BREAKING: Court Freezes $225 Million in Assets Linked to Nduka Obaigbena, Owner of Arise TV, General Hydrocarbons

A Federal High Court in Lagos has issued an ex-parte order to freeze the assets and accounts of General Hydrocarbons Limited, owned by Nduka Obaigbena, the founder of Arise TV. This ruling comes in response to a lawsuit filed by First Bank of Nigeria Limited and FBNQUEST Trustees Limited, alleging that the company owes $225.8 million in outstanding loans as of September 30, 2024.

Court’s Decision

Justice D.I. Dipeolu issued the order on December 30, 2024, directing all commercial banks in Nigeria to restrict access to funds or assets linked to General Hydrocarbons Limited and its directors. The injunction also applies to subsidiaries, sister companies, and related entities, ensuring no transfer or dissipation of funds occurs while the case is pending.

 

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The ruling specifically targets accounts associated with General Hydrocarbons and its directors, including Nduka Obaigbena, Efe Damilola Obaigbena, and Olabisi Eka Obaigbena.

Details of the Lawsuit

The plaintiffs, First Bank of Nigeria and FBNQUEST Trustees, claim that General Hydrocarbons defaulted on loan agreements amounting to $225,802,379.69. The loans were reportedly granted to finance energy-related projects.

The court order also mandates companies and individuals linked to the case to disclose the volume of crude products lifted from oil mining license (OML) 120 by General Hydrocarbons since production began.

Named Defendants

The lawsuit involves multiple defendants, including:

• Nduka Obaigbena (2nd Defendant)
• GHL 121 Ltd
• CESL Oyo Production BBC Limited
• Oil trading giants Vitol SA, Mercuria Energy Trading SA, Trafigura PTE Limited, and others.

This comprehensive order ensures that assets connected to the defendants remain frozen until further legal proceedings clarify the financial and legal liabilities.

Historical Allegations

Nduka Obaigbena, a prominent media entrepreneur and the owner of ThisDay Newspaper and Arise TV, has faced scrutiny before. In 2015, reports alleged that General Hydrocarbons received N670 million from the Office of the National Security Adviser under Sambo Dasuki for “energy consulting.”

These allegations, coupled with the current lawsuit, have intensified public attention on General Hydrocarbons’ financial practices.

Implications of the Court Order

The freezing of $225 million in assets underscores the gravity of the allegations. The Mareva injunction prevents any movement of funds or sale of assets that could compromise the plaintiff’s ability to recover the alleged debt.

If found guilty, General Hydrocarbons, Nduka Obaigbena, and other defendants face severe financial penalties and potential reputational damage.

Next Steps

The case is set to proceed to a full hearing to determine the validity of the plaintiffs’ claims and whether the court will impose permanent measures. For now, financial institutions and involved parties must comply with the court’s orders.

This legal battle is likely to have significant consequences for the business interests of Nduka Obaigbena and the operations of General Hydrocarbons. Further developments will be closely watched.