News
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.
News
Panic In Ibadan As Rising Kidnap, Robbery Threats Trigger Official Red Alert
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.
News
Rivers Assembly Formally Serves Impeachment Notice To Gov. Fubara
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”.

News
NCC, CBN Set To Roll Out Refund Framework For Failed Airtime And Data Transactions
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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News1 day agoNCC, CBN Set To Roll Out Refund Framework For Failed Airtime And Data Transactions
