A Federal High Court has issued Mareva injunctions freezing assets and accounts linked to General Hydrocarbons Limited, its affiliates, and media mogul Nduka Obaigbena over an alleged $225.8 million debt.
The court’s decision follows a legal battle initiated by First Bank of Nigeria Ltd and FBNQuest Trustees Ltd, both subsidiaries of FBN Holdings Plc, seeking to recover outstanding loan facilities.
According to court documents obtained, the plaintiffs claim that General Hydrocarbons, an oil and gas company owned by Obaigbena, defaulted on the loan repayment as of September 30, 2024.
The company, which operates Oil Mining Lease (OML) 120, is now subject to severe financial restrictions.
The Mareva injunctions restrain major commercial banks, including Guaranty Trust Bank, Access Bank, Zenith Bank, and First Bank, from releasing funds or facilitating transactions involving the defendants.
Digital platforms such as Paystack and Piggyvest were also directed to freeze accounts associated with the embattled company and its affiliates.
“An order of Mareva injunction restraining all commercial banks in Nigeria, including Guaranty Trust Bank Limited, Access Bank Plc, Citibank Nigeria Limited, Carbon Bank, Ecobank Nigeria Plc, Fidelity Bank Plc, First Bank of Nigeria Limited, First City Monument Bank Plc, Globus Bank, Heritage Bank Limited, Jaiz Bank, Keystone Bank Limited, Opay Digital Services Limited, PalmPay Limited, Paystack Payments Limited, Piggyvest, Momo Payment Service Bank Limited, Polaris Bank Limited, Providus Bank, Stanbic IBTC Bank Nigeria Limited, Standard Chartered Bank, Sterling Bank Plc, SunTrust Bank Limited, Union Bank of Nigeria Plc, United Bank for Africa Plc, Unity Bank Plc, Wema Bank Plc, Zenith Bank Plc, and all other financial institutions operating in Nigeria, from releasing or dealing with any funds or assets due to the GHL up to the sum of $225,802,379.69,” the injunction states.
In addition, companies involved in oil block OML 120 operations were directed to submit production and revenue records. Proceeds were diverted to the plaintiffs’ account pending further hearings.
