A Lagos Federal High Court has ordered banks in Nigeria to block the accounts of Mr. Nduka Obaigbena, a media executive, and his family. The court made this decision because First Bank of Nigeria says Mr. Obaigbena and his family owe them money.
The case involves a company owned by Mr. Obaigbena’s family, General Hydrocarbons Limited, which First Bank claims owes about $718 million. The court also ordered that Mr. Obaigbena cannot move his properties or money out of the court’s reach.
Justice Deinde Dipeolu, who gave the order on December 30, 2024, said banks must freeze at least $225 million in accounts connected to Mr. Obaigbena and his family.
Mr. Obaigbena, the owner of THISDAY newspaper and Arise TV, has not commented on the court’s decision. However, his lawyers said that First Bank acted unfairly by getting this court order. They argue that another court had already told the bank not to take action against Mr. Obaigbena until an ongoing legal case is resolved.
The lawyers also warned that First Bank’s actions could lead to legal trouble for the bank’s executives.
The case highlights a disagreement over loans connected to an oil company and raises questions about how First Bank handled the issue. Meanwhile, Mr. Obaigbena has claimed he once helped the bank avoid financial trouble in 2021.
The matter is ongoing, and both sides are preparing for further legal battles.
