The Federal High Court in Lagos has directed all banks in Nigeria to blacklist prominent media executive Nduka Obaigbena and his family members over an alleged $718 million debt to First Bank of Nigeria (FBN). The Mareva order, issued on December 30, 2024, by Justice Deinde Dipeolu, also prohibits Mr. Obaigbena from transferring any of his assets out of the court’s jurisdiction.
The court ruling follows a debt-recovery suit filed by First Bank against Mr. Obaigbena, his family members—Efe Damilola Obaigbena and Olabisi Eka Obaigbena—and their oil servicing company, General Hydrocarbons Limited. The bank alleges that the Obaigbenas are responsible for the massive debt incurred through their business dealings.
As part of the order, approximately $225 million in bank accounts linked to the Obaigbenas has been frozen. Justice Dipeolu further directed all Nigerian banks to halt financial transactions involving the Obaigbenas and any related businesses.
Legal Battle Heats Up
In response to the court order, Mr. Obaigbena has taken a legal stance, arguing that First Bank acted improperly. A January 9, 2025, letter from his lawyers at Abiodun Layonu & Co. accused the bank of violating a prior court injunction issued by Justice Lewis Allagoa.
The December 12, 2024, ruling by Justice Allagoa explicitly barred First Bank from enforcing any financial claims against the Obaigbenas until an ongoing arbitration process between the parties is resolved. Mr. Obaigbena’s lawyers alleged that First Bank failed to disclose this earlier judgment when seeking the Mareva order from Justice Dipeolu.
The lawyers described the bank’s actions as “unethical and illegal,” warning of “grave legal implications” for what they called an attempt to bypass the judicial process.
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Claims of First Bank’s Misconduct
The dispute centers on loans allegedly tied to Atlantic Energy, a company the Obaigbenas claim they are being unfairly held accountable for.
According to the lawyers’ letter, “First Bank is attempting to force our clients to assume responsibility for up to $718 million in delinquent loans against Atlantic Energy.”
Mr. Obaigbena, who is also the chairman of THISDAY and Arise TV, had previously accused First Bank of strong-arm tactics in a November 2024 petition to Central Bank of Nigeria (CBN) Governor Yemi Cardoso. In the petition, he claimed that he played a key role in saving the bank from collapse in 2021 by leveraging resources from OML 120, an oil block he secured under President Muhammadu Buhari’s administration.
“We have been left with no choice but to go to court and arbitration to preserve our fundamental rights and our rights under the agreements in the face of FBN’s attempts to clubber and bully us out of existence,” Mr. Obaigbena wrote in his complaints.