The Federal High Court in Lagos has frozen the accounts of General Hydrocarbons Limited in all financial institutions in Nigeria.

It restrained the banks from releasing funds to the company owned by Mr. Nduka Obaigbena, the Chairman of Arise and publisher of ThisDay Newspapers.

Justice Deinde Dipeolu granted the Mareva order based on an application by First Bank of Nigeria Limited and FBNQuest Trustees Limited.

It is over alleged outstanding indebtedness amounting to $225,802,379.69 (about N350billion).

A Mareva injunction (often called a ?freezing order?) is an order which bars a defendant from moving any assets they own or control, wherever and in whoever?s name they may be, to safeguard a plaintiff?s clear and apparent legal claims.

Aside from General Hydrocarbons and Obaigbena, the other defendants are Efe Damilola Obaigbena and Olabisi Eka Obaigbena (first to fourth defendants), who are the directors.

The others are GHL 121 Ltd, Aimonte Nigeria Limited, Calidin Global Resources Limited, CESL Oyo Production BBS Limited (owner of FPSO Tamara Tokoni) and CESL Oyo Production O & M Limited.

The rest are Vitol SA, Mercuria Energy Trading SA, Trafigura PTE Limited, Glencore Energy UK Limited, Schlumberger Nigeria Limited, Schlumberger Overseas SA and Baker Hughes Oilfield Services.

The restrained financial institutions are Guaranty Trust Bank Limited, Access Bank Plc, Citibank Nigeria Limited, Carbon Microfinance Bank, Ecobank Nigeria Plc and Fidelity Bank Plc.

Others are First Bank of Nigeria Limited, First City Monument Bank Plc, Flutter Wave, Globus Bank, Heritage Bank Limited, Jaiz Bank Plc, Keystone Bank Limited and Opay Digital Services Limited.

The rest are Palmpay Limited, Paystack Payments Limited, Piggyvest, Momo Payment Service Bank Limited, Polaris Bank Limited, Providus Bank Plc, Stanbic Ibtc Bank Nigeria Limited, Standard Chartered Bank Plc, Sterling Bank Plc, Suntrust Bank Limited, Union Bank Of Nigeria Plc, United Bank For Africa Plc, Unity Bank Plc, Wema Bank Plc and Zenith Bank Plc.

Justice Dipeolu granted an order of Mareva injunction restraining all the commercial banks and fintech companies ?from releasing, or dealing in any manner whatsoever with any and all monies and/or whatsoever assets due to the first defendant (General Hydrocarbons) from any account maintained by the first defendant, their agents, privies, subsidiaries, and/or sister companies with any of the said banks wherever situate, up to the amount of the plaintiffs/applicants? total claim in the sum of US$225,802,379.69 being the outstanding indebtedness on the first defendant?s account with the first plaintiff/applicant as of 30th September 2024 in respect of the loan facilities granted to the first defendant by the first plaintiff/applicant pending the hearing and determination of the Motion on Notice for interlocutory injunction?.

The court barred all the banks ?from releasing or dealing in any manner whatsoever with any and all monies and/or whatsoever assets due to the second to fourth defendants from any account whatsoever maintained by the second to fourth defendants and also all accounts associated with BVN: 22220558365 (second defendant), 22363940584 (third defendant) and 22363940584 (fourth defendant), with any of the said banks wherever situate up to the amount of the plaintiffs/applicants? total claim in the sum of US$225,802,379.69 being the indebtedness on the first defendant?s account with the plaintiffs/applicants as at 30th September 2024, in respect of the loan facilities granted to the first defendant by the first plaintiff/applicant (First Bank) pending the hearing and determination of Motion on Notice for interlocutory injunction?.

Justice Dipeolu granted an order of interim injunction restraining the first to fourth defendants, their agents, servants, officers, privies, subsidiaries, sister companies or any other person natural or artificial ?from transferring or otherwise dealing with any and all of the monies standing to the credit of the first to fourth defendants in any account whatsoever maintained by the first to fourth defendants with any of the aforementioned banks wherever situate up to the amount of the plaintiff/applicant?s claim of the total sum of US$225,802,379.69??

The judge ordered all the banks to file and serve on the plaintiffs/applicants? solicitors within seven days an affidavit disclosing the sum standing to the first to fourth defendants? credit.

The affidavit is to be accompanied by a duly certified statement of accounts of the first to fourth defendants/respondents in their respective custody from the date of the account opening till the date the order is served on the banks.

The court ordered the eight to 13th defendants to file and serve on the plaintiffs/applicants a statement disclosing the quantum of products lifted from the Floating Production Storage and Offloading (FPSO) Tamara Tokoni or OML (oil mining lease) 120 since the commencement of production in OML 120.

The court granted an order of interim injunction restraining them and any other third parties from dealing with any assets and receivables related or connected with OML 120 without depositing the proceeds to General Hydrocarbons? account in First Bank, pending the hearing and determination of the Motion on Notice for interlocutory injunction.

Justice Dipeolu further restrained the first to fourth defendants whether by themselves, members, shareholders, agents, servants, proxies, or allies from transferring and/or dissipating, diminishing or dealing with any interest in the first defendant?s assets.

These include but are not limited to crude stock, insurance policies, all forms of stock of shares, all forms of receivables and contracts which have been pledged as securities for the loan facilities granted by First Bank to General Hydrocarbons, pending the hearing and determination of the Motion on Notice for interlocutory injunction.

The court barred the second to fourth defendants, being directors of General Hydrocarbons, whether by themselves, agents, servants, proxies, or allies from transferring and/or dissipating any interest in their assets wherever located in Nigeria, movable or immovable, pending the determination of the Motion on Notice for interlocutory injunction.

Justice Dipeolu made the ex-parte order on December 30 based on a motion moved by Victor Ogude (SAN), counsel for the plaintiffs/applicants.

A copy of the order was obtained by our reporter yesterday.

The court also granted the plaintiffs leave to issue the originating summons in the suit for service outside Nigeria in respect of the 10th, 11th, 12th, 13th and 15th defendants, who are to be served through DHL.

They are to enter appearance within 30 days of being served with the originating processes.

General Hydrocarbons had acquired oil blocks OML 120/121, hitherto owned by Atlantic Energy.

Thereafter, it entered into an agreement with First Bank to finance the operation of OML 120 while OML 121 is pledged as collateral to the bank.

The lender/ borrower relationship saw First Bank lending to General Hydrocarbons sums of money which the bank has now put at over $225 million, which it is asking the oil firm to pay.

Justice Dipeolu adjourned until January 20 for a hearing of the motion on notice. (Text, excluding headline: The Nation)

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