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The Illusion of ‘Unfrozen’ Assets: Nduka Obaigbena’s Deceptive Dance with the Courts

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Aisha Balogun

Nduka Obaigbena has once again woven a narrative of triumph—a grand illusion designed to confound both his creditors and the public. Yet, beneath the specious proclamations and self-styled victories lies a far more sobering truth: the legal bindings around his financial dealings remain as firm as ever.

Obaigbena’s recent claims that the accounts of General Hydrocarbons Limited (GHL) have been unfrozen are not only misleading but also emblematic of a deeper malaise—a culture of deception that threatens public trust, investor confidence, and the integrity of Nigeria’s financial institutions.

On January 29, 2025, the flamboyant media proprietor, through his self-owned news channels, ThisDay Newspapers and Arise TV, trumpeted a supposed courtroom victory under the triumphant banner: “GHL Floors FirstBank.” The article suggested that all judicial encumbrances on GHL’s finances had been lifted, a proclamation that sent ripples across Nigeria’s business and media landscape. For the uninitiated, it was a moment of vindication—a supposed David triumphing over Goliath, an embattled entrepreneur reclaiming control over his embattled empire.

But, as the dust of celebration settles, a more careful scrutiny of the court’s ruling reveals a narrative vastly different from the one projected by Obaigbena’s media machinery. While two Mareva injunctions were indeed vacated, the ruling did not absolve GHL from its financial obligations. The court’s decision left other restrictive orders intact, continuing to bind GHL’s financial operations. The jubilant headlines failed to acknowledge these persisting encumbrances, presenting a partial truth as a complete victory.

The genesis of this legal entanglement can be traced back to December 30, 2024, when First Bank of Nigeria Limited, alongside FBNQuest Trustees Limited, obtained a court order to freeze GHL’s accounts over an unpaid debt exceeding $225 million. The debt, accruing from credit facilities granted to GHL for the development of Oil Mining Lease 120, had been long overdue, prompting First Bank to take legal action to prevent further asset dissipation.

The court’s intervention was not arbitrary; rather, it was a safeguard against financial recklessness, a bid to ensure that obligations to creditors were met before further depletion of resources. The injunctions extended across multiple financial institutions, effectively paralyzing GHL’s capacity to operate freely. Obaigbena’s attempt to manipulate the judiciary through external pressure and media blackmail failed to yield the sweeping relief he sought. Instead, the judge, in a measured ruling, merely vacated two specific orders while maintaining the overall restrictions.

Even if the courts had unfrozen all accounts, financial institutions do not operate at the whim of media narratives. The due process required for banks to implement such legal reversals typically spans several weeks. Legal departments must meticulously review the court rulings, advise their institutions, and ensure compliance with regulatory requirements. As of now, there is no evidence to suggest that the frozen accounts have been restored to operational status.

Moreover, banks are under no obligation to act solely on Obaigbena’s pronouncements. Regulatory bodies such as the Central Bank of Nigeria (CBN) and the judiciary exercise their independent authority in enforcing financial discipline. Thus, the media tycoon’s self-declared victory is nothing more than an exercise in illusion, an elaborate charade meant to mislead the public and buy time.

At the heart of this deception lies a more insidious consequence—an erosion of public trust in both media and financial institutions. For decades, Obaigbena has positioned himself as a beacon of journalistic integrity, yet his willingness to manipulate information for personal gain reveals a blatant disregard for truth. This incident serves as a stark reminder that media power, when wielded irresponsibly, can distort realities and mislead the unsuspecting public.

By fabricating a narrative of financial redemption, Obaigbena has not only jeopardized his own credibility but has also cast a shadow over the institutions entangled in this saga. Shareholders, investors, and partners of GHL who might have drawn solace from the supposed victory are now faced with the sobering reality that their assets remain in limbo. The trust deficit created by such misinformation extends beyond the boardrooms of GHL; it seeps into the broader corporate landscape, fostering skepticism toward financial reportage and judicial pronouncements.

The deception orchestrated by Obaigbena has wider implications beyond mere reputational damage. For shareholders of GHL, the false claim of account unfreezing could have far-reaching financial consequences. Investors who may have acted on the misleading information—perhaps considering fresh investments or strategic partnerships—are now confronted with the harsh reality that the company remains under legal siege.

A company’s financial standing is not merely a function of its balance sheet; it is also a matter of perception. Trust, once broken, is not easily restored. The fact that GHL’s accounts remain frozen signals continued instability, making it an unattractive prospect for investors and partners alike. In the volatile world of oil and gas, where investor confidence is paramount, such reckless misinformation can be the death knell for future growth prospects.

First Bank, as a key player in this legal battle, has remained steadfast in its position. The bank has reiterated its commitment to financial discipline and transparency, dismissing Obaigbena’s proclamations as desperate attempts to evade accountability. In a recent statement, First Bank reaffirmed that the legal processes in place are designed to protect creditors from reckless debtors who seek to escape their financial obligations through manipulation and media theatrics.

The institution’s insistence on upholding the court’s directives underscores the importance of responsible banking. Banks are not merely custodians of individual wealth; they serve as pillars of economic stability. By ensuring that delinquent debtors are held accountable, financial institutions reinforce the credibility of Nigeria’s banking sector and deter future cases of corporate irresponsibility.

There is no gainsaying Obaigbena’s recent declarations of victory stand as a cautionary tale. His attempt to rewrite the judicial narrative in his favor is a stark reminder of the lengths to which individuals will go to escape financial reckoning. But truth, like water, eventually finds its way through even the most fortified deceptions.

As it stands, the accounts remain frozen, the debts remain unpaid, and the judicial restraints remain in force. The elaborate charade may have momentarily swayed the uninformed, but the facts remain immutable. In the end, the law remains the ultimate arbiter, unmoved by grandstanding and impervious to media theatrics. And for Obaigbena, the weight of truth may yet prove heavier than the burden of debt he so desperately seeks to escape.

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