A Federal High Court has issued a Mareva injunction freezing the assets and accounts of General Hydrocarbons Limited (GHL) and its owner, media mogul Nduka Obaigbena, over an alleged $225.8 million loan default.

Media mogul Nduka Obaigbena

The court’s decision follows a lawsuit filed by First Bank of Nigeria Ltd and FBNQuest Trustees Ltd, seeking to recover outstanding loan facilities granted to GHL, an oil and gas company operating Oil Mining Lease (OML) 120.

According to court documents, the plaintiffs claim that GHL defaulted on its loan repayment as of September 30, 2024, leading to legal action to prevent asset dissipation.

The Mareva injunction restrains major banks and financial platforms, including Guaranty Trust Bank, Access Bank, Zenith Bank, Piggyvest, and Paystack, from processing transactions involving GHL and its affiliates.

Furthermore, companies associated with OML 120 operations have been directed to submit financial records, while proceeds from oil sales will be diverted to creditors pending further court rulings.

Media mogul Nduka Obaigbena


Legal filings suggest that the loans were initially secured with crude oil stocks, insurance policies, and receivables. However, the plaintiffs allege that funds were misused for luxury real estate acquisitions and private jet operations.

Market analysts have noted that the lawsuit has already impacted FBN Holdings' stock, which dropped 1.27% following news of the injunction.

Observers anticipate that this legal battle could set a precedent for corporate debt recovery in Nigeria’s financial and energy sectors.

The case is ongoing, with further hearings expected to determine if the frozen assets will be liquidated to settle the outstanding debt.