Court Orders Nigerian Banks to Blacklist Nduka Obaigbena Over $718 Million FBN Debt
A Federal High Court in Lagos has issued a Mareva order, directing all Nigerian banks to freeze Nduka Obaigbena’s assets and blacklist him from financial transactions due to an alleged $718 million debt to First Bank of Nigeria (FBN). The court’s order, issued on December 30, 2024, by Justice Deinde Dipeolu, aims to prevent Obaigbena and his family members from dissipating their assets while the lawsuit is pending.
Background of the Lawsuit
The lawsuit, filed by First Bank of Nigeria Limited and FBNQUEST Trustees Limited, claims that Obaigbena’s company, General Hydrocarbons Limited, owes $225,802,379.69 in outstanding debt from loan facilities granted as of September 30, 2024. The lawsuit also alleges that Obaigbena and his family members have attempted to dissipate their assets to avoid paying the debt.
Court’s Order
The court’s Mareva order directs all Nigerian banks to:
- Freeze all bank accounts linked to Obaigbena and his family members
- Blacklist Obaigbena and his family members from financial transactions
- Disclose all assets and accounts linked to Obaigbena and his family members
The court’s order also prohibits Obaigbena and his family members from disposing of or dealing with any assets or properties until the lawsuit is resolved.
Obaigbena’s Response
Obaigbena’s lawyers have argued that First Bank is trying to force him to take responsibility for up to $718 million in delinquent loans against Atlantic Energy. They claim that First Bank’s actions are unethical and illegal, as they obtained the Mareva order without disclosing a previous injunction prohibiting actions against Obaigbena over the dispute.
Implications of the Court’s Order
The court’s order has significant implications for Obaigbena and his family members. The freezing of their bank accounts and assets will severely limit their ability to conduct financial transactions or access their funds. The blacklisting of Obaigbena and his family members will also make it difficult for them to obtain credit or conduct business in Nigeria.
The court’s order in the lawsuit against Nduka Obaigbena is a significant development in the ongoing dispute over the $718 million debt to First Bank of Nigeria. The order highlights the court’s commitment to ensuring that debtors are held accountable for their obligations and that assets are not dissipated to avoid payment.
