A Federal High Court in Lagos has issued a Mareva injunction preventing all commercial banks and financial institutions in Nigeria from releasing or managing money or assets up to the sum of two hundred and twenty-five million, eight hundred and two thousand, three hundred and seventy-nine dollars and sixty-nine cents to General Hydrocarbons Limited, which represents an unpaid loan owed to First Bank of Nigeria as of September the 30, 2024. This legal action stems from a lawsuit filed by First Bank of Nigeria Limited and FBNQuest Trustees Limited against General Hydrocarbons Limited and fifteen other defendants, including directors Nduka Obaigbena, Efe Damilola Obaigbena, and Olabisi Obaigbena, concerning outstanding debts tied to Oil Mining Lease one hundred and twenty. Justice D.I. Dipeolu ordered banks and financial institutions to disclose account balances, prohibited the defendants from transferring or diminishing assets and shares tied to the loan and oil lease, and granted permission for the plaintiffs to serve certain defendants abroad through courier services while the case is adjourned for further hearings.
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