A Federal High Court in Ikoyi, Lagos, has issued an order restraining commercial banks in Nigeria from accessing or dealing with funds and assets totalling $225.8 million allegedly belonging to Nduka Obaigbena, Chairman and Editor-in-Chief of THISDAY Media Group and Arise News Channel.

The order follows a lawsuit filed by First Bank of Nigeria Limited and FBNQuest Trustees Limited, seeking the recovery of approximately ₦1.2 trillion in local currency.

The plaintiffs accuse General Hydrocarbons Limited of defaulting on loan facilities amounting to $225.8 million as of 30 September 2024. Consequently, the court also froze funds linked to Efe Damilola Obaigbena, Olabisi Eka Obaigbena, and General Hydrocarbons Limited, all of whom are directors and shareholders in the oil and gas company.

According to court documents, First Bank and FBNQuest approached the court on 27 December 2024, to secure a Mareva injunction aimed at preventing the movement of funds linked to Obaigbena and General Hydrocarbons Limited outside the jurisdiction of the court.

The suit alleges that General Hydrocarbons assumed debt obligations of $718 million and that at least $225.8 million has been frozen in the bank accounts of the Obaigbena family as part of the court’s order, issued by Justice Deinde Dipeolu under suit number FHC/L/CS/2378/2024.

Additionally, the court directed all banks operating in Nigeria to halt any financial transactions involving the Obaigbena family or their businesses.

In a letter dated 9 January 2025, the Obaigbena family’s legal counsel, Abiodun Layonu & Co, argued that First Bank was attempting to coerce their clients into assuming liability for $718 million in loans tied to Atlantic Energy. The lawyers also accused the bank of obtaining a Mareva injunction from a different judge, despite a prior ruling by Justice Lewis Allagoa of the Federal High Court, Lagos Division, on 12 December 2024.

Justice Allagoa’s ruling had explicitly restrained First Bank from enforcing any claims on the assets of the Obaigbena family or their businesses, pending the resolution of an ongoing arbitration proceeding. The Obaigbena family’s legal team has warned of “grave legal consequences” if First Bank continues to pursue enforcement actions contrary to the earlier judgement.