The Federal Excessive Court docket in Lagos has issued an order directing all banks in Nigeria to dam monetary transactions by media mogul Nduka Obaigbena and his household attributable to an alleged $718 million debt to First Financial institution of Nigeria. 

The court docket’s choice, delivered on December 30, 2024, features a Mareva injunction geared toward stopping the switch of any property linked to Obaigbena outdoors the court docket’s jurisdiction.

First Financial institution had initiated a lawsuit towards Obaigbena, together with Efe Damilola Obaigbena and Olabisi Eka Obaigbena, accusing them of utilizing their firm, Common Hydrocarbons Restricted, to build up roughly $718 million in debt.

 As a part of the enforcement actions, accounts holding no less than $225 million managed by the Obaigbenas have already been frozen.

Justice Deinde Dipeolu, presiding over the case, ordered all Nigerian banks to halt any monetary transactions involving the Obaigbenas and any companies related to them.

Obaigbena has but to reply publicly to the court docket order. Nevertheless, his authorized group from Abiodun Layonu & Co. argue that First Financial institution is unfairly making an attempt to make them answerable for the huge loans tied to Atlantic Power and declare that First Financial institution is appearing in contempt of a previous court docket injunction issued on December 12, 2024, by Justice Lewis Allagoa.

 This earlier judgment prohibited First Financial institution from implementing any claims towards Obaigbena’s property throughout ongoing arbitration proceedings.

The attorneys additionally accuse First Financial institution of looking for a brand new Mareva order from one other decide with out disclosing the present injunction, which they describe as unethical and probably unlawful.

First Financial institution and its chairman, Femi Otedola, haven’t commented on the allegations. In a separate subject, Obaigbena communicated to the Governor of the Central Financial institution of Nigeria, Yemi Cardoso, claiming his efforts in 2021 with the OML 120 oil block considerably boosted First Financial institution’s monetary standing, turning a possible N161 billion loss right into a N151 billion revenue for the yr.

Obaigbena says he needed to take authorized motion to guard his rights and combat towards First Financial institution’s makes an attempt to bully him out of enterprise.