
News
Nduka Obaigbena’s General Hydrocarbons’ accounts frozen amid $225m debt dispute with First Bank
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.
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.
News
Erosion cuts-off Umudim Imezi-Owa community from the rest of Ezeagu LGA
…As PG begs for urgent govt, public–spirited individuals’ intervention
Years of ravaging soil erosion at the popular UBA Junction along Enugu-Onitsha expressway near Orie-Owa junction, has cut-off the Umudim community of Imezi-Owa, EzeaguLGA, Enugu State from the rest of the local government and other parts of the state.
The junction, which provides the only access point to the Umudim community, also serves part of Ezema community, particularly those living around the Ugwu-Ezema axis.
But, following intense rainfalls, which swept off the double culvert erected by the community several years ago, through solely community efforts and engagement of youths of the community, they no longer have access to their homes.
The community folks have for more than 30 years, managed to channel the large volumes of water off the Enugu-Onitsha expressway from the MOPOL Junction up to the Umuaji junction, through manual labour and community efforts, now has finally given way due to heavy rainfallon Wednesday.
As at now, the double culvert, earth embankments and other remedial measured put in place by the community to channel rain water successfully through the community, have been washed away.
Collapsed portions of the culvert at UBA Junction, off Enugu-Onitsha expressway, washed away by heavy rainfall (Photo credit: Umudim Youths Assembly)

As of filing this report, the Umudim community has been totally cut-off from the rest of the communities in Imezi-Owa and other parts of Ezeagu Local Government Area, making movement to and from Umudim impossible due to the wash-off of their only access road.
The community folks who returned to either visit their elderly ones or those who commute from Umudim to Enugu daily to eke out a living, have been forced to either abandon their vehicles or motorcycles along the expressway to criminals or other hoodlums or have to navigate through very dangerous but narrow road paths in adjourning communities.
The Umudim community is in dire need of government intervention from the menace of erosion, which occurred following a torrential rainfall that left the community in a state of hopelessness, Barr. Chidi Onuorah, the President-General, Umudim Development Association, stated.
Similarly, Mr. John Nebeife, a Youth Leader, explained how the youths have been working on failed portions of the community roads, carrying laterite, mixing sand and cement to erect several culverts and clearing weeds from the gutters every raining season for over 30 years to ensure that rain water finds easy access after every rainfall.
He lamented that all their efforts “have been laid waste by the last rainfall, which totally damaged everything we have been doing all these years”.
Our reporters observed that the community is yet to benefit from government infrastructure, as every developmental stride ranging from roads, to provision of water (borehole), schools and church building, were shouldered through communal efforts.
Meanwhile, the only primary school in the community, Community Primary School,Umudim, Imezi-Owa, since taken over by government, is totally dilapidated and not fit for learning any longer as it resembles an abandoned school after the civil war without any physical infrastructure in place.
According to the community folks, efforts to get the Chairman of Ezeagu Local Government, Dr. Vitalis Ndu, to assist put up stronger remedial support on the road have met brick walls, the same with the Enugu State government.
“We are calling on relevant government machinery at the Local and State levels, including the ecology office to rescue the community from this dire situation.
“Communal efforts have been on–going in the maintenance of the road, but the current level of devastation has gone beyond us,” the community leaders pleaded.
News
Onuzulike emerges Chairman of Council of SUG Presidents Enugu chapter

Four years ago, when Godsown Odilichukwu Onuzulike decided to return to school for a second degree in a field that has now become a major area of his contribution to society, he never imagined the remarkable path it would lead him down.
Before now, he was already widely known as the President and Founder of The Potter’s Wheel Foundation, a national non-profit, non-governmental organization committed to improving the lives of children, youths, and women across Nigeria through impactful interventions and empowerment initiatives.
He is currently a student of Peaceland College of Education, where he studies Educational Management and Political Science. During his time at the institution, he contested for the office of President of the Students’ Union Government (SUG) and emerged victorious.
Since his emergence as SUG President of Peaceland College of Education, Rt. Comr. Godsown has continued to demonstrate proactive, innovative, and people-oriented leadership. His administration has remained strongly committed to the welfare and development of students, earning him admiration across the institution.
Among his notable achievements was the organization of the institution’s first-ever one-on-one interactive session between student leaders and the school management, creating an opportunity for students to openly discuss pressing concerns and receive direct responses from leadership. The initiative recorded positive outcomes and strengthened communication within the school community.
In another landmark achievement, he successfully restored pipe-borne water to the institution after more than seven years of unavailability. The project also introduced a flow-meter system, ensuring that students pay only for the exact quantity of water consumed, thereby eliminating exploitative estimated billing practices.

Under his leadership, Peaceland College of Education hosted the National Inauguration Programme of the Education Students Association of Nigeria (ESAN). He also facilitated the establishment of the ESAN chapter in the institution and launched a rich and informative monthly ESAN newsletter, which has continued consistently.
His academically driven programmes have further increased students’ enthusiasm for education and significantly enhanced the visibility and reputation of the institution.
In addition, through The Potter’s Wheel Foundation, hostel students have continuously benefited from the distribution of sanitary pads since November last year. More recently, the Foundation donated the sum of ₦500,000 to the Students’ Union Government to support indigent students within the institution.
On 19th May, following extensive deliberations by student leaders across Enugu State in collaboration with the National Association of Nigerian Students (NANS), Rt. Comr. Godsown Odilichukwu Onuzulike was elected Chairman of the Council of SUG Presidents, Enugu State (COSPEN).
The decision of the student leaders and NANS was not by chance, but rather a reflection of the popular saying that “the reward for good work is more work.”
Indeed, greater responsibilities now rest upon him, and indications strongly suggest that he will not disappoint those who entrusted him with this mandate.
Leading leaders who, in turn, represent students across various tertiary institutions in Enugu State is by no means a small responsibility. However, his emergence has already sparked hope for purposeful leadership and progressive engagement among students in the state.
Though his tenure as COSPEN Chairman is expected to last for just three months, it promises to be impactful and memorable. This is evident in the visionary programmes already outlined under his leadership, including:
1. A conference bringing together past SUG Presidents from tertiary institutions across Enugu State.
2. A one-day intensive leadership, entrepreneurship, hands-on skills, and soft skills training programme targeted at students in all 24 tertiary institutions in the state.
3. The launch of the first-ever COSPEN Quarterly Magazine.
4. Student welfare and intervention projects across institutions.
Without doubt, the responsibility of piloting the affairs of COSPEN is enormous. Yet, with his track record of service, innovation, and commitment to humanity, many believe Rt. Comr. Godsown Odilichukwu Onuzulike is fully prepared for the task ahead.
Editorial
Three Years of Service: Governor Mbah reaffirms commitment to Enugu’s sustainable development
At a Thanksgiving Mass marking the third anniversary of his administration, Peter Mbah delivered a speech and shared a testimony at the Government House Chapel, Enugu, on May 29, 2026.
The Full Speech:
A Mass is usually not a platform for speeches. So, I crave your indulgence – given what today represents.
This is an opportunity to express my gratitude for the support and prayers of Ndi Enugu in the last three years.
Nothing we achieved would have been possible without the support of the civil servants and my entire team.
Thank you for your dedication to duty and painstaking implementation of our policies.
Thank you, My Lord Bishop, for your wise counsel and prayers. And to the Chaplain – for your daily dose of enriching sermons.

The church has been an important part of this journey. Our gathering here this morning re-affirms that.
My dear Ndi Enugu,
This morning feels both sombre and energising to me.
Perhaps anniversaries naturally create that feeling. Like a birthday. A celebration, yes, but also a moment that interrupts the rush of events and forces you to reflect.
Three years ago, after taking the oath of office at Okpara Square, I signed the Citizens’ Charter.
I remember the weight of that moment very clearly.
At the time, many people saw just another government promise. Public life had produced too many declarations that never truly reached ordinary people. Hope had become cautious.
But I believed that moment mattered.
The Charter was about trust. About rebuilding faith in public office and creating a service-centred mindset by government for the people of this state.
Most of what we now speak about so easily had not yet taken physical form. It existed as planning, conviction and hard belief. You could describe the future, but you could not touch it.
That gap between vision and evidence is uncomfortable. It asks people to hold faith before results arrive.
And honestly, that was our first challenge.
We had become too used to disappointment.
Too used to shrinking our expectations in order to protect ourselves from frustration.
That was the atmosphere surrounding Enugu three years ago.
Which is why I have always felt that the deeper significance of the Citizens’ Charter was psychological before it was political. It marked a decision to think seriously again about what this state could become and how future generations might eventually live here.
This morning, I think it is worth pausing to reflect on that moment properly.
Let us go on a journey across Enugu State today.
Picture it:
You leave early in the morning. You move through the capital and further outward into the rural communities.
You pass schools in every ward of the state.
Step inside one of them. Listen to children speaking confidently about robotics, AI, coding, agriculture, science and citizenship.
Watch how naturally they use computers and smart boards, as though this future already belongs to them.
Keep driving.
You come across healthcare centres communities can actually reach, where maternal mortality has fallen dramatically and healthcare is moving closer to ordinary life.
Move again.
You travel on smooth roads now connecting communities more efficiently across the state. Roads carrying farmers, traders, workers, students and businesses more from one place to another.
At some point, you stop at a junction and watch the city drive by:
Workers, students and traders traveling in air-conditioned CNG buses with Wi-Fi.
Watch how differently the city now breathes.
Then visit the terminals; The International Conference Centre; Hotel Presidential.
Look in on Hotel Presidential. Watch people visiting from different parts of the state and country. Watch how infrastructure shapes the feeling of a place before a single conversation even begins.
Go further.
Take a flight on Enugu Air: to Lagos, Abuja, Kano today, and tomorrow – the world.
Connectivity changes the psychology of a place. It changes how people see themselves and how the world sees them too.
Watch the shops opening throughout the week.
Watch young people working late at an ICT hub or filling restaurants late into the evening.
Then come back to the Lion Building.
Sit with my team.
Tell them what you saw.
Tell them what you can feel happening around the state.
Tell us whether this still looks like the Enugu you once knew.
And then come and see me.
Tell me how all this makes you feel
Now let me paint a different picture.
Imagine waking up tomorrow and finding yourself back in the Enugu of three years ago.
The roads are broken again. Gridlock clutters the junctions. Mondays fall silent under sit-at-home orders. Shops close. Businesses retreat indoors. Public transport becomes stressful and exhausting again. Schools drift further behind the modern world. Healthcare centres struggle to meet basic needs. Hotel Presidential slips back into decay. Rural communities remain cut off by weak infrastructure and poor connectivity.
The tech hubs are gone. The innovation ecosystem disappears before it fully matures. Investment dries up.
National attention moves elsewhere. International partnerships fade. The state begins losing confidence in itself again.
And the people who drove this transition – I and the team around me – are no longer there.
Slowly, quietly, expectations begin shrinking again.
And then ask yourself honestly: how would that feel?
What would you fight to keep?
What would you protect for your children and for the generations coming after us?
What people see today are outcomes.
What they do not always see is the struggle, persistence and invisible labour required to bring those outcomes into existence.
A functioning society does not emerge because somebody gives a speech and announces a vision. Between intention and reality sits an enormous amount of hard thinking, strategy and effort.
Take Hotel Presidential.
By the time we came into office, the matter had already been trapped in legal processes for years. Hearings had been pushed far into the future. It would have been easy to leave it there and move on to easier things.
But that building mattered symbolically to the state. It represented pride, confidence and economic possibility.
Allowing it to continue decaying indefinitely would have meant accepting paralysis as permanent.
So, we pushed. We engaged. We argued the case directly. We insisted the people of Enugu deserved results instead of endless postponement.
The same thing applies across the state.
People drive on constructed roads now, but before asphalt is laid there are engineering studies, negotiations, budgeting decisions and months of planning.
You see buses moving more smoothly across the city today, but somebody first had to think carefully about routes, congestion, pricing, terminals and sustainability.
Security required major investment, coordination, difficult decisions and resolve.
Even political harmony does not happen automatically. Across these past years, countless meetings have taken place quietly behind closed doors. Stakeholders have been engaged patiently. Communities have been listened to. Consensus had to be built repeatedly.
And still, we do not always get everything right.
None of this work is glamorous.
Most of it never appears in headlines.
But this is how serious transformation actually happens.
Through sustained effort, difficult decisions, and people remaining focused long after applause fades.
What we are doing here cannot be understood simply as a collection of projects.
We are rebuilding the operating system of this state.
A different future is being constructed layer by layer -economically, culturally and institutionally.
And we are living through one of those rare moments when the direction of a society can change fundamentally.
Can you feel it?
A state that had learned to manage limitation is thinking ambitiously again.
Young people are starting to imagine futures for themselves here at home. Investors are looking at Enugu. The wider region is paying attention.
And God willing, what is being built here will contribute to something larger nationally.
But work at this scale cannot remain superficial if it is going to endure.
That is why the foundations matter so much – education, healthcare, infrastructure, security, technology, investment, public trust.
These things only last when people begin treating them as their own.
When we are gone, what will remain?
Will future generations inherit systems strong enough to carry them further than we ourselves travelled?
Will they look back and recognise this period as the moment Enugu truly changed direction?
Or will people mistake the beginning for the end?
Because what we see around us today is not completion.
It is proof that far more is possible.
Three years ago, much of this journey depended on vision, trust and the willingness of people to take a chance on a different direction for the state.
Today, the situation is different.
People can now see the changes around them in daily life.
And that changes the responsibility all of us now carry.
Tomorrow Is Here can no longer remain government’s project alone.
It belongs to Ndi Enugu.
The future of this state cannot depend permanently on one administration or one political moment. It must become rooted in public culture – in the way communities protect what has been built, participate seriously and hold leadership accountable for continuing the work properly.
Lasting transformation survives only when citizens themselves begin carrying part of the responsibility for protecting it.
What we are building is still young.
A child taking its first steps into the world still needs guidance, patience and careful attention, even when those first steps fill the family with pride. In many ways, our wider transformation is still at that stage.
And anything young requires protection while it strengthens itself.
Eight months from now, in January, we will enter another election.
Do we realise enough that history has placed something precious in our hands?
History is full of people who reached this stage, relaxed too early and stopped thinking like underdogs. Momentum made them comfortable. Success softened their discipline. They mistook winning a battle for winning the war.
We cannot afford that mistake.
Forces that threaten serious progress never disappear. Political brinkmanship. Short-term thinking. Financial pressures. Geopolitical instability. People more interested in noise, ego and personal advancement than long-term results.
These are the challenges before us now.
So let us gather around what we have begun building here carefully.
Let us protect it.
Let us strengthen it.
Let us campaign for it.
Let us bring more people into the fold and help them understand why this moment matters.
Why!
Because Tomorrow is Here
God bless Enugu State
God bless the Federal Republic of Nigeria
-
News20 hours agoPresidential candidates to pay N50m for campaign permits in Anambra
-
News1 day agoChimaroke Nnamani: Progenitor of Ebeano, Misunderstood Leader, Vindicated at 66.
-
News2 days ago30-year-old man lynched after killing father over failure to provide food
-
News3 days agoVDM must face law over fake viral Tinubu Audio, Says Presidency
-
Politics2 days agoNDC to ratify Obi as six parties pick flagbearers
-
News2 days ago2027: Omo-Agege defects to NDC, eyes Delta Central Senatorial seat
-
Politics2 days agoNDC releases list of Electoral Committee Members for 2027 Primaries
-
News3 days agoTrump orders protection of Nigerian Christians





