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Nduka Obaigbena’s General Hydrocarbons’ accounts frozen amid $225m debt dispute with First Bank

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The Federal High Court in Lagos has granted an order of Mareva injunction restraining all commercial banks and financial institutions operating in Nigeria from releasing any money or assets up to the sum of $225,802,379.69 to General Hydrocarbons Limited, being the outstanding loan owed First Bank Nigeria as of September 30, 2024.

The court order was sequel to a suit that had First Bank of Nigeria Limited and FBNQuest Trustees Limited as the first and second plaintiffs while General Hydrocarbons Limited and 15 others were listed as defendants.

In the suit marked FHC/L/CS/2378/2024, FBN claimed that the $225.8m was the outstanding on the loan obtained by the defendants in respect of Oil Mining Lease 120.

The suit lists the directors of General Hydrocarbons as Mr Nduka Obaigbena, Efe Damilola Obaigbena and Olabisi Obaigbena

The plaintiffs also sought an order granting it leave to serve the originating summons in the suit on the 10th, 11th, 12th, 13th and 15th defendants through courier service and mandate them to enter appearance before the court within 30 days from the date of service of the originating process.

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The order, sighted by The PUNCH, stops banks from releasing or dealing with any monies and or whatsoever assets due to the first defendant from any account maintained by the first defendant, their agents, privies, subsidiaries and or sister companies.

Justice D.I. Dipeolu, who granted the order, also restrained the 8th to 16th defendants and any other third parties from dealing with any assets and receivables related or connected with OML 120 “without depositing the proceeds thereof to the first defendant’s account in the first plaintiff’s bank, pending the hearing and determination of the motion on notice for interlocutory injunction.”

The judge also mandated all commercial banks and other financial institutions operating in Nigeria “to file and serve on the plaintiffs/applicants’ solicitors within seven days of serving this court order on them, an affidavit disclosing the sum standing to the first to fourth defendants’ credit with a duly certified statement of accounts of the first to fourth defendants/respondents in their respective custody from the date of its opening till the date this order is served on the banks.”

Dipeolu equally ordered the 8th to 13th defendants “to file and serve on the plaintiffs/applicants a statement disclosing the quantum of products lifted from the 8th defendant or OML 120 since the commencement of production of OML 120.”

The court restrained the first, second, third and fourth defendants and their agents, proxies or allies “from transferring and or dissipating, diminishing or dealing with any interest in the first defendant’s assets including but not limited to crude stock, insurance policies, all forms of stock of shares, all forms of receivables and contracts which have been pledged as securities for the loan facilities granted by the first plaintiff to the first defendant, pending the hearing and determination of the motion on notice for interlocutory injunction.”

The court also restrained the second to fourth defendants, who are directors of General Hydrocarbons, “from transferring and or dissipating any interest in their assets wherever located in Nigeria, movable or immovable, pending the determination of the motion on notice for interlocutory injunction.”

The court further ordered, “That an order of mareva injunction is granted restraining all the commercial banks in Nigeria and all other financial institutions operating in Nigeria from releasing or dealing in any manner whatsoever with any and all monies and/or whatsoever assets due to the 2nd to 4th defendants froam any account whatsoever maintained by the 2nd to 4th defendants and also all accounts associated with BVN 22220558365 (second defendant), 22363940584 (3rd defendant), and 22363940584 (fourth defendant), with any of the said banks wherever situate up to the amount of the plaintiffs/applicant’s total claim in the sum of US$225,802,379.69 being the indebtedness on the first defendant’s account with the plaintiffs/applicants as at 30th September 2024, in respect of the loan facilities granted to the first defendant by the first plaintiff/applicant pending the hearing and determination of motion on notice for interlocutory injunction.

“That an order of interim injunction is granted restraining the first to fourth defendants, agents, servants, officers, privies, subsidiaries, sister companies or any other person natural or artificial howsoever called under the control of the fifth to fourth defendants from transferring or otherwise dealing with any and all of the monies standing to the credit of the first to fourth defendants in any account whatsoever maintained by the first to fourth defendants with any of the aforementioned banks wherever situate up to the amount of the plaintiff/applicant’s claim of the total sum of US$225,802,379.69 being the indebtedness on the defendant’s account with the first plaintiff/applicant as of 30th September 2024 in respect of the loan facilities granted to the first defendant by the first plaintiff/applicant, pending the hearing and determination of the motion on notice for interlocutory injunction.”

The court further ordered, “That leave is granted to the plaintiffs to issue the originating summons in respect of the 10th, 11th, 12th, 13th, 15th defendants for service outside Nigeria concurrently with the originating summons for service within Nigeria.

“That leave is granted to the plaintiffs/ applicants to serve the originating summons in this suit on the 10th, 11th, 12th, 13th, 15th defendants by serving same through courier service, DHL at the 10th defendant’s address at Place des Begues 3, 1201 & 1211 Geneva, Switzerland; at the 11th defendant’s address at 50 Rue Due Rhone 1204 Geneva Switzerland; 12th defendant’s address at 10 Collyer Quay, Ocean Financial Centre, Singapore; 13th defendant’s address at 18 Hanover Square, London, England; 15th defendant’s address at 555 Phaholyothim road, 17th floor, Rasa tower, Chatuchak, Bangkok, Thailand.

“That the 10th, 11th, 12th, 13th, 15th defendants are to enter appearance before this Honourable Court within 30 days from the date of service of the originating process.”

The judge, however, ordered FBN to file an undertaking to indemnify the defendants “if these orders ought not to have been granted.”

The case was adjourned to January 20 for hearing of the motion on notice.

Other defendants in the case include Aimonte Nigeria Limited, Calidin Global Resources Limited, CESL Oyo Production BBS Limited, CESL Oyo Production O & MM Limited, Vitol SA, Mercuria Energy Trading SA, Trafigura PTE Limited, Glencore Energy UK Limited, Schlumberger Nigeria Limited, Schlumbberger Overseas SA, Nduka Obaigbena.

However, in a letter to Yemi Cardoso, Governor of the Central Bank of Nigeria, dated 7 November 2024 and seen by Premium Times, Obaigbena explained how, in 2020, he facilitated a meeting between Oba Otudeko, then Chairman of FBN Holdings, and Mele Kyari, Managing Director of NNPC Limited.

“His problem was that the NNPC, under the late Maikanti Baru, then GMD of NNPC, had refused to sign the security documents for the now bad, non-performing loan to Atlantic Energy Drilling Concept Nigeria Limited (Atlantic Energy) for OML 26, OML 42, OML 30, and OML 34. These were part of separate Strategic Alliance Agreements between Atlantic Energy and NPDC Limited, which the NNPC claimed was a fraudulent scheme orchestrated by the then Minister of Petroleum Resources, Diezani Alison-Madueke, to defraud the Federal Government,” Obaigbena stated in the letter.

Following a series of meetings between First Bank and General Hydrocarbons, an agreement was reportedly reached based on the OML award held by Mr. Obaigbena.

The letter stated that First Bank reportedly sold its outstanding exposure as an Eligible Bank Asset (EBA) to AMCON at a discount, to be paid off by its share of profit from the deal with General Hydrocarbons.

The THISDAY Editor-in-Chief stated that First Bank, AMCON, and General Hydrocarbons signed an outstanding exposure tripartite deed, allowing General Hydrocarbons to guarantee the payment of a now-discounted outstanding exposure of $600 million (in naira) on the bank’s books.

The deal, he claimed, was in exchange for financing the optimum exploration, development, and production of OML 120 by First Bank.

“Once GHL signed the Outstanding Exposure Tripartite Deed effective 31 December 2021, FBN’s account, which was then classified by the Central Bank of Nigeria became whole again. The bank escaped a loan loss provision of N302bn and ultimately declared a profit of N151bn for the year ending 31 December 2021,” the document stated.

“Had GHL not signed and guaranteed the EBA to AMCON, FBN’s loss for 2021 would have been N161bn—a staggering amount for the financial sector at that time, when the exchange rate was N400 to $1. This was particularly significant given that the loan had been classified as non-performing since 2015 (six years prior).”

Obaigbena alleged that the bank later placed obstacles in the financing of OML 120’s development, breaching the Outstanding Exposure Tripartite Deed.

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2027 Presidency: Campaign across Nigeria, Peter Obi challenges Tinubu

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S’Court didn’t deliver judgment in Obi’s case against Tinubu -LP
President Tinubu and Mr Peter Obi
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No no no Presidential candidate of Nigeria Democratic Congress (NDC), Mr Peter Obi, said that President Bola Tinubu has travelled over 260 days outside the country, but can’t spend 36 days to go round the states of the federation to campaign for next year’s general election.

President Tinubu had said that he may not campaign in all the 36 states of the country for next year’s general election because governance also require his attention.

Obi who declared himself as the leading presidential candidate for the 2027 election, said the President does not have the energy and competence to run the country and therefore should pack out of Aso Rock, go home and rest.

He stated this on Thursday in Abakaliki, Ebonyi State capital, during a town hall political summit.

“I want President Tinubu to come to Abakaliki to tell the people what he has done in the past three years. I want him to come to Abakaliki to tell you what he used the money he has been borrowing to do for the past three years.

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The former governor of Anambra state urged the Presidential candidate of All Progressives Congress (APC), to made himself available in Ebonyi state to tell Nigerians what he has used their monies he borrowed to do.

“President Tinubu has stayed over 260 days out of Nigeria yet, he cannot spend up to 36 days to go round Nigeria to tell the people what he has been doing for the past three years. We will not do that.

“President Tinubu does not have the competence to run Nigeria. He does not have the energy to run Nigeria. He should pack his things, go home and rest”, he said

Obi warned against dividing South East and declared that he was seeking votes of the electorate as a Nigerian who is eminently qualified for the presidency.

“Let nobody divide the South East. I don’t want the people of Ebonyi to vote for me because I am from the South East. I don’t want you to vote for me because I am an Igbo person.

“My dear people, I want you to vote for me because I am qualified to be the President of this country. I want you to vote for me because I am the leading candidate”, he opined

He announced to declare emergency on hunger, insecurity, education, corruption, health, power and other challenges confronting the nation and threatened to jail anyone who embezzles public fund if he emerges the President.

“We will declare emergency on about seven items. Number one is that we must unite Nigeria. We don’t want people to be around Nigeria saying, I am Igbo, I am Yoruba, I am Hausa, I am this, I am that.

“We must unite this country, our pride should not be consideration of employment, this or that. We will operate federal character for all the jobs we have. So, we must unite the country.

“We will declare emergency in the security of lives and property in Nigeria. We will deal with insecurity decisively. Nobody will be in charge, we will be in charge.

“Let me assure today, if I am President of this country, kids come to school and somebody takes them into the bush, we will be in the bush with such person. They will not be there alone, we will be there with those kids. We will defend the country because we are going to equip the security agencies to make sure that our country is safe.

“We will declare emergency in corruption. I will fight corruption like nobody has fought it before. Public money must be used for public good, nobody will steal our money again. If you do it, you will go to jail starting from the President.

“We will declare emergency in education.

“We have over 18 million children out of school, we must reduce it. We will declare emergency on hunger. We have vast lands, our farmers must go back to farm, be able to cultivate, give us what we eat and be able to export. We will do that.

“We will declare emergency in health. We must have a functional healthcare in all the political ward of Nigeria. Every ward must have it, we have the resources to do it,” Obi stated.

 

Peter Obi and President Tinubu

 

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Gov Mbah Presents Manifesto Scorecard, Says Enugu Has Regained Confidence

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Governor Peter Mbah presenting his Manifesto ahead of 2027 Election
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…Recounts challenges inherited in 2023, outlines progress in security, infrastructure, education, economic development

Governor of Enugu State, Dr. Peter Mbah, has rendered an account of his manifesto performance to the people of Enugu State, saying his administration had made substantial progress in restoring Enugu’s position as a place where people want to live, work, invest and visit.

Mbah recalled that he presented his manifesto at the same venue in October 2022 ahead of the 2023 governorship election, saying the Manifesto Performance Update was in keeping faith with the Citizens Charter (Executive Order 001), which he executed upon his inauguration on May 29, 2023.

Speaking at the event themed “Our Commitment to Ndi Enugu: The Journey So Far,” which took place at the Peter Mbah Law Auditorium at Godfrey Okoye University, Enugu, on Thursday, Mbah recalled the state of affairs at the time he assumed office and outlined his government’s achievements, development priorities and long-term economic ambitions.

“Think back to May 2023, when we first assumed office. Think about the condition of our state, the difficulties we faced, and the expectations we had.

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“There was a time when Monday was no longer an ordinary working day in Enugu. Shops remained closed. Roads were deserted. Parents were afraid to send their children to school. People who depended on their daily earnings had to surrender an entire day’s income because others had decided they should remain indoors. That was the reality we inherited.

“Our roads were in poor condition. Public services had deteriorated. Many schools were struggling to provide the kind of education our children deserved. Our health facilities needed substantial investment. And Enugu, a city that had once been the natural centre of commercial, political and cultural life across the region, was gradually losing that position.

“Businesses were looking elsewhere. Major events were moving to other cities. Our airport had barely two incoming flights a day,” he stated.

He, however, said his administration had guided the state to significant progress, highlighting achievements in health, education, tourism, agriculture, transportation and other sectors, and their connections to his 2023 campaign promise to eradicate poverty and grow the state’s economy from $4.4 billion to $30 billion.

“Today, people are going about their business with a freedom that had been denied to them for far too long.

“A trader can plan a full working week. Children can attend school. Businesses can receive customers, move goods and keep their employees working. That security gave us a foundation upon which other changes could begin,” he said.

“That is how economic development begins to reach into households and communities.

“The changes are visible, and the scale of our ambition is becoming clearer. We should take pride in what has been achieved, while recognising how much remains to be done,” he maintained.

He urged the people to seize the opportunity of the moment by rallying around him to continue with the task of building a prosperous future for the state.

“This is one moment in the long history of Enugu. This is a moment of extraordinary possibility for our people. And I believe this is the moment we must seize. The work we have begun needs the commitment of all of us.

“I ask you to bring your ideas, your skills, your enterprise and your experience into the life of our state. Take an interest in what is happening in your community. Help us identify problems and develop practical solutions.

“We have the opportunity to leave something of lasting value to those who come after us: a state with stronger institutions, a more productive economy, better opportunities for its children and communities whose people can take pride in what they have achieved together. That is the Enugu I want us to build,” he concluded.

Earlier, the Vice-Chancellor of Godfrey Okoye University, Prof. Christian Anieke, recalled that Mbah had presented his manifesto at the same venue in 2022, ahead of the 2023 governorship election, which he subsequently won.

Anieke commended the governor for returning to the university to render an account of his stewardship nearly four years into his administration.

He urged other political leaders entrusted with public office to emulate the practice of returning to the people to explain their performance and account for their promises.

The vice-chancellor said the accomplishments of the Mbah administration were evident and verifiable, arguing that many of the projects and interventions were visible to residents.

The event drew the attendance of a cross-section of the society, including members of the academia, students, civil society organisations, business owners, professional bodies, and media, among others.

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Amadeo Event Centre Explains NDC Event Controversy, Denies Enugu Govt Interference

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Amadeo Event Center Enugu
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The management of Amadeo Event Centre, Enugu, has denied claims that it prevented the Nigerian Democratic Congress (NDC) from using its facility for a political event, insisting that the dispute arose from an alleged breach of a booking agreement.

In a press release issued on Thursday, the management said the facility was initially booked by Dr Sabastine Chuks Ezeh, Registrar of the Nigeria Institute of Healthcare Givers and Medical Social Work Practitioners, for a national meeting and conference scheduled for October 15, 2026.

According to the statement, the booking was made on October 7, while Dr Ezeh subsequently submitted a letter of cancellation and refund request on October 13.

The management explained that the client later withdrew the cancellation request, stating that the association intended to postpone the event rather than cancel it.

It said the new date of October 29 was confirmed on October 23, with arrangements made for decorations to commence on October 28.

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However, Amadeo Event Centre said it discovered on the morning of October 28 that the decoration materials brought to the premises were intended for a political party rather than the association that had booked the facility.

The management described the development as a violation of the terms and conditions of the booking agreement.

It cited Clause 17 of its terms and conditions, which it said reserves the right of management to stop activities, meetings or events that are not conducted in accordance with the facility’s rules and applicable regulatory requirements.

The management said it subsequently notified the client of the cancellation of the facility’s approval for the event.

It further claimed that officials and candidates of the NDC later arrived at the premises with security personnel, expressing surprise at what it described as a change in the identity of the client and the nature of the event.

Despite the disagreement, the management said it eventually allowed the gathering to proceed to prevent a possible breakdown of law and order.

According to the statement, the organisers informed management that the event would be a youth town hall meeting featuring Mr Peter Obi.

Venue Denies Booking by Political Party

Amadeo Event Centre maintained that no political party booked its facility for the October 29 event, insisting that the only booking for the date was made by the healthcare practitioners’ association for a national meeting and conference.

The management also described the centre as a non-partisan venue, stating that its policy since inception had been to decline requests to use its facilities for political purposes.

It denied seeking police intervention to stop the gathering, explaining that the officers seen in viral videos were security escorts accompanying political aspirants who arrived at the premises after the cancellation notice had been issued.

Management Denies Enugu Government’s Involvement

The event centre also dismissed suggestions that the Enugu State Government was involved in the controversy.

According to the management, the state government played no role in the matter, adding that it received no instruction, directly or indirectly, from any government official regarding the event.

It attributed the public controversy surrounding the incident to what it described as a partisan interpretation of the matter amid the current political season.

The management reaffirmed its commitment to providing a venue for peaceful and lawful gatherings, including academic, social, religious and corporate events.

The controversy has attracted attention on social media, with discussions focusing on the circumstances surrounding the planned gathering, the cancellation notice and the presence of security personnel at the facility.

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