A Federal High Court has issued a series of orders, including Mareva injunctions, to freeze assets and accounts linked to General Hydrocarbons Limited, its affiliates, and prominent individuals, including media mogul Nduka Obaigbena.
The court’s decision follows allegations of unpaid loans totaling $225.8 million, owed to a financial institution.
This is contained in a court document seen by Naijaonpoint detailing the prayers of the plaintiffs, First Bank of Nigeria Ltd and FBNQuest Trustees Ltd, both subsidiaries of FBN Holdings Plc, a publicly listed financial services company in Nigeria.
General Hydrocarbons, an oil and gas company, is owned by Nduka Obaigbena, the publisher and founder of ThisDay Newspapers and Arise TV.
The company is mentioned as the operator of OML 120, an oil producing block in Nigeria.
The injunctions were granted to prevent the defendants, General Hydrocarbons Limited and other associated entities, from transferring or dissipating assets while a legal dispute over unpaid loan facilities is resolved.
The loans, reportedly issued by the plaintiffs, amount to $225,802,379.69 as of September 30, 2024.
The injunction restrains all major financial institutions in Nigeria including Guaranty Trust Bank, Access Bank, Zenith Bank, First Bank of Nigeria, and emerging digital platforms like Flutterwave, Paystack, and Piggyvest from releasing funds or dealing with any accounts associated with the defendants.
The Federal High Court issued a series of freezing orders, known as Mareva injunctions, against General Hydrocarbons Limited, its directors, and affiliated entities, including Nduka Obaigbena, over an alleged debt of $225.8 million.
The court directed all major commercial banks and financial institutions in Nigeria to block the defendants’ accounts and restrict access to funds or assets up to the claim amount, pending further legal proceedings.
The court also mandated the banks to disclose the exact balances in these accounts and provide certified statements of account within seven days.
This ensures that the defendants cannot deplete resources that may be used to settle the outstanding debt.
The Directors of General Hydrocarbons were also specifically restrained from disposing of their personal assets, whether movable or immovable, within Nigeria.
According to Naijaonpoint findings, the legal action stems from loans allegedly granted to the first defendant, General Hydrocarbons, by the plaintiff’s bank.
According to the Plaintiff, the loans remain unpaid as of September 30, 2024.
With the outstanding sum now exceeding $225 million, the plaintiffs sought court intervention to preserve assets pending the determination of the case.
With the outstanding sum now exceeding $225 million, the plaintiffs sought court intervention to preserve assets pending the determination of the case.
This is a developing story, and more updates are expected as legal proceedings continue….