The dispute between Nduka Obaigbena, Chairman of Arise TV, and billionaire businessman Femi Otedola stems from a $718 million deal involving First Bank of Nigeria (FBN) and General Hydrocarbons Limited (GHL), an oil firm linked to Obaigbena.
In 2021, FBN reportedly agreed to provide funding for GHL’s exploration of Oil Mining Lease (OML) 120. However, GHL alleges that First Bank did not fulfill its financial obligations, leading to delays and substantial losses. The oil company claims it suffered over $47 million in damages due to delayed or withheld funds.
Following this, GHL filed a lawsuit against First Bank at the Federal High Court in Lagos, seeking $1 billion in compensation for breach of contract. The court issued an order preventing the bank from taking any actions against GHL’s assets while the case was being resolved. Despite this, reports indicate that First Bank obtained a court injunction to freeze GHL’s accounts, prompting GHL to initiate contempt proceedings against Otedola and other bank executives.
The situation escalated when another court ordered Nigerian banks to blacklist Obaigbena from financial transactions due to the unpaid debt. The move further deepened tensions between the media mogul and the billionaire businessman.
This high-profile legal battle has raised questions about First Bank’s shareholder dynamics and the relationship between Otedola and Obaigbena, both prominent figures in Nigeria’s business and media sectors.
