{"id":123673,"date":"2025-11-08T16:16:40","date_gmt":"2025-11-08T15:16:40","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=123673"},"modified":"2025-11-08T19:49:38","modified_gmt":"2025-11-08T18:49:38","slug":"court-freezes-35-bank-accounts-linked-to-nduka-obaigbenas-company","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/court-freezes-35-bank-accounts-linked-to-nduka-obaigbenas-company\/","title":{"rendered":"Court Freezes 35 Bank Accounts Linked to\u00a0 Nduka Obaigbena’s Company\u00a0"},"content":{"rendered":"
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By Lizzy Chirkpi<\/div>\n
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A legal thunderbolt has struck Nigeria\u2019s 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.<\/div>\n
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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\u2019s most prized possession the Oil Mining License (OML) 120, one of Nigeria\u2019s most lucrative offshore oil blocks.<\/div>\n
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The case, already shaking both the banking and oil sectors, resumes on November 10, 2025, for the hearing of the Motion on Notice.<\/div>\n
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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 \u201cplace a post-no-debit on all accounts\u201d linked to GHL and its affiliates.<\/div>\n
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The law firm Adedeji & Owotomo LLP, acting for the Plaintiffs, described the order as \u201ca necessary safeguard to prevent the dissipation of assets and ensure accountability in the face of significant financial exposure.\u201d<\/div>\n
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\u201cThis is not a routine injunction,\u201d said a senior legal analyst familiar with the case. \u201cIt\u2019s 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.\u201d<\/div>\n
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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\u2019s financial operations.<\/div>\n
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At the core of the legal action is Oil Mining License (OML) 120, an asset considered a cornerstone of Nigeria\u2019s petroleum economy.<\/div>\n
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OMLs are critical to the nation\u2019s 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\u2019s key oil fields.<\/div>\n
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The order grants Mr. Seyi Akinwunmi, FBR, the court-appointed Receiver, the authority to \u201ctake over and preserve the properties and assets of General Hydrocarbons Limited,\u201d including its Ikoyi head office and its full interest in OML 120.<\/div>\n
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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.<\/div>\n
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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 \u201clundertaking as to damages.<\/div>\n
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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.<\/div>\n
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\u201cThe court has essentially told the Applicants: if you\u2019re wrong, you pay,\u201d explained a senior commercial litigator. \u201cGiven the scale of this case, an oil block, multiple banks, and international operations that liability could run into billions.\u201d<\/div>\n
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A former senior official at the Ministry of Petroleum Resources who spoke to Pointblanknews.com on the grounds of anonymity ,warned that \u201cif 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.\u201d<\/div>\n
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The court\u2019s move has also reignited debates over corporate governance in Nigeria\u2019s energy sector, where asset control disputes and opaque ownership structures have long undermined transparency.<\/div>\n
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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.<\/div>\n
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Until then, General Hydrocarbons Limited once a key player in Nigeria\u2019s 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.<\/div>\n
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