Federal High Court Orders Banks to Blacklist Nduka Obaigbena, Family over $718 Million Debt
The Lagos Division of the Federal High Court has issued a Mareva order directing all banks operating in Nigeria to blacklist media mogul Nduka Obaigbena, the Chairman of THISDAY Newspapers and Arise News, along with his family members, over an alleged $718 million debt owed to First Bank of Nigeria.
The order, dated December 30, 2024, was issued by Justice Deinde Dipeolu in suit FHC/L/CS/2378/2024.
It also prohibits Mr Obaigbena and his associates from transferring any assets linked to them out of the court’s jurisdiction.
Among those named in the suit are Efe Damilola Obaigbena and Olabisi Eka Obaigbena, with the court freezing at least $225 million in bank accounts controlled by the family.
Justice Dipeolu further mandated all licensed banks in Nigeria to cease all financial transactions involving the Obaigbenas and their associated businesses.
The allegations against the Obaigbena family centre on claims by First Bank that they used their oil servicing firm, General Hydrocarbons Limited, to assume debts tied to the Atlantic Energy company.
Responding to the court order, a source close to Mr Obaigbena shared a letter from his legal counsel, Abiodun Layonu & Co., which detailed their objections.
The letter, dated January 9, 2025, alleged that First Bank acted improperly by obtaining the Mareva order from Justice Dipeolu despite a prior judgment by Justice Lewis Allagoa.
The December 12, 2024, ruling by Justice Allagoa had explicitly restrained First Bank from taking any actions against the Obaigbena family pending the resolution of an ongoing arbitration.
The Obaigbenas’ lawyers accused First Bank of failing to disclose the earlier judgment while seeking the Mareva order, describing the move as unethical and unlawful.
They further warned the bank’s executives of potential contempt proceedings should they proceed with enforcing the new order.
In a separate petition addressed to Central Bank of Nigeria (CBN) Governor Yemi Cardoso last year, Mr Obaigbena claimed that his efforts had once saved First Bank from financial collapse.
He asserted that resources secured through the OML 120 oil block under President Muhammadu Buhari enabled the bank to recover from a N161 billion loss in 2021 to declare N151 billion in profits by the end of the same year.
“We have been left with no choice but to go to court and arbitration to preserve our fundamental rights and our rights under the agreements in the face of FBN’s attempts to clubber and bully us out of existence,” Mr Obaigbena stated in a November 7, 2024, complaint.
First Bank and its Chairman, Femi Otedola, did not immediately respond to requests for comments regarding the Mareva order or the allegations raised by the Obaigbena family.
The dispute, however, underscores the escalating tension between the bank and the prominent media executive, whose legal battle has now drawn public and regulatory scrutiny.
