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

Trump

U.S. Hosts Five West and Central African Leaders in Strategic Summit

The United States is hosting a landmark two-day summit at the White House, beginning Wednesday, ...

West Africa

West African Cocoa Output Set to Drop 10% in 2025/26 Season

West African cocoa production is projected to decline by 10% in the 2025/26 season, extending ...

Kenya

Kenya Protests Intensify as Ruto Faces ‘Ruto Wantam’ Cry

Protesters in Kenya have taken to the streets this week, facing police batons, water cannons, ...

UNOC

UNOC Seeks Partner for Kasuruban Exploration Block

The Uganda National Oil Company (UNOC) is actively seeking a joint venture partner to assist ...

Features

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 ...

Guinea Sets September 2025 Date for Constitutional Referendum as Military Inches Toward Democratic Transition

Guinea Sets September 2025 Date for Constitutional Referendum as Military Inches Toward Democratic Transition

Guinea’s military-led government has officially announced that a national referendum on a new constitution will ...

Ivory Coast economic growth

Côte d’Ivoire’s Economic Boom Faces Political Test in 2025 Election

Ivory Coast’s Economic Success: A Model for West Africa Côte d’Ivoire has emerged as one ...

Phillis Wheatley

Phillis Wheatley: The Trailblazing African American Poet Who Defied Oppression

Phillis Wheatley: A Pioneer in Black Literature and Poetry Phillis Wheatley was a groundbreaking poet ...

Latest News

Today in History

July 10th is the day in 2005 that Hurricane Dennis slams into the Florida Panhandle, causing billions of dollars in damage.

Exchange Rate Per Dollar

AM Armenian Dram382.6962
GH Ghana Cedi10.4
GM Gambian Dalasi71.5
GN Guinea Franc8,668.68
NG Nigerian Naira₦1,528
CF CFA Franc BEAC559.0286
10 Jul · CurrencyRate · USD
CurrencyRate.Today
Check: 10 Jul 2025 04:05 UTC
Latest change: 10 Jul 2025 04:00 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?