The Federal High Court in Lagos has prohibited commercial banks in Nigeria from releasing or handling any funds and assets amounting to $225.8 million owed to Nduka Obaigbena from his accounts. Obaigbena is the chairman and editor-in-chief of THISDAY Media Group and Arise News Channel. This ruling comes after First Bank of Nigeria Limited and FBNQuest Trustees Limited filed a lawsuit, claiming that General Hydrocarbons Limited owes them $225,802,379.69 in unpaid debt from loans as of September 30, 2024. The court also prevented the release or handling of any funds and assets up to that amount belonging to Efe Damilola Obaigbena, Olabisi Eka Obaigbena, and General Hydrocarbons Limited, all of whom are directors and shareholders in the oil and gas company. First Bank of Nigeria Limited and FBNQuest Trustees Limited had approached the court on December 27, 2024, seeking orders related to the $225.8 million claim, which they assert is the outstanding debt on General Hydrocarbons’ account with First Bank as of September 30, 2024.
