First Bank Vs Obaigbena: Conflicting Claims Deepen $225m Loan Saga

There’s no end in sight to the $225 million loan saga between First Bank Nigeria, FBN and General Hydrocarbons Limited, an oil prospecting firm owned by media mogul, Nduka Obaigbena.

On Wednesday, Justice Dehinde Dipeolu, of the Federal High Court in Lagos vacated an ex parte mareva injunction freezing the assets of GHL, on the basis that the commercial bank failed to fully disclose an order by Justice Lewis-Allagoa to the court.

Recall that Justice Dipeolu had on December 30, 2024 in the Suit No. FHC/L/CS/2378/2024, granted an ex-parte order baring all commercial banks in the country from dealing with DHL or monies and assets belonging to the company.

The judge also bared the banks from dealing with proxies of the Obaigbena, including his family members, subsidiaries connected with the case until the issue relating to the loan is resolved by the court.

Apart from  Nduka Obaigbena, others affected by the order include Efe Damilola Obaigbena, and Olabisi Eka Obaigbena—directors of General Hydrocarbons Limited.

But, Justice Dipeolu yesterday said his court was not fully briefed on an earlier judgment made by Justice Lewis-Allagoa, thereby setting aside his last month’s mareva injunctive order over the matter.

Reacting in a statement, FBN claimed yesterday that not all the orders were vacated by the judge, citing orders 6,7,8,9,10 and 11 which the bank claimed have have not been discharged or set aside, as they  remain valid and subsisting.

On the claim by GHL that FBN concealed an order by Justice Allagoa, the commercial bank said the claim is far from the truth, that all the facts were made available to Justice Dipeolu excpt that the Preservative Order were not attached t the affidavit.

The bank said further that until February 19 when GHL is expected to respond to the substantive suit, the court order that no commercial bank should deal with the company remains.

First Bank said, “It is important to stress that the injunctive orders made by Dipeolu J. on 30th December 2024 were eight in number out of which only two (2) were Mareva Orders,” First Bank stated.

“The other injunctive orders namely, Orders 6, 7, 8, 9, 10, and 11 were not discharged or set aside, and remain valid and subsisting.”

The bank insist that six orders issued by Justice Dipeolu subsist, as they are yet to be vacated.

They include: ‘’AN ORDER OF INTERIM INJUNCTIONrestraining the 1st – 4th Defendants, agents, servants, officers, privies, subsidiaries, sister companies or any other person natural or artificial howsoever called under the control of the 1st – 4th Defendants from transferring or otherwise dealing with any and all of the monies standing to the credit of the 1st – 4th Defendants in any account whatsoever maintained by the 1st – 4th 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 (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 1stPlaintiff/Applicant as of 30th September 2024in 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 mandating 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 SERVICES 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 to file and serve on the Plaintiffs/Applicant Solicitors within seven(7) days of serving this Court Order on them, an Affidavit disclosing the sum standing to the 1st– 4th Defendants’ credit with a duly certified Statement of Accounts of the 1st – 4thDefendants/Respondents in their respective custody from the date of its opening till the date this Order is served on the Bank(s).

‘’AN ORDER mandating the 8th – 13thDefendants to file and serve on the Plaintiffs/Applicants a statement disclosing the quantum of products lifted from the 8thDefendant or OML 120 since the commencement of production in OML 120.

‘’AN ORDER of interim injunction restraining 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 1st Defendant’s account in the 1st Plaintiff Bank, pending the hearing and determination of the 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 1stDefendant, pending the hearing and determination of the Motion on Notice for interlocutory injunction.

‘’ AN ORDER of interim injunction restraining the 2nd – 4th Defendants being directors of the 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.”