The Federal High Court in Lagos has ordered all Nigerian banks to freeze the accounts of media executive Nduka Obaigbena and members of his family over an alleged $718 million debt owed to First Bank of Nigeria.

Justice Deinde Dipeolu issued the “Mareva” injunction on December 30, 2024, in suit FHC/L/CS/2378/2024, prohibiting Mr. Obaigbena, his family, and businesses linked to them from transferring assets outside the court’s jurisdiction. At least $225 million across multiple accounts has already been frozen as part of the order.

First Bank initiated the debt recovery suit, accusing Mr. Obaigbena and his relatives, including Efe Damilola Obaigbena and Olabisi Eka Obaigbena, of using their oil servicing company, General Hydrocarbons Limited, to secure loans linked to the troubled Atlantic Energy.

“All licensed banks in Nigeria are hereby directed to immediately seize financial transactions related to the Obaigbenas,” Justice Dipeolu ruled, citing concerns about asset dissipation.

Mr. Obaigbena, founder of THISDAY and Arise TV, did not respond to requests for comment.

However, a source close to him provided The Gazette with a letter from his legal team, Abiodun Layonu & Co., accusing First Bank of disregarding court procedures.

The letter, dated January 9, 2025, argued that First Bank obtained the *Mareva* order despite an earlier December 12, 2024, ruling by Justice Lewis Allagoa of the Lagos Federal High Court. That ruling had barred the bank from taking enforcement actions against the Obaigbenas pending the outcome of arbitration proceedings.

“The actions of First Bank are unethical, illegal, and in contempt of the December 12 judgment,” the letter stated. The lawyers warned of “grave legal implications” and accused the bank of suppressing critical information while seeking the *Mareva* order.

First Bank Remains Silent First Bank’s spokesperson and Chairman Femi Otedola did not immediately respond to inquiries about the accusations.

“We Will Defend Our Rights” – Obaigbena

In a prior petition to Central Bank Governor Yemi Cardoso, Mr. Obaigbena alleged First Bank was acting in bad faith. He highlighted his role in rescuing the bank from collapse in 2021 using funds from OML 120 oil block operations under President Muhammadu Buhari’s administration.

“We have no choice but to pursue legal and arbitration measures to protect our fundamental rights,” Mr. Obaigbena wrote in the November 7, 2024, complaint.

The case underscores a fierce legal battle over debts, asset management, and accusations of corporate malfeasance involving one of Nigeria’s most prominent media moguls.

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