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A Federal High Court in Lagos has vacated the Mareva injunction that froze $225.8 million in assets and accounts linked to General Hydrocarbons Limited (GHL), media mogul Nduka Obaigbena, and other individuals.
Justice D.I. Dipeolu ruled that the freeze order was lifted due to an earlier preservative order pending arbitration by a sister court, which had ruled on the matter on December 12, 2024.
The initial Mareva injunction was granted on December 30, 2024, following an ex parte application by First Bank Nigeria Ltd.
The bank had sought to restrict access to the assets of GHL, Nduka Obaigbena, Efe Damilola Obaigbena, Olabisi Eka Obaigbena, and GHL 121 Ltd over alleged debts amounting to $225.8 million.
However, the defendants, represented by their legal counsel, Ebunoluwa Awosika, filed a motion on notice on January 13, 2025, seeking to overturn the order.
Justice Dipeolu ruled in their favour, setting aside the asset freeze.
With this ruling, Obaigbena and the other defendants have regained access to their frozen assets.
The legal dispute, however, remains ongoing as arbitration proceedings are expected to continue.