Following a Federal High Court ruling which froze the accounts of General Hydrocarbons Limited owned by Mr. Nduka Obaigbena, the Chairman of Arise Television and publisher of ThisDay Newspapers in all financial institutions in Nigeria, there are strong indication that billionaire businessman and Chairman of First Bank Nigeria Limited, Femi Otedola could take over his companies.
NewsBand reported that Justice Deinde Dipeolu granted the order based on an application by First Bank of Nigeria Limited and FBNQuest Trustees Limited.
It barred the banks from releasing funds to the company owned by Mr. Nduka Obaigbena over his alleged $225.8 million unpaid loan he owed to First Bank of Nigeria (FBN) Holdings Plc.
Moreover, since taking over First Bank as Chairman, Otedola according to former presidential spokesman, Mr. Jackson Ude, has been in the business of cleaning the Bank’s books and chasing after debtors in a bid aimed at repositioning the financial institution as Nigeria’s foremost bank.
Mr. Ude said in the process, it was discovered that the Central Bank of Nigeria under Godwin Emefiele had coerced AMCON into awarding OML 120/121 hitherto owned by Atlantic Energy to General Hydrocarbon Limited (GHL) owned and promoted by Nduka Obaigbena.
CBN then persuaded FBNL to engage in a lender/borrower relationship with GHL to the tune of $200m.
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Insider sources according to Ude said part of the $200 million were used by Obaigbena to fund opposition parties during the last elections and the rest diverted.
In an attempt to recoup the loan, Obaigbena is accused of using arm twisting tactics and going to court to stop the process.
