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Court Freezes 35 Bank Accounts Linked To Nduka Obaigbena’s Company

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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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How Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit

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The Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Saturday visited Port Harcourt City Local Government as part of his “thank you” visit across Rivers State.

 

Upon his arrival, a group of women displayed a symbolic gesture of loyalty by spreading their wrappers on the ground for his motorcade.

 

The women and supporters of the Minister were in a jubilant mode as Wike drove on the wrappers.

 

Wike has been going around local governments in the state to appreciate them for their support while reeling out moves ahead of the 2027 general elections.

 

In the course of his visits, the Minister had fired several salvos at political actors in the state, warning that their sudden support for President Bola Tinubu won’t secure them any ticket in 2027.

 

Wike also renewed rivalry with Governor Sim Fubara over the leadership control of the political space in the state.

 

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Impeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly

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The Rivers State House of Assembly has officially reaffirmed that the impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu, are ongoing and have not been suspended.

 

The Assembly said the process is still ongoing and is being conducted strictly in line with constitutional provisions.

 

This was contained in a statement issued on Friday by the Chairman of the House Committee on Information, Petitions and Complaints, Hon. Enemi George.

 

According to the statement, the impeachment process, which began on Thursday, January 8, 2026, remains on course in line with the 1999 Constitution of the Federal Republic of Nigeria (as amended).

 

The lawmakers disclosed that separate notices of allegations bordering on gross misconduct have been served on both the governor and his deputy in line with Section 188 of the Constitution.

 

“The notices of allegations of gross misconduct against the Governor and the Deputy Governor have been duly forwarded to them by the Speaker of the House, Rt. Hon. Martins Amaewhule, and the House is awaiting their responses,” the statement said.

 

The Assembly maintained that it is constitutionally obligated to act in the interest of the rule of law and ensure that no public office holder acts outside legal boundaries.

 

Reacting to reports suggesting that the impeachment move had been halted, the House accused some individuals and media outlets of deliberately spreading misinformation to mislead the public and stir tension between the legislature and Rivers residents.

 

The lawmakers described such reports as false and insisted they would not succumb to intimidation, threats, or blackmail.

 

“We are aware of renewed attempts by certain persons and media platforms to misinform the public by claiming that the impeachment process has been discontinued. The public should disregard such falsehoods, as the process remains active,” the statement added.

 

The Assembly reaffirmed its commitment to democratic principles and constitutional responsibilities, stressing that it would not be distracted by what it termed “cheap propaganda.”

 

It also appreciated the people of Rivers State for their support and prayers amid the ongoing political developments and extended goodwill to Nigerians committed to the nation’s democratic journey.

 

JomogNews reports that during Thursday’s plenary session, presided over by the Speaker, the Majority Leader, Major Jack, formally read the notice of allegations of gross misconduct against Governor Fubara on the floor of the House.

 

 

 

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Your Second Coming Was A Chance To Avoid These Political Mistakes – Fayose To Fubara

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Former Governor of Ekiti State, Ayodele Fayose, says the second coming to office of the Rivers State Governor, Siminalayi Fubara, after the elapsing of the state of emergency should have made him better.

 

Fayose’s remarks come as the Rivers State House of Assembly has initiated impeachment proceedings against Fubara as of January 8, 2026.

Speaking in an interview on ‘Politics Today’, a programme on Channels Television on Friday, Fayose said he was removed as governor and went to exile but became a better person upon his return.

Fayose said that President Bola Tinubu hates ingratitude just like any other person else does.

The former Ekiti governor also dismissed the claim that what is happening in Rivers state is politics taken too far.

According to him, the constitution provides rules of engagement for every politician, stressing that it is when one gets out of the rule that he begins to look for public sympathy.

“The coming back of Governor Fubara should have made him a better person .If you made a mistake the first time, the second time you are not supposed to go through that route.

“Politics is a power game. Nobody solves political game for you. With due respect, let me tell you. Fubara is the one enjoying the office of the governor of Rivers state. It’s not the FCT Minister, Nyesom Wike.

“Some people are saying it’s about Tinubu’s election. No! Because Tinubu’s election will come first, don’t forget that. Both Wike and Fubara will all work for Tinubu. Two weeks after, there will be an election for Rivers state,” he said.

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