Court Freezes Nduka Obaigbena’s Accounts Amid $7.18 Million Debt Dispute with First Bank

January 10, 2025

2 minutes read

Freezing Order

A Federal High Court in Lagos has ordered the freezing of all accounts belonging to Nduka Obaigbena, publisher of ThisDay newspaper, across Nigerian banks. The court’s decision follows a protracted $7.18 million debt dispute between Obaigbena’s company, General Hydrocarbons Limited (GHL), and First Bank of Nigeria.

The order was issued by Justice Nicholas Oweibo in response to an ex parte application filed by First Bank, alleging that Obaigbena and GHL had failed to settle outstanding debts despite several attempts at resolution. The court also instructed all Nigerian banks to blacklist Obaigbena from conducting any financial transactions until the debt is cleared.

The dispute centers on a loan facility granted to General Hydrocarbons Limited, which the bank claims remains unpaid. Obaigbena, however, has described the freezing order as an “abuse of court process.” He contends that the matter is already being addressed in another court and accuses First Bank of using the judiciary to tarnish his reputation.

The businessman maintains that his company has made substantial payments towards the loan, insisting that the remaining balance is being disputed. “This freezing order is unjust and undermines the legal process. We will challenge it to ensure fairness,” Obaigbena stated.

The case has also drawn attention to the involvement of other high-profile individuals. Billionaire businessman Femi Otedola and other directors of General Hydrocarbons Limited have been named in the proceedings. A separate court order has restrained First Bank from taking steps to arrest or prosecute these individuals until further notice.

Legal experts have weighed in on the case, with some arguing that the freezing order may set a controversial precedent in debt recovery cases involving corporate entities. Others have emphasized the importance of adhering to due process and ensuring that all parties are fairly represented in court.

The financial implications of the ongoing dispute have raised concerns within the business community, given Obaigbena’s prominent role in Nigerian media and corporate circles. Industry analysts warn that prolonged legal battles could affect the operations of ThisDay newspaper and its sister platform, Arise News.

As the legal tussle continues, Obaigbena and GHL have vowed to exhaust all legal avenues to overturn the freezing order and resolve the dispute on favorable terms.

Share:
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Related Links

Senegal

Senegal Sees Economic Integration Push at WAVES Summit

Senegal is taking center stage in West Africa’s economic integration efforts with the upcoming WAVES ...

Atlantic

Atlantic Lithium Prepares for Ewoyaa Lithium Project in Ghana

Atlantic Lithium, listed on the ASX, AIM, and Ghana Stock Exchange, has secured all necessary ...

Burkina faso

BurkinaFaso Scraps Electoral Commission Prolongs Military Rule

Burkina Faso’s military leaders have disbanded the Commission Électorale Nationale Indépendante (CENI), a decision that ...

Wafcon

Wafcon 2024 Quarter-Finals: Africa’s Top Women’s Teams Clash

The 2024 Women’s Africa Cup of Nations (Wafcon) in Morocco has kicked off with an ...

Features

Buhari's Legacy

From the Fulani Plains to Power: The Buhari Chronicle

Muhammadu Buhari (17 December 1942 – 13 July 2025), a name etched into Nigeria’s historical ...

Flood

Texas Mourns as Flash Flood Death Toll Hits 120

Shock has turned to grief across Texas as the death toll from devastating flash floods ...

heat

Morocco Heat Wave Drives Surge in Air Conditioning Demand

Morocco is grappling with a severe heatwave this summer, with temperatures soaring well above average ...

UK

UK and US Clamp Down on Nigerian Visas:What Does It Really Mean?

The United Kingdom and United States have recently tightened visa policies for Nigerian citizens, sparking ...

Netherlands Returns 119 Looted Benin Bronzes to Nigeria

On Thursday, June 26, 2025, the Netherlands returned 119 looted artifacts, known as the Benin ...

Ngugi-wa-Thiongo

Ngũgĩ wa Thiong’o:Passed the pen to the Next Generation.

Ngũgĩ wa Thiong’o, a legendary Kenyan writer, scholar, and revolutionary voice in African literature passed ...

ECOWAS

ECOWAS Celebrates 50th Anniversary Amid Sahel States Tensions

On May 28, 1975, fifteen West African nations signed the Lagos Treaty, establishing the Economic ...

What Really Moves Bitcoin’s Price? A Comprehensive Guide to the Key Drivers of Volatility and Value

What Really Moves Bitcoin’s Price? A Comprehensive Guide to the Key Drivers of Volatility and Value

​Bitcoin, the pioneering cryptocurrency, has captivated the financial world with its innovative technology and notable ...

Latest News

Today in History

July 19th is the day in 1985 that the Val di Stava dam collapses killing 268 people in Val di Stava, Italy.

Exchange Rate Per Dollar

AM Armenian Dram384.23
GH Ghana Cedi10.425
GM Gambian Dalasi71.5
GN Guinea Franc8,656
NG Nigerian Naira₦1,530.97
CF CFA Franc BEAC564.0902
18 Jul · CurrencyRate · USD
CurrencyRate.Today
Check: 18 Jul 2025 23:05 UTC
Latest change: 18 Jul 2025 23:00 UTC
API: CurrencyRate
Disclaimers. This plugin or website cannot guarantee the accuracy of the exchange rates displayed. You should confirm current rates before making any transactions that could be affected by changes in the exchange rates.
You can install this WP plugin on your website from the WordPress official website: Exchange Rates🚀

YOUR THOUGHTS

Let us know what you think

Contact the People’s Paper with feedback on stories and how we could make wapress.africa even better!

newsletter image

Stay up to date with the latest from West Africa Press

Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on WApress.

Subscribe Newsletter!

Be the first to receive our latest contents and more...

Need help?