
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
Mbah, Tinubu Get 2027 Re-election Endorsement from Non-Indigenes, Support Group
• Arthur Eze, non-indigenes back APC candidates from top to bottom
• Group donates N50m towards reelection bid
A political support group, Nwanne Di Na Mba Grand Assembly, on Friday endorsed Enugu State Governor, Dr. Peter Mbah, and President Bola Ahmed Tinubu for re-election in 2027, pledging to mobilise support for all candidates of the All Progressives Congress (APC) in the forthcoming general elections.
The group, which has Anambra-born billionaire businessman, Prince Arthur Eze, as its Grand Patron, made the declaration during a rally held at Okpara Square, Enugu, attended by supporters drawn from different ethnic and religious backgrounds.
Speaking at the event, Governor Mbah described the massive turnout as an expression of democracy in action, thanking the group for what he called an open demonstration of love, solidarity and confidence in his administration and the Federal Government.

Governor Peter Mbah of Enugu State
He said the gathering reflected the willingness of people from different parts of the country to unite in support of President Tinubu’s re-election and the continuation of his administration’s development programmes in Enugu State.

Mbah, who attributed some of the state’s development strides to the economic reforms of the Tinubu administration, said increased financial resources available to subnational governments had enabled his administration to implement projects across critical sectors.
“Because you believe in what you can see, what you can touch and what you can feel. Can you see the Type-2 Primary Healthcare Centres? Can you see the good roads? Do you drive on them? Now you can drive on smooth roads, send your children to high-quality schools and access affordable healthcare,” he said.
The governor listed the 260 Type-2 Primary Healthcare Centres and 268 Smart Green Schools among the projects through which his administration was translating the opportunities created by the Federal Government’s reforms into tangible development outcomes.

He maintained that Enugu’s progress was linked to the policies of the Tinubu administration, urging residents to support the President’s re-election to enable both governments to consolidate their achievements.
According to him, the state was also benefiting from improved connectivity and emerging regional economic opportunities, including the establishment of the South East Development Commission, the proposed gas pipeline network across the South-East and the concessioning of the Akanu Ibiam International Airport.
He said the proposed developments would facilitate industrialisation, trade, cargo operations and international connectivity, adding that the ongoing transformation of the state and region should be sustained.
“Enugu means home to all of us. We all have a stake in Enugu, and that is why you have come out in your numbers to say that the good work and hard work must continue,” he said.

Mbah urged eligible residents to obtain their Permanent Voter Cards (PVCs) and participate in the 2027 elections, calling for support for Tinubu and all APC candidates contesting for elective positions.
He also assured the people that his administration would build on the progress recorded so far, saying, “With the strength I see here today, with the energy and resolve you have demonstrated, we are committing to do more. What you should expect is more.”
In his remarks, Grand Patron of the group, Prince Arthur Eze, described Mbah as a leader who related positively with people and maintained good relationships across political and social divides.
He said the governor’s support for President Tinubu and the confidence the President had in him were reasons the group was backing both leaders.
“Peter Mbah is supporting Tinubu very well, and we will support him because he will bring a lot to Ndi Igbo through Tinubu, because Tinubu trusts him very well. We cannot abandon him because he never abandoned anyone,” Eze said.
He urged the people of Enugu to support both leaders in the forthcoming elections, expressing confidence that their administrations would create more opportunities for the people.
Also speaking, the Sarkin Hausawa, Alhaji Abubakar Yusuf Sambo, who is also the Senior Special Assistant to the Governor on Special Duties, said the rally was organised to appreciate Mbah’s administration for its inclusive governance and the opportunities extended to non-indigenes living in the state.
Sambo, who spoke on behalf of Yoruba, Tiv and other ethnic communities, said members of the different communities had benefited from the administration’s programmes, particularly in education, healthcare, infrastructure and political appointments.
He said children from non-indigene communities had access to Smart Green Schools, while their mothers benefited from the Type-2 Primary Healthcare Centres. He also commended the administration’s road infrastructure projects.
“We are happy with your governance and the way you have been carrying us along in Enugu State. We are part of all the programmes going on in the state,” he said.
Sambo pledged the group’s support for Mbah and Tinubu, declaring that its members would vote for APC candidates across all elective positions, from the presidency to the State House of Assembly.
He added that the rally was a preliminary demonstration of the group’s mobilisation capacity ahead of the planned visit of President Tinubu to the state.
Earlier, the Convener of the group and Executive Chairman of the Enugu Capital Territory Development Authority, Barr. Uche Anya, said the rally was only the beginning of a broader mobilisation effort by non-indigenes and residents of the state’s urban centres in support of the governor’s second-term ambition.
Anya said the people appreciated Mbah’s development initiatives and would resist any attempt to undermine or reverse the administration’s achievements.
He disclosed that non-indigenes in the municipality had mandated him to communicate their resolve to support the governor and President Tinubu in 2027.
According to him, the communities were also committed to voting for all APC candidates, citing the Federal Government’s support for Enugu State and Tinubu’s role in integrating the state into the mainstream of national politics.
“The non-indigenes in the municipality promise that the mistakes of 2023 will never happen again. They will vote President Tinubu for his good works, for integrating Enugu into the mainstream of Nigerian politics and for believing in you,” Anya said.
He added that the group’s message was one of appreciation for both the state and Federal Government, reaffirming its commitment to the APC’s candidates in the 2027 general elections.
The highpoint of the event was the endorsement and the presentation of a cheque for N50M million to Governor Mbah.
The rally attracted several dignitaries, including the Speaker of the Enugu State House of Assembly, Rt. Hon. Uche Ugwu; Deputy National Chairman (South) of the APC, Dr. Ben Nwoye; Enugu State APC Chairman, Dr. Martin Chukwunwike; Minister of Innovation, Science and Technology, Dr. Kingsley Udeh (SAN); members of the National and State Assemblies; members of the State Executive Council; other government appointees and party faithful.
News
Tenant Allegedly Smashes Landlord’s Head Over Rent Increase from ₦300,000 to ₦1m in Edo
A tenant has reportedly smashed his landlord’s head during a violent altercation in Benin City, Edo State, following a disagreement over an alleged rent increase from ₦300,000 to ₦1 million.
In a video shared online by Edo TV on Friday, October 30, 2026, the tenant narrated how the disagreement began and escalated into a physical confrontation.
According to the tenant, the incident occurred in the morning when his landlord confronted him over tiling work he had carried out in the apartment using his personal funds to improve the property for his business.
He alleged that the landlord demanded additional payment for the renovation before subsequently increasing his rent from ₦300,000 to ₦1 million.
The tenant further claimed that the situation turned violent after the landlord slapped him during their confrontation, prompting him to retaliate by hitting the landlord on the head.

Narrating his side of the incident, the tenant said, “He slapped me first and out of my defence, I smashed his head. It wasn’t intentional.”
The altercation reportedly left the landlord with serious head injuries.
However, further details about the landlord’s condition and whether the police had intervened were not immediately available as of the time of filing this report.
News
Sowore Hospitalised After Ekiti Incident, Disputes Police Account of Attack
The presidential candidate of the African Action Congress (AAC), Omoyele Sowore, has been hospitalised after sustaining injuries during an incident involving some individuals at a restaurant in Ado-Ekiti, Ekiti State.
The Ekiti State Police Command confirmed the incident on Friday, saying Sowore was receiving treatment at the Police Hospital in Ado-Ekiti. However, the activist and his associates have disputed the police account, insisting that they were attacked rather than involved in an altercation.
The incident followed a message posted on Sowore’s X handle alleging that he had been kidnapped by armed thugs in Ado-Ekiti and that his whereabouts were unknown.
The post also alleged that the attackers were government-sponsored and accused the Department of State Services (DSS) of providing them with the group’s location. The allegations have not been independently verified.
“We have been brutally attacked and injured by armed government-sponsored thugs in Ado Ekiti, Ekiti State,” the post stated, adding that the group would not back down.

However, the police dismissed reports that Sowore had been kidnapped, explaining that officers received an alert about an incident involving him and some individuals at a restaurant and moved in to intervene.
The Police Public Relations Officer in Ekiti State, Sunday Abutu, said preliminary information indicated that Sowore had an altercation with the individuals before the police were alerted.
According to Abutu, Sowore was subsequently taken to the Police Hospital, where he was receiving treatment for what the command described as a minor injury.
“The command wishes to categorically clarify that Mr Omoyele Sowore was not kidnapped. Rather, preliminary information indicates that he had an altercation with some individuals at a restaurant in Ado Ekiti, following which the police were immediately alerted,” Abutu said.
The police spokesperson added that the Commissioner of Police, Michael Falade, had ordered a discreet investigation into the incident.
“The Commissioner of Police, Michael Falade, has ordered a discreet investigation into the incident to establish the full circumstances surrounding the altercation, identify all individuals involved and ensure that anyone found culpable is brought to justice,” he stated.
However, Sowore subsequently challenged the police description of the incident, rejecting the suggestion that it was an altercation.
In a post on his X handle on Friday, the AAC presidential candidate insisted that he and his associates were attacked.
“There was no altercation! We were attacked!” he declared.
Sowore also accused the police command of downplaying the seriousness of the incident, alleging that the commissioner visited the scene and saw the injuries sustained by those involved.
He questioned why the command would describe the injuries as minor despite what he characterised as the severity of the violence.
Sowore further alleged that suggestions had emerged linking the police commissioner to the incident, describing the development as unacceptable. However, the allegation has not been independently established.
He also shared a video purportedly showing the commissioner leaving an emergency room after observing the injuries sustained by those affected.
The police have yet to establish publicly the full circumstances surrounding the incident, while Sowore’s account differs from the command’s preliminary description of what happened.
The investigation ordered by the commissioner is expected to determine the circumstances leading to the confrontation, identify those involved and establish whether any offences were committed.
As of Friday, the police maintained that Sowore was not kidnapped and was receiving medical treatment, while the AAC presidential candidate continued to insist that he and his associates were victims of a violent attack.
The circumstances surrounding the incident, including the identities of those involved and the allegations of political involvement, remain subject to investigation.
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