Billionaire businessman and Chairman of First Bank Nigeria Limited, Femi Otedola, is reportedly set to take control of ThisDay Newspapers, Arise TV, and other assets owned by Nduka Obaigbena due to an outstanding debt of $225.8 million owed to First Bank Nigeria Limited.
Since assuming leadership at First Bank, Otedola has spearheaded efforts to clean up the bank’s books and recover debts in a bid to solidify its position as Nigeria’s leading financial institution.
This aggressive debt recovery drive has brought Obaigbena’s financial dealings under scrutiny.
According to sources, the debt originated from a $200 million loan facilitated by the Central Bank of Nigeria (CBN) under the leadership of former governor Godwin Emefiele.
The CBN reportedly coerced the Asset Management Corporation of Nigeria (AMCON) into awarding oil assets, specifically OML 120/121, previously owned by Atlantic Energy, to General Hydrocarbon Limited (GHL), a company promoted by Obaigbena.
The funds, which were meant for business investments, are alleged to have been diverted, with a portion allegedly used to finance opposition political parties during elections.
Despite attempts to recover the loan, Obaigbena is accused of employing legal maneuvers to stall repayment.
In a significant development, a Federal High Court in Lagos has issued a Mareva injunction freezing all bank accounts and funds belonging to Obaigbena and his associated companies.
This legal order could pave the way for Otedola to seize Obaigbena’s assets, including the flagship ThisDay Newspapers and Arise TV.
Insiders reveal that Otedola’s move is part of a broader strategy to protect First Bank’s financial integrity and reclaim funds tied to unserviced loans.
As the legal proceedings unfold, the potential takeover has sparked widespread speculation about the future of Obaigbena’s media empire, which has played a pivotal role in shaping Nigeria’s media landscape. Neither Obaigbena nor representatives from ThisDay and Arise TV have commented on the development as of press time.
