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By Lizzy Chirkpi
A legal thunderbolt has struck Nigeria’s oil and financial sectors as the Federal High Court in Lagos ordered a global freeze on the assets of General Hydrocarbons Limited (GHL) and its principals, including prominent publisher and businessman Nduka Obaigbena, under a sweeping Mareva injunction with worldwide effect.
The order, granted on October 24, 2025, by Justice Akintayo Aluko, has effectively frozen all GHL assets across 35 financial institutions and authorized security agencies to assist a court appointed receiver in taking over the company’s most prized possession the Oil Mining License (OML) 120, one of Nigeria’s most lucrative offshore oil blocks.
The case, already shaking both the banking and oil sectors, resumes on November 10, 2025, for the hearing of the Motion on Notice.
According to the Enrolled Order seen by Pointblanknews.com, the court mandated banks and fintech firms, including Guaranty Trust Bank, Access Bank, Zenith Bank, Paystack, Flutterwave, and PiggyVest to immediately “place a post-no-debit on all accounts” linked to GHL and its affiliates.
The law firm Adedeji & Owotomo LLP, acting for the Plaintiffs, described the order as “a necessary safeguard to prevent the dissipation of assets and ensure accountability in the face of significant financial exposure.”
“This is not a routine injunction,” said a senior legal analyst familiar with the case. “It’s a full-scale economic lockdown. Every financial institution named must now freeze, report, and disclose all funds tied to GHL. The ripple effect will be massive.”
The banks have also been ordered to file affidavits within seven days disclosing the current balances on all affected accounts, a move designed to uncover the true scale of GHL’s financial operations.
At the core of the legal action is Oil Mining License (OML) 120, an asset considered a cornerstone of Nigeria’s petroleum economy.
OMLs are critical to the nation’s finances, contributing heavily to the over 90 percent of foreign exchange earnings derived from oil and gas exports. By placing OML 120 under judicial receivership, the court has effectively suspended commercial activity around one of the country’s key oil fields.
The order grants Mr. Seyi Akinwunmi, FBR, the court-appointed Receiver, the authority to “take over and preserve the properties and assets of General Hydrocarbons Limited,” including its Ikoyi head office and its full interest in OML 120.
Recognizing the strategic and potentially volatile nature of the seizure, Justice Aluko further directed the Nigerian Navy, the Inspector General of Police, the Nigerian National Petroleum Company (NNPC), and other security agencies to assist the Receiver to avoid a breach of the peace during enforcement.
However, there are concerns that the injunction, while powerful, carries heavy risks for the applicants. Under court rules, the party seeking a Mareva injunction must file what is known as an “lundertaking as to damages.
Meanwhile, the injunction is later deemed to have been wrongly granted, the applicants could be forced to compensate the defendants for losses suffered due to the freeze.
“The court has essentially told the Applicants: if you’re wrong, you pay,” explained a senior commercial litigator. “Given the scale of this case, an oil block, multiple banks, and international operations that liability could run into billions.”
A former senior official at the Ministry of Petroleum Resources who spoke to Pointblanknews.com on the grounds of anonymity ,warned that “if operations at OML 120 stall for long, Nigeria could see immediate fiscal pressure, less crude output, lower dollar inflows, and a short-term spike in market anxiety.”
The court’s move has also reignited debates over corporate governance in Nigeria’s energy sector, where asset control disputes and opaque ownership structures have long undermined transparency.
The matter is scheduled to return to court on November 10, 2025, when Justice Aluko will hear arguments on whether to sustain or discharge the Mareva injunction.
Until then, General Hydrocarbons Limited once a key player in Nigeria’s offshore energy scene and its directors, Nduka Obaigbena, Efe Damilola Obaigbena, and Olabisi Eka Obaigbena, remain under a judicial freeze, with both their corporate accounts and prized oil assets locked in a high-stakes legal battle.