Court Freezes Assets, Accounts Of Nduka Obaigbena’s General Hydrocarbons Limited In All Nigerian Commercial Banks
This decision comes as a result of a lawsuit filed by First Bank of Nigeria Limited and FBNQUEST Trustees Limited, which accused General Hydrocarbons Limited of owing them a staggering US$225,802,379.69 ($225.8 million) in outstanding debt from loan facilities granted as of September 30, 2024.
A Federal High Court in Lagos State has granted an ex-parte order, effectively freezing General Hydrocarbons Limited’s assets and accounts with all commercial banks in Nigeria.
This decision comes as a result of a lawsuit filed by First Bank of Nigeria Limited and FBNQUEST Trustees Limited, which accused General Hydrocarbons Limited of owing them a staggering US$225,802,379.69 ($225.8 million) in outstanding debt from loan facilities granted as of September 30, 2024.
The court order restricts all commercial banks from releasing or dealing with any assets or monies belonging to General Hydrocarbons Limited, its agents, subsidiaries, or sister companies, up to the amount claimed by the plaintiffs.
This move is likely intended to prevent General Hydrocarbons Limited from dissipating its assets or transferring funds out of the country while the lawsuit is pending.
It’s worth noting that, according to the Banks and Other Financial Institutions Act (BOFIA), the Central Bank of Nigeria (CBN) also has the power to apply for a court order to freeze bank accounts suspected of being involved in illegal transactions.
However, in this specific case, the court order was granted in response to a lawsuit filed by private entities, rather than the CBN.
In the enrolled order obtained by SaharaReporters on Thursday, signed by the Registrar of the Court, Orakwe Nonye Ossy, the order ex-parte was issued by Justice D.I. Dipeolu on December 30, 2024 in a suit numbered FHC/L/CS/2378/2024.
Apart from General Hydrocarbons Limited, which is the 1st Defendant, other Defendants in the suit are listed as Nduka Obaigbena, Efe Damilola Obaigbena, Olabisi Eka Obaigbena, GHL 121 Ltd, Aimonte Nigeria Limited, Calidin Global Resources Limited, CESL Oyo Production BBC Limited [owner of FPSO Tamara Tokoni], CESL Oyo Production O & M Limited, VITOL SA, Mercuria Energy Trading SA, Trafigura PTE Limited, Glencore Energy UK Limited, Schlumberger Nigeria Limited, Schlumberger Overseas SA, and Baker Hughes Oilfield Services as the 2nd to 16th Defendants respectively.
In the suit filed by First Bank of Nigeria Limited and FBNQUEST Trustees Limited before the court through their Counsel, Victor Ogude (SAN) on December 27 and heard on December 30, the Court directed the 8th – 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 in OML 120.
The court also granted an order of interim injunction restraining Nduka Obaigbena, Efe Damilola Obaigbena, and Olabisi Eka Obaigbena, who are the 2nd – 4th Defendants being directors of General Hydrocarbons Limited (1st Defendant), whether by themselves, agents, servants, proxies, allies, 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.
It partly read: “An order of Mareva Injunction restraining all the commercial banks in Nigeria to wit: Guaranty Trust Bank Limited, Access Bank PLC, Citibank Nigeria Limited, Carbon Bank, Ecobank Nigeria PLC, Fidelity Bank PLC, First Bank OF Nigeria Limited, First City Monument Bank PLC, Flutter Wave, Globus Bank, Heritage Bank Limited, Jaiz Bank, Keystone Bank Limited, OPay Digital Services Limited, Palmpay Limited, Paystack Payments Limited, Piggyvest, Momo Payment Service Bank Limited, Polaris Bank Limited, Providus Bank, Stanbic IBTC Bank Nigeria Limited, Standard Chartered Bank, Sterling Bank PLC, Suntrust Bank Limited, Union Bank Of Nigeria PLC, United Bank For Africa PLC, Unity Bank PLC, Wema Bank PLC, Zenith Bank PLC 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 1st Defendant from any account maintained by the 1st Defendant, their agents, privies, subsidiaries, and/or sister companies with any of the said Banks wherever situate, up to the amount of the Plaintiffs/Applicants’ total claim in the sum of US$225,802,379.69 (Two Hundred and Twenty-Five Million Eight Hundred and Two Thousand, Three Hundred and Seventy-Nine Dollars and Sixty-Nine Cents) being the outstanding indebtedness on the 1st Defendant’s account with the 1st Plaintiff/Applicant as of 30th September 2024 in respect of the loan facilities granted to the 1st Defendant by the 1st Plaintiff/Applicant pending the hearing and determination of the Motion on Notice for interlocutory injunction.
“An order of Mareva Injunction restraining all the commercial banks in Nigeria to wit: Guaranty Trust Bank Limited, Access Bank PLC, Citibank Nigeria Limited, Carbon Bank, Ecobank Nigeria PLC, Fidelity Bank PLC, First Bank Of Nigeria Limited, First City Monument Bank PLC, Flutter Wave, Globus Bank, Heritage Bank Limited, Jaiz Bank, Keystone Bank Limited, OPay Digital Services Limited, Palmpay Limited, Paystack Payments Limited, Piggyvest, Momo Agent, Polaris Bank Limited, Providus Bank, Stanbic IBTC Bank Nigeria Limited, Standard Chartered Bank, Sterling Bank PLC, Suntrust Bank Limited Union Bank of Nigeria PLC, United Bank For Africa Plc, Unity Bank PLC, Wema Bank PLC, Zenith Bank PLC 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 – 4th Defendants from any account whatsoever maintained by the 2nd – 4th Defendants and also all accounts associated with BVN: 22220558365 {2nd Defendant}, 22363940584 {3rd Defendant}, and 22363940584 {4th Defendant}, with any of the said Banks wherever situate up to the amount of the Plaintiffs/Applicants’ total claim in the sum of US$225,802,379.69 (Two Hundred and Twenty-Five Million Eight Hundred and Two Thousand, Three Hundred and Seventy-Nine Dollars and Sixty-Nine Cents) being the indebtedness on the 1st Defendant’s account with the Plaintiffs/Applicants as at 30th September 2024, in respect of the loan facilities granted to the 1st Defendant by the 1st Plaintiff/Applicant pending the hearing and determination of Motion on Notice for interlocutory injunction.
“An order of interim injunction restraining the 1st, 2nd, 3rd and 4th Defendants whether by themselves, members, shareholders, agents, servants, proxies, allies, from transferring and/or dissipating, diminishing or dealing with any interest in the 1st 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 1st Plaintiff to the 1st Defendant, pending the hearing and determination of the Motion on Notice for interlocutory injunction,” the court ordered among others.
The nominal parties in the suit are: Guaranty Trust Bank Limited, Access Bank Plc, Citibank Nigeria Limited, Carbon Microfinance Bank, Ecobank Nigeria Plc, Fidelity Bank Plc, First Bank Of Nigeria Limited, First City Monument Bank Plc, Flutter Wave, Globus Bank, Heritage Bank Limited, Jaiz Bank Plc, Keystone Bank Limited, OPAY Digital Services Limited, Palmpay Limited, Paystack Payments Limited, PIGGYVEST, Momo Payment Service Bank Limited, Polaris Bank Limited, Providus Bank Plc, Stanbic Ibtc Bank Nigeria Limited, Standard Chartered Bank Plc, Sterling Bank Plc, Suntrust Bank Limited, Union Bank Of Nigeria Plc, United Bank For Africa Plc, Unity Bank Plc, Wema Bank Plc and Zenith Bank Plc, listed as the 1st to 29th.
In 2015, SaharaReporters reported that court papers containing charges against a former National Security Adviser, Sambo Dasuki, and some of his associates, showed how he distributed billions of naira meant for arms purchase to fight insurgency, particularly Boko Haram, to politicians and his cronies.
Among other allegations, Dasuki and a former director of finance at the office of the NSA, Shuaibu Salisu were accused of transferring, from the NSA account with CBN, the sum of N670 Million to the account of General Hydrocarbons Limited with Guarantee Trust Bank (GTB), controlled by Nduka Obaigbena, publisher of ThisDay Newspaper, as payment for “energy consulting”.
