Facts have emerged on how media baron, Nduka Obaigbena allegedly wasted billions bankrolling former Central Bank Governor, Godwin Emefiele’s 2023 presidential ambition, private jets servicing, and posh mansions abroad.

The escalating conflict between Thisday/Arise TV founder Nduka Obaigbena and the distressed Chairman of First Bank Holdings (FBN Holdings), Femi Otedola, is intensifying, with both parties unearthing contentious issues in a desperate attempt to surpass one another.

Recently, Thisday Newspaper authored a popular article online outlining how disgruntled shareholders are urgently attempting to oust Femi Otedola as Chairman of FBN Holding, the parent company of First Bank of Nigeria.

This followed allegations by the bank that General Hydrocarbon Limited (GHL), an oil exploration firm associated with Obaigbena, owed the lender a whopping sum of $225.8 million.

The article had since sparked reaction from Otedola’s camp, chronicling how Obaigbena allegedly squandered the said loan, sponsoring the failed presidential bid of Emefiele, and splashed the rest servicing his extravagant lifestyle.

Otedola’s statement also accused Obaigbena of profligacy, adding that part of the loan he procured from First Bank was used by him to acquire luxury properties abroad and in the operation of a private jet, among others.
According to Otedola, the loan “facilitated with the help of the former Central Bank of Nigeria Governor, Mr Godwin Emefiele, was purportedly for the operation of an oil block which he obtained without competitive bidding.

“However, the funds were diverted for personal use-funding Mr Emefiele’ presidential aspirations, acquisition of luxury properties abroad, the operation of a private jet, and an extravagant $68 million spent on jet rentals in just four years. Mr. Obaigbena’s profligacy is well known, as is his penchant for using his media platforms to blackmail and silence those who hold him accountable.

“As Chairman of First Bank Holdings, my primary responsibility is to protect the interests of the bank’s shareholders and depositors. The actions initiated in the courts are necessary to recover funds that belong to depositors and ensure corporate governance”.

Until recently, the subject of Obaigbena’s potent involvement in Emefiele’s dubious presidential run declaration in 2023 had been on the front burner.

Especially when the media magnate squandered billions of naira on image laundering and greasing the hands of cabals in former President Muhammadu Buhari’s kitchen cabinet in the run-up to the All-Progressives Congress (APC) primary elections in 2022.

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Despite the increasing evidence of Obaigbena’s complicity with Emefiele in purported misconduct and flagrant violations of civil service regulations during his tenure as CBN governor under the Buhari administration, it remains uncertain whether a thorough investigation will be initiated by the relevant security agencies regarding the media mogul, just like it is in the case of the erstwhile CBN governor.

Meanwhile, Femi Otedola maintained that his commitment to upholding the integrity of the financial system and protecting depositors outweigh any cheap attempts at blackmailing him.