By: Adeosun Ewatomi
Media executive Nduka Obaigbena and his family have been blacklisted by all Nigerian banks following a court order stemming from a multi-million dollar debt dispute with First Bank of Nigeria (FBN).
Justice Deinde Dipeolu of the Lagos Division of the Federal High Court issued a Mareva injunction on December 30, 2024, freezing at least $225 million in Obaigbena family accounts and prohibiting any further financial transactions linked to them.The order, issued in suit FHC/L/CS/2378/2024, stems from a debt recovery suit filed by FBN, which alleges that Obaigbena and his family, including Efe Damilola Obaigbena and Olabisi Eka Obaigbena, used their oil servicing firm, General Hydrocarbons Limited, to assume approximately $718 million in debt belonging to Atlantic Energy.
The court directive mandates all Nigerian banks to immediately cease all financial transactions involving the Obaigbenas and their associated businesses. Mr. Obaigbena has yet to comment publicly on the order.However, a letter from the Obaigbenas’ lawyers, Abiodun Layonu & Co., dated January 9, 2025, alleges that First Bank acted improperly.
The letter argues that FBN is attempting to hold the Obaigbenas responsible for Atlantic Energy’s debt and that the Mareva order was obtained in violation of a prior court injunction.This earlier injunction, issued on December 12, 2024, by Justice Lewis Allagoa of the same court, restrained FBN from taking any action against the Obaigbenas’ assets pending arbitration proceedings. The lawyers warn of “grave legal implications” for First Bank’s actions.
First Bank and its chairman, Femi Otedola, have yet to respond to requests for comments regarding the letter from the Obaigbenas’ legal team..The dispute adds another layer of complexity to an already contentious relationship. In November 7, 2024, petition to the Central Bank of Nigeria (CBN) Governor Yemi Cardoso, Obaigbena claimed he played a crucial role in rescuing First Bank from a near-collapse in 2021, using resources from the OML 120 oil block to transform the bank’s financial standing from a N161 billion loss to a N151 billion profit.Obaigbena stated that he has been forced to pursue legal action to protect his rights against what he considers to be bullying tactics by FBN.
The situation remains unresolved, with legal battles expected to continue.
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