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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
metro
Police Inspector found dead in hotel room as female friend flees

Police Inspector found dead in hotel room as female friend flees
A police inspector, Haruna Mohammed, has been found died in a hotel in Ogun State.
His lifeless body was reportedly found on Saturday, February 15, 2025, at the hotel located in Anthony Uzum Estate, Oyeyemi Akute.
According to reports, he had checked into the establishment around 1am with an unidentified female companion, who has since disappeared.
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A report by SaharaReporters quoted a police memo as stating that the hotel manager noticed the room was left unlocked at approximately 8:52 a.m.
Upon inspection, she found the inspector’s body, but there was no sign of the woman.
The hotel owner promptly alerted the authorities.
The memo also revealed that the missing woman had been seen at the reception around 6am, where she requested a bottle of table water.
Law enforcement officials have classified the inspector’s death as “unnatural.”
His remains were taken to Life Channel Mortuary in Olambe, near Akute.
Police Inspector found dead in hotel room as female friend flees
metro
NAFDAC uncovers illicit pharmaceuticals at Idumota Lagos, seals 3,000 shops

NAFDAC uncovers illicit pharmaceuticals at Idumota Lagos, seals 3,000 shops
The National Agency for Food and Drug Administration and Control (NAFDAC) has sealed over 3,000 shops in Lagos’ Idumota Open Drug Market during the first week of its enforcement operations.
The agency disclosed this on its X handle on Saturday.
Among the alarming discoveries were vaccines stored in dilapidated, unventilated rooms sealed with iron sheets in highly unsanitary conditions.
They also found large consignments of banned pharmaceuticals, including Analgin injections, diverted-free HIV antiretroviral drugs, expired medicines awaiting revalidation, and unregistered drugs.
According to NAFDAC, illicit pharmaceuticals equivalent to 12 truckloads were evacuated from the market.
Additionally, empty packs and cartons of expired, unregistered antimalarial injections were discovered inside a packing shop, with the vials already removed.
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In a separate warehouse within the market, but away from the pharmaceutical section, officials uncovered large quantities of controlled substances, including Ecstasy (MDMA or Molly), various brands of Codeine Cough Syrup, and Tramadol 225.
NAFDAC stressed its commitment to clamping down on illegal drug markets to protect public health and ensure the safety of medicines available in Nigeria.
NAFDAC’s ongoing crackdown on fake and substandard medicines has led to the sealing of major drug markets across Nigeria, including the Idumota open drug market in Lagos, the Ariaria drug market in Aba, and the Onitsha drug market in Anambra.
The agency’s Director of Investigation and Enforcement, Mr. Shaba Mohammed, said the week-long enforcement exercise was happening simultaneously across the three markets, which serve as distribution hubs for over 80% of medications in Nigeria..
As part of the exercise, over 5,000 shops, including warehouses and packaging stores, will be inspected to identify and remove substandard medical products.
So far, NAFDAC has confiscated seven truckloads of suspected falsified drugs, expired medicines, and drugs labeled with images of human parts.
In a related operation, on February 14th, the agency uncovered a major counterfeiting depot at Umumeje village, Osisioma Ngwa, Abia State.
Officials discovered that expired medicines were being repackaged and revalidated for resale.
During the raid, large quantities of expired potassium chloride, allergy medications, immune boosters, and cholesterol treatments were confiscated.
Machinery used to alter expiry dates and rebrand drugs was also found.
NAFDAC uncovers illicit pharmaceuticals at Idumota Lagos, seals 3,000 shops
metro
Police in Ogun arrest 20 youths on truck with dangerous weapons

Police in Ogun arrest 20 youths on truck with dangerous weapons
The Police have intercepted 20 youths with dangerous weapons while alighting from a truck along the Ogun and Oyo State boundary on Saturday.
Ogun Police Command spokesperson, CSP Omotola Odutola announced this on Saturday in a statement.
According to the statement, the youths were intercepted by Ogun Commissioner of Police Lanre Ogunlowo during his routine patrol in the boundary between Oyo and Ogun States.
Ogunlowp ordered a search on the 20 youths and this led to the discovery of the various kinds of dangerous weapons on their bodies.
She said, “The youths were intercepted during CP Ogunlowo’s routine weekend patrol along the Eledumare, Bamboo, Fidiwo, Foursquare, Alapako and Onigari axis, all within Ogun and bordering Oyo state.
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“He observed that the group did not declare a clear destination and satisfactory explanation for their movement.
“Acting on his sound professional instincts, he ordered a search of their persons and belongings and dangerous weapons were recovered, which included daggers, knives, cutlasses and objects suspected to be charms, among others.”
Odutola said the CP, following the discovery, directed the immediate detention of the youths and ordered the Divisional Police Officer (DPO) to conduct thorough profiling.
“The CP further instructed that anyone found culpable should be swiftly charged to court to ensure justice is served,” she said.
The Command Spokesperson said the CP has consequently further reaffirmed his commitment to proactive policing and community engagement.
“The Police, with this, assure the residents of Ogun that it would continue to intensify efforts on crime prevention, intelligence-gathering and prompt law enforcement.
“The CP therefore urge members of the public to remain vigilant and report suspicious movements or activities to the nearest Police formation for timely intervention.
“The Ogun Police Command remain dedicated to safeguarding lives and property, and it will not relent in its duty to rid the state of criminal elements,” Odutola said.
Police in Ogun arrest 20 youths on truck with dangerous weapons
(NAN)
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