Court Sets Aside Order Freezing Assets of Arise TV Founder Nduka Obaigbena’s General Hydrocarbons

The Federal High Court in Lagos has set aside a Mareva order that froze the assets of General Hydrocarbons Limited (GHL) and its directors, including media executive Nduka Obaigbena.

In December, the court had directed banks operating in Nigeria to blacklist Mr. Obaigbena and members of his family over an alleged debt to First Bank of Nigeria. The order also barred him from moving any assets linked to him outside the court’s jurisdiction. First Bank had filed a debt-recovery suit against Mr. Obaigbena, his family members—Efe Damilola Obaigbena and Olabisi Eka Obaigbena—and their oil servicing firm, General Hydrocarbons Limited, alleging a debt of approximately $718 million. The court instructed banks to immediately halt financial transactions involving the Obaigbenas and any related businesses.

However, in a fresh ruling, Justice Dehinde Dipeolu overturned the Mareva order, noting that it conflicted with an earlier decision by Justice Ambrose Lewis-Allagoa. The judge stated that First Bank had “suppressed facts” and misled the court into granting the order against GHL. The court also found that First Bank and FBNQuest Ltd had failed to fully disclose the details of Justice Lewis-Allagoa’s ruling, making the Mareva injunction incompatible with the previous order.

Following the ruling, directors of General Hydrocarbons Limited accused First Bank of defamation and wrongful freezing of their accounts, demanding $1 billion each in damages.