Court blocks all Nduka Obaigbena banking transactions over $718m FBN debt - Newstrends
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Court blocks all Nduka Obaigbena banking transactions over $718m FBN debt

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Nduka Obaigbena

Court blocks all Nduka Obaigbena banking transactions over $718m FBN debt

The Lagos Division of the Federal High Court has ordered all banks operating in Nigeria to blacklist media executive Nduka Obaigbena and members of his family over alleged debt to First Bank of Nigeria.

The December 30, 2024, Mareva order also sought to prevent Mr Obaigbena from moving any assets linked to him from the jurisdiction of the Federal High Court. First Bank had filed a debt-recovery suit against Mr Obaigbena and his family members, including Efe Damilola Obaigbena and Olabisi Eka Obaigbena, saying they used their oil servicing firm General Hydrocarbons Limited to assume debt of about $718 million.

At least $225 million had been frozen in bank accounts run by the Obaigbenas as part of the order, which was issued by Justice Deinde Dipeolu in suit FHC/L/CS/2378/2024.

The judge also said all banks licensed to do business in Nigeria should immediately seize all financial transactions to the Obaigbenas and laundry of businesses linked to them.

Mr Obaigbena did not return a request seeking comments about the order on Thursday evening.

But a source close to the THISDAY and Arise TV boss shared a letter from his lawyers with Peoples Gazette, which narrated how the issue began and why First Bank executives are at risk of contempt of court.

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In the January 9, 2025, letter from their lawyers Abiodun Layonu & Co., the Obaigbenas argued that First Bank was trying to force them to take responsibility for up to $718 million in delinquent loans against Atlantic Energy.

The lawyers warned First Bank of “grave legal implications” for going to another judge to obtain the Mareva order when a separate federal judge already had a previous injunction prohibiting any actions against the Obaigbenas over the dispute.

The lawyers cited a December 12, 2024, judgement by Justice Lewis Allagoa of the Lagos Division of the Federal High Court, which “unequivocally and emphatically restrained First Bank from taking any steps whatsoever to enforce any security, receivables, instrument, financial documents or assets of our clients pending the hearing and determination of the ongoing arbitration proceeding between our client and the FBN.”

The firm said First Bank knew of the judgment before approaching another judge for an ex-parte order without disclosing the prior judgment, which they suggested was unethical and illegal.

A spokesman for First Bank and chairman Femi Otedola did not immediately return a request seeking comments from The Gazette about whether or not they’ve received the letter from lawyers to the Obaigbenas.

In a separate petition to CBN Governor Yemi Cardoso last year, Mr Obaigbena said he helped save First Bank from imminent collapse in 2021 when he used the resources from OML 120 oil block he secured under President Muhammadu Buhari to elevate the company’s fortunes from declaring N161 billion loss to announcing N151 billion in profits for the year ended December 31, 2021.

“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 said in the November 7, 2024, complaint.

 

Court blocks all Nduka Obaigbena banking transactions over $718m FBN debt

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Iran war fuels child malnutrition crisis in Nigeria as poverty worsens

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Iran war fuels child malnutrition crisis in Nigeria as poverty worsens

Iran war fuels child malnutrition crisis in Nigeria as poverty worsens

The ripple effects of the Iran war are being felt thousands of kilometres away in Nigeria, where soaring fuel prices, rising food inflation and worsening economic hardship are pushing more children into malnutrition and deepening poverty, particularly across the country’s northern states.

Health workers and humanitarian organisations have raised fresh concerns over an increase in the number of children suffering repeated episodes of acute malnutrition, warning that families already struggling to cope with inflation are finding it increasingly difficult to provide adequate and nutritious meals.

In communities across Sokoto State, doctors and nutrition specialists say more children who had previously recovered from severe acute malnutrition are returning to treatment centres after relapsing. The trend reflects the growing inability of low-income households to meet basic nutritional needs as the cost of living continues to climb.

The worsening crisis comes against the backdrop of prolonged economic challenges in Nigeria and fresh global market disruptions caused by the conflict between Iran and its adversaries. The war has unsettled international energy markets, sending fuel prices higher and increasing transportation, production and food costs across many developing countries.

For millions of Nigerians, particularly in the North-West and North-East, the impact has been immediate. Families that once managed to afford balanced meals now depend almost entirely on inexpensive staples such as pap, rice and grains, while protein-rich foods, fruits and vegetables have become increasingly unaffordable.

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According to UNICEF, if the conflict in the Middle East continues, as many as 23.4 million additional children worldwide could fall into monetary poverty by the end of the year. The agency estimates that nearly 80 per cent of those affected would be in Africa and Asia, where millions of households are already battling inflation, conflict and food insecurity.

UNICEF Executive Director Catherine Russell warned that children far beyond the Middle East are paying a heavy price for the conflict, stressing that prolonged economic shocks are threatening children’s health, education and long-term development.

She noted that persistent hunger during childhood could lead to stunted growth, weakened immunity, poor learning outcomes and reduced economic opportunities later in life, making early intervention critical.

The crisis is unfolding as Nigeria continues to grapple with the impact of sweeping economic reforms introduced by President Bola Tinubu, including the removal of fuel subsidies and exchange-rate reforms. While aimed at stabilising the economy, the measures have contributed to higher inflation and increased living costs for many households.

The World Bank recently estimated that about 139 million Nigerians are either poor or vulnerable to poverty, highlighting the enormous social and economic pressures facing the country’s population.

The situation is particularly severe in northern Nigeria, where insecurity has already displaced thousands of farming families. Frequent attacks by armed groups have restricted access to farmlands, reduced agricultural production and disrupted local food supply chains.

Adding to the pressure, higher fertiliser prices linked to global supply disruptions have increased farming costs, raising concerns that food production could decline further during the current planting season and worsen hunger in vulnerable communities.

Medical workers say nutrition centres across northern Nigeria are recording growing admissions as parents struggle to feed their children. Several healthcare facilities have also reported an increase in relapse cases, with children returning for treatment only months after recovering from severe acute malnutrition.

Humanitarian organisations have appealed to the Federal Government, donor agencies and development partners to expand emergency nutrition programmes, strengthen healthcare services and increase support for vulnerable households before the crisis escalates further.

Experts also urged authorities to accelerate investments in agriculture, improve food distribution systems, strengthen social protection programmes and create sustainable employment opportunities to reduce the country’s vulnerability to external economic shocks.

Economists warn that Nigeria’s heavy dependence on global energy markets means international conflicts can quickly translate into higher domestic fuel and food prices, disproportionately affecting low-income families.

As inflation continues to erode household incomes and humanitarian needs rise, aid agencies fear that without urgent intervention, millions more Nigerian children could face hunger, malnutrition and lifelong health challenges despite living thousands of kilometres from the battlefield.

Iran war fuels child malnutrition crisis in Nigeria as poverty worsens

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Christian Council opposes ₦50,000 fine for bus preaching, seeks Tinubu’s intervention

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Christian Council opposes ₦50,000 fine for bus preaching, seeks Tinubu's intervention

Christian Council opposes ₦50,000 fine for bus preaching, seeks Tinubu’s intervention

The Christian Council of Nigeria (CCN) has called on President Bola Ahmed Tinubu and the National Assembly (NASS) to review contentious provisions of the proposed Federal Road Safety Corps (FRSC) Act (Amendment) Bill, 2026, warning that parts of the legislation could infringe on constitutional rights and impose additional hardship on struggling Nigerians.

The appeal follows the passage of the FRSC Amendment Bill, 2026 by the Senate, which proposes a ₦50,000 fine for anyone found hawking, trading or preaching in commercial buses, as well as stiffer penalties for several traffic-related offences. The bill is awaiting presidential assent before it can become law.

In a statement signed by its General Secretary, Rt. Rev. Evans Onyemara, the council said it fully supports efforts aimed at improving road safety and reducing accidents on Nigerian roads but insisted that such measures must respect the constitutional rights of citizens.

According to the CCN, the inclusion of preaching alongside hawking and trading among prohibited activities raises legitimate concerns over the constitutional rights to freedom of religion and freedom of expression guaranteed under the 1999 Constitution.

The council argued that while government has a responsibility to ensure road safety, legislation should not inadvertently criminalise peaceful religious activities carried out without disrupting drivers or passengers.

It noted that commercial buses have, for decades, served as platforms where Christians share brief messages of hope, repentance, encouragement and prayers with willing listeners, adding that any attempt to prohibit such activities deserves careful constitutional scrutiny.

According to the council, restricting peaceful evangelism without adequate consultation could create the perception that Christian religious expression is being unfairly targeted.

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The CCN further expressed concern over the proposed ₦50,000 fine for hawkers, describing the penalty as harsh and insensitive to the prevailing economic realities facing millions of Nigerians.

It argued that many citizens engage in hawking and informal trading due to unemployment, poverty, inflation and the rising cost of living, stressing that poverty should not be criminalised through heavy financial penalties.

Rather than relying on punitive sanctions, the council urged the Federal Government to address the root causes of street trading by creating more employment opportunities, expanding social intervention programmes and implementing sustainable economic empowerment initiatives.

It also recommended the establishment of designated trading areas and age-appropriate restrictions where necessary instead of imposing blanket penalties on vulnerable Nigerians trying to earn a living.

The Christian body appealed to President Tinubu, the National Assembly and the Federal Road Safety Corps to embark on wider consultations before the bill is signed into law.

It said the consultation process should include faith-based organisations, civil society organisations, transport unions, road safety experts, constitutional lawyers and representatives of vulnerable groups to ensure that the final legislation adequately balances public safety with fundamental human rights.

According to the CCN, Nigeria needs laws that are firm enough to protect lives on the highways but compassionate enough to avoid placing unbearable burdens on citizens already grappling with severe economic hardship.

The council maintained that legislation should promote national unity, protect fundamental freedoms and avoid creating perceptions of discrimination against any religious group.

The latest appeal comes amid growing public debate over the proposed amendment. While the Muslim Rights Concern (MURIC) has endorsed the provision seeking to prohibit preaching in commercial buses, arguing that it would reduce driver distraction and help curb road accidents, several Christian organisations have urged the government to review the proposal to safeguard constitutionally guaranteed religious freedoms.

Legal analysts say the controversy surrounding the bill underscores the need for lawmakers to strike a careful balance between strengthening road safety regulations and protecting citizens’ fundamental rights as enshrined in the Constitution.

With the legislation now awaiting presidential assent, stakeholders across religious, legal and civil society circles are expected to intensify advocacy over the bill before a final decision is taken by the Presidency.

Christian Council opposes ₦50,000 fine for bus preaching, seeks Tinubu’s intervention

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EFCC secures final forfeiture of 52 luxury Lekki homes in landmark court ruling

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EFCC secures final forfeiture of 52 luxury Lekki homes in landmark court ruling

EFCC secures final forfeiture of 52 luxury Lekki homes in landmark court ruling

A Federal High Court sitting in Ikoyi, Lagos, has ordered the permanent forfeiture of 52 terrace and maisonette housing units in the upscale Lekki area of Lagos State to the Federal Government, handing the Economic and Financial Crimes Commission (EFCC) one of its biggest asset recovery victories in recent years.

Justice Alexandra Owoeye delivered the landmark judgment on July 15, 2026, after granting an application filed by the Lagos Zonal Directorate 2 of the EFCC, which argued that the properties were reasonably suspected to have been acquired with proceeds of unlawful activities.

The forfeited properties are located at Mercyville Estate, Covenant Way, off New Road, Ilasan, Lekki, and were recovered from Fielddreams Limited, Ifeanyi Nweke and Amex Savings and Loans Limited, according to the anti-graft agency.

The ruling followed a lengthy legal process that began on August 14, 2024, when the EFCC secured an interim forfeiture order from Justice Akintayo Aluko after filing an ex parte application.

As required by law, the court directed the commission to publish the interim forfeiture order in a national newspaper, inviting anyone claiming ownership or interest in the properties to appear before the court and show cause why the estate should not be permanently forfeited to the Federal Government.

Following the publication, the respondents filed a counter-affidavit opposing the final forfeiture application. They initially claimed that the funds used to develop the estate were generated from the sale of part of a landed property and 29 terrace and maisonette housing units, which they valued at approximately ₦1.9 billion.

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However, the respondents later changed their position by alleging that several of the housing units had not been completed. The EFCC argued that the new claim directly contradicted their earlier sworn affidavit, in which they maintained that proceeds from previous property sales were used to complete the furnishing and interior decoration of the remaining units and that construction of the estate had already been completed in 2020.

During the hearing, EFCC counsel Franklin Ofoma informed the court that the commission had fully complied with the publication order issued during the interim forfeiture proceedings. He said the application for final forfeiture was supported by a 31-paragraph affidavit deposed to by Afolabi Seyi Oladele, a litigation officer in the commission’s Legal Department.

The anti-graft agency maintained that its investigations established reasonable grounds to believe that the properties represented proceeds of unlawful activities, making them liable to forfeiture under Nigeria’s asset recovery laws.

The commission also informed the court that the second respondent, Ifeanyi Nweke, is a fugitive facing criminal prosecution. According to the EFCC, Nweke failed to appear before Justice R.A. Oshodi and Justice Okunuga in separate criminal proceedings despite being required to answer charges filed against him.

The EFCC further disclosed that two subsisting warrants of arrest had already been issued against Nweke after he allegedly jumped the administrative bail earlier granted to him by the commission.

In her judgment, Justice Owoeye held that the respondents’ affidavit contained material contradictions that undermined its credibility. She ruled that the court could not selectively rely on conflicting pieces of evidence presented by the respondents.

Consequently, the judge rejected the respondents’ affidavit in its entirety, holding that there was no credible opposition to the EFCC’s application for final forfeiture.

Justice Owoeye further ruled that the commission had successfully demonstrated reasonable grounds to suspect that the estate was acquired with proceeds of unlawful activities. She therefore granted the application and ordered that all 52 terrace and maisonette housing units be permanently forfeited to the Federal Government.

The judgment represents another significant milestone in the EFCC’s campaign against corruption, money laundering and financial crimes. In recent years, the commission has intensified the use of Nigeria’s non-conviction-based asset forfeiture framework to recover assets believed to have been acquired through illicit wealth, even where related criminal proceedings remain pending.

Legal analysts say the ruling reinforces the courts’ support for lawful asset recovery while underscoring the importance of presenting consistent and credible evidence in forfeiture proceedings.

With the judgment, ownership of the 52 housing units now officially vests in the Federal Government, which is expected to determine the future use of the properties in line with existing laws and national interest.

EFCC secures final forfeiture of 52 luxury Lekki homes in landmark court ruling

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