A Federal High Court in Lagos has issued a Mareva injunction, freezing the assets and bank accounts of General Hydrocarbons Limited, a company owned by Nduka Obaigbena, the chairman of ARISE News, across all commercial banks in Nigeria.
The court order follows allegations by First Bank of Nigeria Limited and FBNQuest Trustees Limited that General Hydrocarbons Limited owes an outstanding debt of $225.8 million as of September 30, 2024. The plaintiffs argued that the defendants had failed to meet their financial obligations, prompting the court to intervene to protect the funds and ensure repayment.
The injunction, granted by Justice Nicholas Oweibo, restricts major financial institutions, including First Bank, Guaranty Trust Bank, Zenith Bank, and Access Bank, from releasing or dealing with any funds or assets associated with General Hydrocarbons Limited. The order also applies to accounts linked to key individuals, including Nduka Obaigbena, Efe Damilola Obaigbena, and Olabisi Eka Obaigbena.
In addition to freezing bank accounts, the court directed oil companies operating under Oil Mining Lease (OML) 120 to provide comprehensive records of production and revenue generated since the inception of operations. The court ordered that the proceeds be deposited into a designated account controlled by the plaintiffs.
The injunction also prohibits the defendants from transferring or dissipating any assets, including crude oil stocks, insurance policies, shares, or receivables, until the case is resolved. This measure aims to ensure that sufficient funds are available to settle the alleged debt.
This legal action is the latest controversy involving General Hydrocarbons Limited. The company was previously linked to allegations of financial mismanagement during the tenure of former National Security Adviser Sambo Dasuki in 2015.
The court has scheduled a hearing for January 20, 2025, to deliberate on the motion on notice. Further developments are expected as the case progresses.
