The Federal High Court in Lagos has ordered Nigerian commercial banks to refrain from disbursing or handling any funds or assets owed to Nduka Obaigbena from any account he owns.
Obaigbena is the head editor and chairman of Arise News Channel and THISDAY Media Group.
This ruling comes after First Bank of Nigeria Limited and FBNQuest Trustees Limited filed a lawsuit.
The two claimed that as of September 30, 2024, General Hydrocarbons Limited owed them an astounding $225,802,379.69 ($225.8 million) in unpaid debt from lending facilities.
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Additionally, the court prohibited any commercial banks from disbursing or handling any funds or assets that belonged to General Hydrocarbons Limited, Olabisi Eka Obaigbena, and Efe Damilola Obaigbena up to the specified sum.
The three individuals are directors and shareholders in General Hydrocarbons Limited, an oil and gas firm.
On December 27, 2024, FBNQuest Trustees Limited and First Bank of Nigeria Limited petitioned the court for orders pertaining to a $225.8 million claim.
The plaintiffs claim that as of September 30, 2024, $225.8 million was an outstanding obligation on General Hydrocarbons’ account with First Bank.
