The legal team representing Nduka Obaigbena, editor-in-chief of the THISDAY Media Group and chairman of Arise TV, has criticised the freezing of his bank accounts by First Bank of Nigeria Limited, calling it “an abuse of court processes.”
Abiodun Layonu & Co, solicitors for General Hydrocarbons Limited, a company owned by Mr Obaigbena, issued a statement on Thursday refuting the Federal High Court, Ikoyi’s December 30, 2024, order. The order restrains all Nigerian commercial banks from releasing or dealing with monies and assets amounting to $225.8 million linked to Obaigbena, his family and General Hydrocarbons.
The lawyers allege that First Bank’s actions violate an earlier Federal High Court ruling delivered on December 12, 2024, by Justice Ambrose Lewis-Allagoa. In that judgment, the court barred First Bank from taking steps to enforce any financial instruments or assets of General Hydrocarbons pending arbitration proceedings between the parties.
“The restraining order of December 12, 2024, was made after hearing both parties and remains valid, as it has not been set aside on appeal. First Bank deliberately failed to disclose this judgment while obtaining an ex parte order from another judge on December 30, 2024,” the lawyers stated.
They described the bank’s actions as a deliberate attempt to overreach their client, adding, “This is a blatant case of abuse of court process by FBN.”
The legal tussle has a complex history. On October 30, 2024, Justice Lewis-Allagoa had granted an injunction restraining First Bank from interfering with General Hydrocarbons’ ability to secure funding for operations linked to Oil Mining Lease (OML) 120.
The court also prohibited First Bank from publishing financial statements suggesting that General Hydrocarbons owed $718 million or any other amount related to its dealings with Atlantic Energy Drilling Concept Nigeria Limited.
Further orders restrained First Bank from enforcing financial instruments, appointing operators for OML 120, or taking any action pending arbitration.
Obaigbena’s lawyers insist that the Federal High Court’s December 12 judgment overrides the December 30 order obtained by First Bank. They urge compliance with the earlier ruling, emphasising its legal implications and accusing First Bank of “attempting to circumvent due process.”
