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Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena (17738 Views)

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Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by AmazingGenius: 9:26am On Feb 04
The case underscores the growing scrutiny of corporate debt defaults and the increasing willingness of banks to pursue aggressive legal measures to recover funds.

A Federal High Court has issued Mareva injunctions freezing assets and accounts linked to General Hydrocarbons Limited, its affiliates, and media mogul Nduka Obaigbena over an alleged $225.8 million debt.
The court’s decision follows a legal battle initiated by First Bank of Nigeria Ltd and FBNQuest Trustees Ltd, both subsidiaries of FBN Holdings Plc, seeking to recover outstanding loan facilities.


According to court documents obtained, the plaintiffs claim that General Hydrocarbons, an oil and gas company owned by Obaigbena, defaulted on the loan repayment as of September 30, 2024.

The company, which operates Oil Mining Lease (OML) 120, is now subject to severe financial restrictions.

Court Order and Financial Restrictions

The Mareva injunctions restrain major commercial banks, including Guaranty Trust Bank, Access Bank, Zenith Bank, and First Bank, from releasing funds or facilitating transactions involving the defendants.

Digital platforms such as Paystack and Piggyvest were also directed to freeze accounts associated with the embattled company and its affiliates.

“An order of Mareva injunction restraining all commercial banks in Nigeria, including Guaranty Trust Bank Limited, Access Bank Plc, Citibank Nigeria Limited, Carbon Bank, Ecobank Nigeria Plc, Fidelity Bank Plc, First Bank of Nigeria Limited, First City Monument Bank Plc, Globus Bank, Heritage Bank Limited, Jaiz Bank, Keystone Bank Limited, Opay Digital Services Limited, PalmPay Limited, Paystack Payments Limited, Piggyvest, Momo Payment Service Bank Limited, Polaris Bank Limited, Providus Bank, Stanbic IBTC Bank Nigeria Limited, Standard Chartered Bank, Sterling Bank Plc, SunTrust Bank Limited, Union Bank of Nigeria Plc, United Bank for Africa Plc, Unity Bank Plc, Wema Bank Plc, Zenith Bank Plc, and all other financial institutions operating in Nigeria, from releasing or dealing with any funds or assets due to the GHL up to the sum of $225,802,379.69,” the injunction states.

In addition, companies involved in oil block OML 120 operations were directed to submit production and revenue records. Proceeds were diverted to the plaintiffs' account pending further hearings.

Allegations of fund diversion

According to the court filings, the loans were initially secured with crude oil stocks, insurance policies, and receivables.

However, the plaintiffs allege that the funds were misused for personal expenditures, including luxury real estate acquisitions and private jet operations.

Sources familiar with the case disclosed that the financial institution sought court intervention to prevent the defendants from depleting assets before a final ruling.

The injunctions also extend to individual directors of General Hydrocarbons, barring them from selling or transferring personal assets within Nigeria.

Implications for the financial and media landscape

The legal action against General Hydrocarbons and Obaigbena could have broad implications for corporate governance and financial oversight in Nigeria.

The case underscores the growing scrutiny of corporate debt defaults and the increasing willingness of banks to pursue aggressive legal measures to recover funds.

Market analysts noted that the development immediately impacted FBN Holdings’ stock, which fell 1.27% to close at N31.05 on Thursday.

Investors are closely monitoring the proceedings, with concerns about potential ripple effects on the financial services and media industries.

What happens next?

Legal experts suggest that the court’s decision to impose a Mareva injunction indicates the severity of the allegations and the need to prevent asset dissipation.

The case is ongoing, and further hearings are expected to clarify whether the frozen assets will be liquidated to settle the outstanding debt.

Observers anticipate that the outcome could shape future legal approaches to corporate debt disputes in Nigeria.

If upheld, the court’s order may serve as a precedent for financial institutions seeking to secure claims against delinquent borrowers.

As the legal battle unfolds, stakeholders in Nigeria’s financial and energy sectors await the court’s final ruling, which could determine the fate of General Hydrocarbons and its influential owner, Nduka Obaigbena.

Source: https://www.pulse.ng/articles/news/nduka-obaigbena-fbn-debt-2025020314502929193

8 Likes 2 Shares

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by Saao(m): 9:32am On Feb 04
All these big men with loans. If u minus the loans they owed from their assets, they maybe left with nothing despite all these, you see them living so large.

64 Likes 7 Shares

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by Acekidc4(m): 9:35am On Feb 04
If you know you know

64 Likes

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by gsmphoneseller: 9:53am On Feb 04
Witch hunting from the APC witches and wizards in asorock

33 Likes 2 Shares

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by nothingspoil70: 9:54am On Feb 04
Rufai Oseni about to be laid off. This is jagaban era, no more fake lives

38 Likes 5 Shares

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by kedeojo(m): 10:14am On Feb 04
AmazingGenius:
The case underscores the growing scrutiny of corporate debt defaults and the increasing willingness of banks to pursue aggressive legal measures to recover funds.

A Federal High Court has issued Mareva injunctions freezing assets and accounts linked to General Hydrocarbons Limited, its affiliates, and media mogul Nduka Obaigbena over an alleged $225.8 million debt.
The court’s decision follows a legal battle initiated by First Bank of Nigeria Ltd and FBNQuest Trustees Ltd, both subsidiaries of FBN Holdings Plc, seeking to recover outstanding loan facilities.


According to court documents obtained, the plaintiffs claim that General Hydrocarbons, an oil and gas company owned by Obaigbena, defaulted on the loan repayment as of September 30, 2024.

The company, which operates Oil Mining Lease (OML) 120, is now subject to severe financial restrictions.

Court Order and Financial Restrictions

The Mareva injunctions restrain major commercial banks, including Guaranty Trust Bank, Access Bank, Zenith Bank, and First Bank, from releasing funds or facilitating transactions involving the defendants.

Digital platforms such as Paystack and Piggyvest were also directed to freeze accounts associated with the embattled company and its affiliates.

“An order of Mareva injunction restraining all commercial banks in Nigeria, including Guaranty Trust Bank Limited, Access Bank Plc, Citibank Nigeria Limited, Carbon Bank, Ecobank Nigeria Plc, Fidelity Bank Plc, First Bank of Nigeria Limited, First City Monument Bank Plc, Globus Bank, Heritage Bank Limited, Jaiz Bank, Keystone Bank Limited, Opay Digital Services Limited, PalmPay Limited, Paystack Payments Limited, Piggyvest, Momo Payment Service Bank Limited, Polaris Bank Limited, Providus Bank, Stanbic IBTC Bank Nigeria Limited, Standard Chartered Bank, Sterling Bank Plc, SunTrust Bank Limited, Union Bank of Nigeria Plc, United Bank for Africa Plc, Unity Bank Plc, Wema Bank Plc, Zenith Bank Plc, and all other financial institutions operating in Nigeria, from releasing or dealing with any funds or assets due to the GHL up to the sum of $225,802,379.69,” the injunction states.

In addition, companies involved in oil block OML 120 operations were directed to submit production and revenue records. Proceeds were diverted to the plaintiffs' account pending further hearings.

Allegations of fund diversion

According to the court filings, the loans were initially secured with crude oil stocks, insurance policies, and receivables.

However, the plaintiffs allege that the funds were misused for personal expenditures, including luxury real estate acquisitions and private jet operations.

Sources familiar with the case disclosed that the financial institution sought court intervention to prevent the defendants from depleting assets before a final ruling.

The injunctions also extend to individual directors of General Hydrocarbons, barring them from selling or transferring personal assets within Nigeria.

Implications for the financial and media landscape

The legal action against General Hydrocarbons and Obaigbena could have broad implications for corporate governance and financial oversight in Nigeria.

The case underscores the growing scrutiny of corporate debt defaults and the increasing willingness of banks to pursue aggressive legal measures to recover funds.

Market analysts noted that the development immediately impacted FBN Holdings’ stock, which fell 1.27% to close at N31.05 on Thursday.

Investors are closely monitoring the proceedings, with concerns about potential ripple effects on the financial services and media industries.

What happens next?

Legal experts suggest that the court’s decision to impose a Mareva injunction indicates the severity of the allegations and the need to prevent asset dissipation.

The case is ongoing, and further hearings are expected to clarify whether the frozen assets will be liquidated to settle the outstanding debt.

Observers anticipate that the outcome could shape future legal approaches to corporate debt disputes in Nigeria.

If upheld, the court’s order may serve as a precedent for financial institutions seeking to secure claims against delinquent borrowers.

As the legal battle unfolds, stakeholders in Nigeria’s financial and energy sectors await the court’s final ruling, which could determine the fate of General Hydrocarbons and its influential owner, Nduka Obaigbena.

Source: https://www.pulse.ng/articles/news/nduka-obaigbena-fbn-debt-2025020314502929193
Criminal and that was why he turned his station to be an arm of labour party. If Obi has won, he will have supported him. He must vomit all the loans with interest he took from first bank. Late Ifeanyi Ubah did same too. Their online goats will always say, we make our money outside government. is this not worse than that. Maybe one day, first bank may just liquidate and some of us who bank with them will kiss our hard earn money goodbye. They should seize Arise tv if the money is not complete. Criminals.

34 Likes 10 Shares

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by HEAVEN4444: 10:20am On Feb 04
kedeojo:
Criminal and that was why he turned his station to be an arm of labour party. If Obi has won, he will have supported him. He must vomit all the loans with interest he took from first bank. Late Ifeanyi Ubah did same too. Their online goats will always say, we make our money outside government. is this not worse than that. Maybe one day, first bank may just liquidate and some of us who bank with them will kiss our hard earn money goodbye. They should seize Arise tv if the money is not complete. Criminals.
who approved the loan ? The person is a thief. Arrest him too.

14 Likes 1 Share

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by Zulu11zulu: 11:06am On Feb 04
I don't advice anyone to invest in Nigeria
If the government of the don't like you your investment will be shut down.

It doesn't work like that people should allow to associate to anyone they like to without intimidation.

14 Likes 1 Share

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by free2ryhme: 11:18am On Feb 04
AmazingGenius:


Source: https://www.pulse.ng/articles/news/nduka-obaigbena-fbn-debt-2025020314502929193

He should focus on settling the debt to avoid more legal issues and financial damage.
Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by merits(m): 11:19am On Feb 04
Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by Http40k(m): 11:19am On Feb 04
Politically motivated

6 Likes

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by MorataFC: 11:19am On Feb 04
Hmm
Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by ScamDemicEra: 11:20am On Feb 04
....... lucky Diana Ross, don collect commot !
Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by olisaEze(m): 11:20am On Feb 04
You Dey owe one bank kon dey give another one banker of the yr award, Oga coman payback ur loan immediately! cheesy

29 Likes 4 Shares

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by thesicilian: 11:21am On Feb 04
You know you have skeletons in your cupboard yet you were using your TV station to fight so obviously against the person who you know would likely win the presidential election.

13 Likes

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by Gotocourt: 11:22am On Feb 04
tongue
Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by ChiefOloye(m): 11:23am On Feb 04
Hmmmm
Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by thesicilian: 11:23am On Feb 04
Http40k:
Politically motivated
The question is, is he guilty or not?

23 Likes 3 Shares

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by billionman: 11:23am On Feb 04
He's reaping the fruit of his ......

1 Like

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by dynicks(m): 11:23am On Feb 04
APC agents of darkness on the prowl.... grin grin

Rufai oseni better watch his back!...

4 Likes 1 Share

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by iamphilips(m): 11:23am On Feb 04
If it’s possible for you to run your business without bank loan, Please do it…. Your peace of mind is guaranteed

8 Likes 2 Shares

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by Wealthoptulent(m): 11:24am On Feb 04

1 Like

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by Preferito(m): 11:24am On Feb 04
This is getting more interesting. All these big men are the ones living fake lives because when you minus their loans from their total assets you will know what's up. Imagine how they have to fight dirty between Otedola and Nduka even though they're both rich. I always say it that the worst set of people to owe someone money are the rich men. How do you get your money back when they have the law enforcement and the law interpreters on their side.

12 Likes 5 Shares

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by RollinTNDA: 11:25am On Feb 04
Nawa
Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by jocelynor: 11:25am On Feb 04
Saao:
All these big men with loans. If u minus the loans they owed, from their assets, they maybe left with nothing despite all these, you see them living so large.

U think its cause of that or its about them and apc

1 Like

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by Osashalom: 11:25am On Feb 04
That is why sometimes they say they don't have money but people won't believe them, including you and I won't believe them.
Saao:
All these big men with loans. If u minus the loans they owed, from their assets, they maybe left with nothing despite all these, you see them living so large.

11 Likes 2 Shares

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by Gandrova: 11:25am On Feb 04
Http40k:
Politically motivated
Are you saying he should be allowed not to pay his debt or the court should just Clapp for him?

15 Likes 1 Share

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by donbrowser(m): 11:27am On Feb 04
Like Daar, Like Arise

5 Likes

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by ogaemma: 11:27am On Feb 04
At last Femi Otedola visit to President Bola Tinubu in Abu Dhabi, United Arab Emirates (UAE) has paid off.
👇👇👇👇👇👇
The court’s decision follows a legal battle initiated by First Bank of Nigeria Ltd and FBNQuest Trustees Ltd, both subsidiaries of FBN Holdings Plc, seeking to recover outstanding loan facilities.

NIGERIA is a mafia click.
Just join them and your sins are forgiven.

5 Likes

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by Wealthoptulent(m): 11:29am On Feb 04
OSENI ooooo

4 Likes

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by gigabyte13: 11:30am On Feb 04
Mtchewwwwwwwwww
Borrow and borrow
Accumulate huge debts
Call it wealth
Frustrate creditors till they are tired
Call it hardwork to young men around you.
Borrow borrow make me rich crew

12 Likes 2 Shares

Re: Court Freezes $225 Million In Assets Linked To Arise TV Owner Nduka Obaigbena by Wealthoptulent(m): 11:30am On Feb 04
TEARS go BREKETE

4 Likes

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