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Assets: Court lifts injunction against General Hydrocarbons, Obaigbena, others

A Federal High Court in Lagos has vacated the Mareva orders that froze $225.8 million in assets and accounts linked to General Hydrocarbons Limited (GHL), its affiliates, individuals, including media mogul, Nduka Obaigbena.

Justice D.I. Dipeolu, in a ruling, held that the setting aside of the order was due to an earlier preservative order pending arbitration by a sister court on the matter on December 12, 2024.

The court had on December 30, 2024 granted an ex parte application of First Bank Nigeria Ltd to issue a Mareva order against the assets worth $225.8 million allegedly owed by General Hydrocarbon Ltd (GHL), Nduka Obaigbena, Efe Damilola Obaigbena, Olabisi Eka Obaigbena and GHL 121 Ltd, among others.

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However, ruling on the motion on notice by GHL’s lawyer, Ebunoluwa Awosika, Obaigbena and the other defendants filed on January 13, 2025, the judge held that the application succeeds on the set aside.

“I have earlier on held that although, the interim orders made by this court on the 30th of December, 2024 are in relation to the subsequent facilities agreement between the plaintiff and the Ist defendant and it does not extend to the receivables in the agreement of 29th of May, 2021, also the present suit on the face of it if placed side by side with FHC/L/CS/1953/2024 is not an abuse of process for the reasons given above, however, in view of the orders of Allagoa J. made on the 12th of December, 2024, the Mareva order granted by this court on 30th December, 2024 is hereby set aside,” the judge said.

GHL had prayed the court to vacate and set aside the Mareva order on the grounds that it was made without disclosure of material facts in the matter, adding that it was an abuse of court process.

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