- Safiu Kehinde
A Federal High Court sitting in Ikoyi, Lagos has frozen all assets belonging to Arise TV owner, Nduka Obaigbena, over $225.8 million debt.
The court’s decision follows Obaigbena’s alleged $225.8 million unpaid loan he owed to First Bank of Nigeria (FBN) Holdings Plc.
According to reports, the order was contained in a court document detailing the prayers of the plaintiffs, First Bank of Nigeria Ltd and FBNQuest Trustees Ltd, both subsidiaries of FBN Holdings Plc, a publicly listed financial services company in Nigeria.
Commercial banks are also restricted by the court order from releasing or dealing in all monies and assets up to the said amount belonging to Efe Damilola Obaigbena, Olabisi Eka Obaigbena and General Hydrocarbons Limited, an oil and gas firm in which all the three are directors and shareholders.
Another order barring the banks from dealing in or releasing such monies and assets due to the company, its agents, privies, subsidiaries and sister companies with the banks up to the same sum was issued.
General Hydrocarbons, an oil and gas company, is owned by Nduka Obaigbena, the publisher and founder of ThisDay Newspapers and Arise TV.
The company is mentioned as the operator of OML 120, an oil producing block in Nigeria.
The injunctions were granted to prevent the defendants, General Hydrocarbons Limited and other associated entities, from transferring or dissipating assets while a legal dispute over unpaid loan facilities is resolved.
The loans, reportedly issued by the plaintiffs, amount to $225,802,379.69 as of September 30, 2024.
Financial Institutions restrained by the injunctions include Guaranty Trust Bank, Access Bank, Zenith Bank, First Bank of Nigeria, and emerging digital platforms like Flutterwave, Paystack, and Piggyvest from releasing funds or dealing with any accounts associated with the defendants.