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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.
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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.
See video:
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