Billionaire businessman and Chairman of First Bank Nigeria Limited, Femi Otedola, is reportedly on the brink of taking control of ThisDay Newspapers, Arise TV, and other entities owned by media mogul Nduka Obaigbena. The move is linked to Obaigbena’s failure to repay a $225.8 million debt owed to First Bank Nigeria Limited, investigative journalist Jackson Ude revealed in a post on X (formerly Twitter) on Thursday.
Debt Recovery and First Bank’s Repositioning
Since assuming the role of Chairman at First Bank, Otedola has been actively working to clean up the bank’s books and recover outstanding debts to strengthen its financial position. In this effort, a significant portion of the spotlight has fallen on Obaigbena and his companies.
Ude disclosed that the debt originated from a $200 million loan extended to General Hydrocarbon Limited (GHL), a company owned by Obaigbena, under questionable circumstances. Allegedly, the Central Bank of Nigeria (CBN), under former Governor Godwin Emefiele, pressured the Asset Management Corporation of Nigeria (AMCON) to transfer OML 120/121—assets previously owned by Atlantic Energy—to GHL. This transfer facilitated the loan agreement between GHL and First Bank.
Allegations of Misuse of Funds
Insiders claim that a portion of the $200 million loan was allegedly diverted to fund opposition political parties during election campaigns, while the rest was misappropriated. Efforts by First Bank to recover the loan have reportedly been met with resistance, including court actions initiated by Obaigbena to block the recovery process.
Court Actions and Asset Freeze
In a recent development, the Federal High Court in Lagos issued a Mareva injunction, freezing all accounts and assets linked to Obaigbena and his affiliated entities across various banks. This legal move could pave the way for Otedola and First Bank to take control of Obaigbena’s assets, including his media businesses, to recover the outstanding debt.
Implications for Media Operations
If the takeover proceeds, it could significantly impact the operations of ThisDay Newspapers and Arise TV, two of Nigeria’s prominent media platforms. Stakeholders are keenly watching how the situation unfolds, given its potential repercussions on media ownership and independence.
This development underscores Otedola’s resolve to restore First Bank’s financial stability while spotlighting the intricate web of politics, business, and media influence in Nigeria.
