Contrary to claims made by media mogul Nduka Obaigbena, the court has not fully lifted the injunctions freezing his accounts over an alleged $200 million debt owed to First Bank.
Obaigbena, the publisher of THISDAY Newspapers and owner of ARISE TV, had widely publicized that he had “floored” First Bank in court, suggesting that all restrictions on his accounts had been lifted. However, fresh details reveal that while the court vacated two Mareva Orders, other significant injunctions remain in place, preventing him and his family from accessing funds due to the bank.
It will be recalled that on December 30, 2024, First Bank secured court orders restraining Obaigbena from dissipating funds to sustain his flamboyant lifestyle while still owing the bank a massive debt. In a desperate move on January 29, 2025, he allegedly attempted to pressure the court into vacating all orders against him, but the judge only lifted select restrictions, leaving others intact.
Legal experts indicate that even if a total unfreezing had occurred, banks would still require approximately three weeks to analyze the ruling before allowing transactions. However, as of today, his accounts remain frozen, along with those of his affiliated companies.
With First Bank standing firm and legal proceedings ongoing, it appears that Obaigbena’s attempt to mislead the public has unraveled, and the financial restrictions against him remain in place.
