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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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Kano: APC Deputy Gov Candidate, Murtala Garo Welcomes Governor Yusuf To Party
The All Progressives Congress (APC) deputy governorship candidate in the 2023 election, Murtala Garo, has welcomed Kano State Governor Abba Kabir Yusuf to the party.
Garo described the governor’s defection as a positive development for political stability and sustainable growth in the state.
Garo, who is also a former Commissioner for Local Government and Chieftaincy Affairs, said in a statement on Tuesday that Yusuf’s decision demonstrated political maturity and foresight at a time when Kano and Nigeria require unity and inclusive governance.
“I formally welcome His Excellency, the Executive Governor of Kano State, Alhaji Abba Kabir Yusuf, into the All Progressives Congress. This is a significant and commendable step in our collective quest for political stability, inclusive governance and sustainable development in Kano State,” Garo said.
He praised Yusuf’s leadership, noting that his calm disposition and commitment to public welfare distinguish him as a leader willing to place peace and progress above partisan considerations.
“By this decisive action, His Excellency has shown the ability to rise above partisan divides in the interest of peace, progress and unity,” Garo added.
Garo said the governor’s move also reflected an understanding of the political and economic challenges facing Kano State and the country.
He expressed confidence that Yusuf’s entry into the APC would strengthen the party’s reform agenda and enhance cooperation between the state and federal governments.
He also reaffirmed his loyalty to the APC and pledged to work with the governor and other stakeholders to promote good governance, political harmony and policies that benefit the people of Kano.
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Boardroom Guru, Otunba Adekunle Ojora, Dies At 93
Otunba Adekunle Ojora, a legendary figure in Nigeria’s corporate world and a prominent Lagos traditional leader, has passed away at the age of 93.
According to an official family statement signed by his daughter, Toyin Ojora-Saraki, he died peacefully at his home in Ikoyi, Lagos.
Widely celebrated as one of Nigeria’s most influential corporate leaders of the post-independence era, Otunba Adekunle Ojora carved an exceptional legacy that spanned journalism, public service, politics, and big-ticket corporate governance. He was Chairman of the Board of AGIP Nigeria Limited from 1971 until its acquisition by Unipetrol in 2002.
Ojora’s professional journey began in the early 1950s at the British Broadcasting Corporation (BBC) after studying journalism at Regent Street Polytechnic, London. Rising to the position of assistant editor, he later returned to Nigeria in 1955 to join the Nigerian Broadcasting Corporation (NBC) as a reporter. He later moved to Ibadan, where he served as an information officer in the office of the then regional premier.
In 1961, he transitioned into the corporate world, joining the United African Company (UAC) as Public Relations Manager and becoming an Executive Director in 1962. His interest in commerce and enterprise deepened in the years that followed, marking the start of a lifelong influence in Nigerian boardrooms.
Following the military coup that ended the First Republic, Otunba Ojora was nominated to the Lagos City Council in 1966. In 1967, he held two key appointments: Managing Director of WEMABOD, a regional property and investment company, and Chairman of the Nigerian National Shipping Line, succeeding Chief Kola Balogun.
After leaving WEMABOD, he expanded his footprint as a major investor and entrepreneur. He held significant interests in AGIP Petroleum Marketing, NCR Nigeria, and founded several private firms, including Nigerlink Industries, Unital Builders, and Lagos Investments, a holding company. In the wake of the Nigerian Enterprise Promotion Act, he acquired equity stakes in numerous foreign companies operating in Nigeria, including Bowring Group, Inchcape, Schlumberger, Phoenix Assurance, UTC Nigeria, Evans Brothers, and Seven-Up.
Beyond the boardroom, Otunba Ojora was deeply rooted in tradition. He was the Otunba of Lagos, Lisa of Ife and Olori Omo Oba of Lagos.
He is survived by his wife, Erelu Ojuolape, and children, including, Mrs. Toyin Saraki, wife of former Senate President Bukola Saraki.
News
Bello Turji’s Men Execute Rival Kingpin Abdu Lankai In Katsina
The group led by notorious bandit kingpin Bello Turji has executed a rival leader, Abdu Lankai, in the Jibia Local Government Area of Katsina State.
The incident was disclosed on Wednesday in a post on X by Bakatsine, a journalist who reports on conflict and insecurity in Nigeria’s northwest.
Bakatsine disclosed that Abdu Lankai was reportedly captured on Tuesday afternoon during a reconciliation meeting with rival commanders, Dogo Rabe and Black, both linked to Bello Turji.
He wrote: “Sources confirm the killing of Abdu Lankai, an armed group leader central to enforcing a local peace arrangement in Jibia LGA, Katsina State.
“He was reportedly captured yesterday afternoon during a reconciliation meeting with rival commanders Dogo Rabe and Black, both linked to Bello Turji, and later executed.
“With Lankai gone, can Jibia’s fragile calm hold or does this mark the collapse of the peace deal?”
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