The Federal High Court sitting in Lagos has restrained commercial banks in Nigeria from releasing or dealing with all monies and assets up to $225.8 million due to Nduka Obaigbena from any account maintained by him.

Obaigbena is the chairman and editor-in-chief of THISDAY Media Group and Arise News Channel.

This decision follows a lawsuit filed by First Bank of Nigeria Limited and FBNQuest Trustees Limited.The duo accused General Hydrocarbons Limited of owing them a staggering $225,802,379.69 ($225.8 million) in outstanding debt from loan facilities granted as of 30 September 2024.

The court also blocked all commercial banks from releasing or dealing with all monies and assets up to the said amount belonging to Efe Damilola Obaigbena, Olabisi Eka Obaigbena, and General Hydrocarbons Limited.

The three individuals are directors and shareholders in General Hydrocarbons Limited, an oil and gas firm.

First Bank of Nigeria Limited and FBNQuest Trustees Limited had, on 27 December 2024, approached the court to seek orders in respect of a total claim of $225.8 million.

The amount, $225.8 million, is alleged by the plaintiffs to be an outstanding indebtedness on General Hydrocarbons’ account with First Bank as of 30 September 2024.

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