$225M loan default: court orders freeze on Nduka Obaigbena-Linked assets

The Federal High Court has issued a freeze on assets and accounts associated with General Hydrocarbons Limited, a company owned by prominent media mogul Nduka Obaigbena. The ruling comes in response to a $225.8 million loan dispute involving First Bank of Nigeria Ltd and FBNQuest Trustees Ltd.

The loan, initially provided for the acquisition of oil block OML 120, has become the subject of controversy, with allegations of misappropriation. Reports suggest the funds were diverted to acquire high-end assets, including private jets and luxury properties, rather than being utilized for the intended purpose.

To safeguard the recovery of the loan, the court granted Mareva injunctions, effectively freezing the defendants’ accounts across leading financial institutions, including Guaranty Trust Bank, Zenith Bank, Access Bank, and fintech platforms such as Flutterwave, Paystack, and Piggyvest. These measures are aimed at preventing any depletion of assets as the legal process unfolds.

In a move to ensure transparency, the court has also mandated the disclosure of account balances linked to the defendants and directed firms involved in OML 120 operations to submit detailed records of production and revenue.

This development sends a strong message about the enforcement of financial agreements and the accountability of corporate entities in Nigeria’s business landscape. Analysts suggest the case could set a precedent for stricter adherence to financial obligations and governance standards.

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