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Court blocks all Nduka Obaigbena banking transactions over $718m FBN debt
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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Yoruba group condemns Igboho over fresh call for secession
Yoruba group condemns Igboho over fresh call for secession
The Yoruba Welfare Group (YWG) has tackled Yoruba nation agitator, Sunday Igboho over his recent calls for secession, describing such agitations as baseless and unfounded.
National President of the Yoruba Welfare Group (YWG), Abdulhakeem Adegoke Alawuje, in a statement on Friday, it
dismissed Igboho’s agitation, saying it did not reflect the collective aspirations of the Yoruba people.
According to the statement, “Sunday Igboho’s actions stem from a personal agenda, not the broader interests of Yoruba land. The Yoruba Welfare Group is dedicated to promoting unity and fostering stronger relationships between Yoruba people and other ethnic groups in Nigeria.
“We therefore urge citizens to support President Tinubu’s policies, which we believe are aimed at national progress and cohesion, not division.
“We want to caution political leaders against exploiting ethnic sentiments for personal or political gain, and we urge Nigerians across all regions to uphold equality and fairness in governance.
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While recognizing the importance of free speech, he stressed that divisive rhetoric capable of eroding trust and unity within Nigeria’s democratic framework must be firmly addressed by regional leaders.
“Nigeria’s unity is greater than any argument for separation, we therefore implore individuals like Sunday Igboho with similar ideologies to engage in constructive dialogue to emphasis the importance of a united Nigeria.
“Yoruba Welfare Group is commited to protecting the welfare of Yoruba people and any other ethnic groups living within Yoruba regions, just as we want to encourage socio-cultural organizations nationwide to instil values of love, peace, and unity in the younger generation, many of whom lack a deep understanding of Nigeria’s historical struggles and achievements.
“The importance of maintaining a cordial relationship between the South and North can not be overstated, particularly between the Southwest and Northern regions. It’s crucial to recognize that the political collaboration that led to President Muhammad Buhari’s victory in 2015 was also instrumental in President Tinubu’s win in 2023.
“This collaboration is a testament to the power of unity and cooperation between regions. It’s essential to preserve this tolerance and create space for dialogue to ensure peace and progress continue. By doing so, we can build on the successes of the past and work towards a brighter future for all Nigerians.
“Yoruba Welfare Group has been actively promoting unity and peace across Nigeria, transcending religious, linguistic, and ethnic divides. Their efforts demonstrate the importance of organizations and individuals working together to foster a sense of national unity and cooperation.
“We want to advise against stoking ethnic or religious tensions because such actions could lead to uncontrollable conflicts. And the pursuit of separation is a misguided attempt to cut off the head to cure a headache.
“We therefore call on Nigerians to embrace collective efforts to address the country’s challenges. Nigeria must remain united to secure a better future for all its citizens”.
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US govt returns $52.88m linked to ex-Petroleum Minister, Diezani
US govt returns $52.88m linked to ex-Petroleum Minister, Diezani
The Government of the United States of America, USA, has repatriated the sum of $52. 88 million it said was traced to former Petroleum Resources Minister Diezani Madueke.
The US Ambassador to Nigeria, Mr. Richard M. Mills, Jr, led a delegation that executed the Assets Return Agreement at the Federal Ministry of Justice Headquarters in Abuja, on Friday.
Signing the agreement on behalf of the Federal Government, the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, disclosed that the $52.88m arose from the forfeiture of Galactica assets, linked to the ex-Minister and her associates.
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The AGF maintained that the development was not only a testament to the unwavering commitment of both nations to fight corruption but also signified the commitment of the USA to facilitate restitution and support integrity and accountability in governance.
“Measures have also been put in place to ensure that the repatriated funds are not only disbursed but also utilized transparently and accountably by the World Bank and IIJ, with periodic reports to be forwarded to Nigeria and the US on the implementation of the projects.
“This robust framework will guarantee that the funds are effectively used for the full benefit of the Nigerian people in line with UNCAC and the Global Forum on Asset Recovery (GFAR) principles,” the AGF added.
US govt returns $52.88m linked to ex-Petroleum Minister, Diezani
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What to know about Abimbola Owoade, new Alaafin of Oyo
What to know about Abimbola Owoade, new Alaafin of Oyo
In a historic development, Governor Seyi Makinde of Oyo State on Friday formally approved the appointment of Prince Abimbola Owoade as the new Alaafin of Oyo.
The esteemed position is a culmination of Prince Owoade’s illustrious career, philanthropic endeavours and dedication to the preservation of the Yoruba culture.
Owoade is a distinguished Nigerian-Canadian entrepreneur, philanthropist, and project management expert. Born into the revered Owoade-Agunloye royal family in Oyo town, Prince Owoade is the descendant of Aremo Aderounmu Iyanda Owoade, Agure Compound, Oyo town, Oyo State, Nigeria.
Prince Owoade’s academic excellence is evident in his impressive educational background. He completed his secondary education at Baptist High School, Saki, Oyo State, in 1992.
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He then pursued his passion for engineering, earning a National Diploma and Higher National Diploma in Mechanical Engineering from The Federal Polytechnic, Ilaro and The Polytechnic, Ibadan respectively.
Prince Owoade furthered his education in the United Kingdom, earning a Bachelor of Science and Master of Science in Mechanical Engineering from the University of Sunderland and Northumbria University, respectively. He also obtained certification in Project Management (PMP) in 2015.
Throughout his career, Prince Owoade has demonstrated exceptional leadership qualities, steadfastness, and loyalty. He has worked in various capacities, including as a Planning Engineer at Oil Reach Company in Glasgow, United Kingdom, and currently as a Project Coordinator at Manitoba Hydro, Canada.
Prince Owoade is a visionary leader committed to creating positive change in his community. He believes in empowering those in need and fostering growth among those who are already thriving. His passion for philanthropy and community development has earned him recognition and respect from his peers.
As the newly approved Alaafin of Oyo, Owoade brings a wealth of global experience, educational background, leadership qualities and sense of enterprise to the throne.
His appointment is expected to usher in a new era of peace, prosperity and unity in Oyo Kingdom.
What to know about Abimbola Owoade, new Alaafin of Oyo
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