Femi Otedola, billionaire and Chairman of First Bank Limited, has accused Nduka Obaigbena, proprietor of Thisday Newspapers and Arise News TV, of misappropriating a $230 million loan obtained from the bank.
According to Otedola, the funds were diverted to support former Central Bank of Nigeria (CBN) Governor Godwin Emefiele’s presidential bid, purchase luxury properties abroad, operate a private jet, and cover extravagant expenditures, including a reported $68 million on jet rentals over just four years.
Otedola made these claims following a recent dispute with Obaigbena regarding a loan tied to General Hydrocarbons Limited (GHL), the operators of OML 120, Deep Offshore Nigeria.
Although the loan was reportedly intended for GHL’s operations, Otedola alleged that Obaigbena used part of the funds for personal gain.
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“This loan, facilitated with the assistance of former CBN Governor Mr. Godwin Emefiele, was purportedly for the operation of an oil block he obtained without competitive bidding. However, the funds were diverted for personal use—funding Mr. Emefiele’s presidential ambitions, acquiring luxury properties abroad, operating a private jet, and an extravagant $68 million spent on jet rentals over four years. Mr. Obaigbena’s profligacy is well known, as is his tendency to use his media platforms to blackmail and silence those who hold him accountable,” Otedola stated.
Otedola went on to claim that instead of repaying the loan, Obaigbena has resorted to making unfounded accusations aimed at tarnishing his reputation.
“As Chairman of First Bank Holdings, my primary responsibility is to protect the interests of the bank’s shareholders and depositors. The legal actions we have initiated are essential to recover funds that belong to depositors and to uphold corporate governance,” Otedola explained. “Mr. Obaigbena’s tactics of blackmailing people to avoid accountability must end, especially when depositors’ money is at stake. My commitment to maintaining the integrity of the financial system and protecting depositors is my foremost priority.”
Otedola further stressed that his integrity remains unquestionable, pointing to his roles as Chancellor of Augustine University and a benefactor of Save the Children Fund. He said he will not allow anyone to derail First Bank’s efforts to recover loans or compromise the financial security of its stakeholders.
“To all stakeholders, I assure you that I remain steadfast in my mission to protect First Bank’s integrity and ensure its continued success. Media blackmail will not deter me from fulfilling this responsibility,” he added.
TheLeading reports that GHL has denied all the allegations.
