The Chairman and Editor-in-Chief of THISDAY Media Group and Arise News, Prince Nduka Obaigbena is in hot soup.
The Lagos State Division of the Federal High Court has ordered all banks operating in Nigeria to blacklist him and members of his family over alleged $718 million debt to First Bank of Nigeria.
First Bank had filed a debt-recovery suit against Mr Obaigbena and his family members, including Efe Damilola Obaigbena and Olabisi Eka Obaigbena, saying they used their oil servicing firm, General Hydrocarbons Limited to assume debt of about $718 million.
The Mareva order issued on December 30, 2024, also aimed to prevent Mr. Obaigbena from transferring any assets associated with him out of the jurisdiction of the Federal High Court.
Meanwhile, as part of the order issued by Justice Deinde Dipeolu in suit FHC/L/CS/2378/2024, $225 million has been frozen in bank accounts controlled by the Obaigbenas.
The judge said all banks licensed to do business in Nigeria should immediately seize all financial transactions to the Obaigbenas and laundry of businesses linked to them.
The judge ordered that all banks licensed to operate in Nigeria immediately freeze all financial transactions involving the Obaigbenas and any businesses connected to them.