Otedola May Take Over Thisday Newspapers, Arise TV Over Obaigbena’s $225.8M Debt To First Bank

“Billionaire Businessman and Chairman of First Bank Nigeria Limited, Femi Otedola is on the verge of taking over ThisDay Newspapers, AriseTV and any other entity owned by Nduka Obaigbena for failing to pay up a debt of about $225.8million owed First Bank Nigeria Limited,” investigative journalist, Jackson Ude has said.

Ude, said this in a post on X on Thursday.

According to him, “since taking over First Bank as Chairman, Otedola has been in the business of cleaning the Bank’s books and chasing after debtors in a bid aimed at repositioning the Bank as Nigeria’s foremost financial institution.”

He continued: “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 coerced FBNL to engage in a lender/borrower relationship with GHL to the tune of $200m.
Insiders said part of the $200million were used by Obaigbena to fund opposition parties during the 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.”

Meanwhile, a Federal High Court in Lagos, has now issued an order of Mareva infusion against all the Banks where entities linked to Obaigbena has funds and all his companies.”