Otedola Moves To Seize Thisday, Arise TV Over $225.8million…

As the crisis rocking the boardroom of First Bank of Nigeria continues to deepen with shareholders scheming to Remove him as board Chairman, there are indications that Femi Otedola is also allegedly making secret moves to seize and take possession of Thisday Newspaper and Arise Tv all owed by Nduka Obaigbena.

You would recall that both Femi Otedola and Nduka Obaigbena have been locked in a battle over an alleged $225.8million owed First Bank Nigeria Limited by the later’s company, General Hydrocarbon Limited (GHL).

Despite a subsisting court order restraining First Bank of Nigeria or its agents from making moves to take over bank accounts linked to Obaigbena’s General Hydrocarbon Limited (GHL) in all Nigerian banks, the Otedola led First bank had proceeded to obtain another order of court freezing all accounts belonging the company, hence all hell was let lose.

ENigeria Newspaper reports that as both parties are locked in a power struggle that poses significant risks to business, Otedola, known for his assertiveness, is allegedly strategically positioning himself to seize both Thisday Newspaper and Arise News TV, currently owned by his rival, Nduka Obaigbena, due to outstanding debt.

A source had revealed that “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 move to 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.”