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.