Court Freezes Assets of Nduka Obaigbena, Chairman of Arise News Channel, Over $225.8 Million Debt

A Federal High Court in Lagos has issued an order restraining Nigerian commercial banks from releasing or handling assets and funds amounting to $225.8 million linked to Nduka Obaigbena, the chairman and editor-in-chief of THISDAY Media Group and Arise News Channel. Obaigbena is at the center of a legal dispute initiated by First Bank of Nigeria Limited and FBNQuest Trustees Limited.

The plaintiffs claim that General Hydrocarbons Limited, an oil and gas firm where Obaigbena is a director and shareholder, owes $225,802,379.69 in unpaid debt from loan facilities granted as of September 30, 2024. The court’s directive also extends to Efe Damilola Obaigbena and Olabisi Eka Obaigbena, who are identified as directors and shareholders of the company.

First Bank of Nigeria Limited and FBNQuest Trustees Limited approached the court on December 27, 2024, seeking to recover the alleged debt, which they claim remains outstanding on General Hydrocarbons’ account with the bank.

The court’s decision effectively blocks access to the specified funds and assets across all commercial banks in Nigeria pending further proceedings.