General Hydrocarbons Limited (GHL), owned by Nduka Obaigbena which was used to obtain $225 million loan from First Bank PLC, is notorious for collecting slush funds which is usually diverted or used for political purposes.
In 2015, GHL was listed in Court papers to have collected N670million from Sambo Dasuki, the former National Security Adviser, NSA, in what was listed as payment for “energy consulting.”
The N670million which ended up in Obaigbena’s GHL was funds meant for weapons to fight Boko Haram during the former President Goodluck Jonathan administration. How it became payment for “energy consulting,” remains unclear.
The same GHL is now at the center of over $200million loan scandal the ThisDay Newspaper publisher collected and has refused to pay back First Bank PLC.
A High Court in Lagos has now ordered the freezing of all Bank accounts linked to Obaigbena and any company linked to him.
Highly placed insiders say GHL may have been used as a conduit pipe by politicians to launder money or divert funds because the company which owns an oil block is relatively unknown as a major oil company.
