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TOP NEWS TODAY! VIDEO FINALLY LE4KED, GOES VIRAL AS ANOTHER POLITICIAN C4UGHT STOCKING HOUSE WITH BUNDLES OF DOLLAR NOTES| TAP HERE TO SEE THE FULL V!DEO HOW HE WAS C4UGHT.The Federal High Court in Lagos has directed all banks operating within Nigeria to restrict media mogul Nduka Obaigbena and his family members from accessing financial services due to an alleged debt owed to First Bank of Nigeria. ...Tap To Read The Full Story Here | ..Tap To Read The Full Story Here...
The Mareva injunction, issued on December 30, 2024, also prohibits Mr. Obaigbena from transferring assets tied to him beyond the court’s jurisdiction. The case, filed by First Bank, alleges that Mr. Obaigbena and his family, including Efe Damilola Obaigbena and Olabisi Eka Obaigbena, used their oil servicing company, General Hydrocarbons Limited, to incur a debt amounting to approximately $718 million.
As part of the court order, at least $225 million in bank accounts linked to the Obaigbenas has been frozen. Justice Deinde Dipeolu, who presided over the case (suit FHC/L/CS/2378/2024), instructed all Nigerian banks to halt financial transactions involving the Obaigbenas and any affiliated businesses.
When contacted for comments, Mr. Obaigbena, the chairman of THISDAY Newspapers and Arise TV, did not respond. However, a source close to him shared a letter issued by his legal representatives, Abiodun Layonu & Co., with Peoples Gazette. The letter detailed claims of procedural impropriety by First Bank and accused the bank’s executives of violating previous court orders.TOP NEWS TODAY! VIDEO FINALLY LE4KED, GOES VIRAL AS ANOTHER POLITICIAN C4UGHT STOCKING HOUSE WITH BUNDLES OF DOLLAR NOTES| TAP HERE TO SEE THE FULL V!DEO HOW HE WAS C4UGHT.
The letter referred to a December 12, 2024, ruling by Justice Lewis Allagoa of the Lagos Division of the Federal High Court, which explicitly restrained First Bank from enforcing any actions against the Obaigbenas’ assets until an ongoing arbitration between the parties was resolved. The legal team alleged that First Bank disregarded this prior ruling by seeking an ex-parte Mareva order from a different judge without disclosing the earlier judgment. The lawyers warned that such actions could have severe legal consequences for the bank.
In a petition to the Central Bank of Nigeria (CBN) Governor Yemi Cardoso in late 2024, Mr. Obaigbena accused First Bank of exploiting his family’s financial dealings unfairly. He claimed to have played a pivotal role in stabilizing the bank during its financial crisis in 2021. According to him, resources from the OML 120 oil block, which he reportedly acquired during President Muhammadu Buhari’s administration, helped transform First Bank’s fortunes from a N161 billion loss to a N151 billion profit in the financial year ending December 31, 2021.
Despite this, Mr. Obaigbena stated that First Bank was attempting to pressure his family into assuming responsibility for loans tied to Atlantic Energy, an unrelated entity. “We have been left with no choice but to pursue legal and arbitration proceedings to safeguard our rights and uphold the agreements in the face of FBN’s attempts to bully us into submission,” he wrote in a complaint dated November 7, 2024.
First Bank, including its chairman Femi Otedola, has yet to respond to requests for comments on the allegations or confirm receipt of the Obaigbenas’ legal correspondence.TOP NEWS TODAY! VIDEO FINALLY LE4KED, GOES VIRAL AS ANOTHER POLITICIAN C4UGHT STOCKING HOUSE WITH BUNDLES OF DOLLAR NOTES| TAP HERE TO SEE THE FULL V!DEO HOW HE WAS C4UGHT.
This unfolding dispute raises questions about corporate governance and procedural fairness in high-profile financial litigations. As the matter proceeds through the courts, the spotlight remains on both parties to substantiate their claims....Read_ The_ Full: Story_ Here.
