The Federal High Court in Lagos issued a Mareva injunction, freezing his assets and bank accounts over an alleged $225.8 million debt owed to First Bank of Nigeria. This development has sparked widespread interest, placing Mr. Obaigbena’s financial dealings under intense public and legal scrutiny.
Nduka Obaigbena is the founder of THISDAY Media Group and ARISE News Channel. He has revolutionized media in Africa, blending quality journalism with cutting-edge broadcasting. Obaigbena has positioned his media outlets as critical voices in Nigeria’s socio-political landscape.
On 30 December 2024, the Federal High Court in Lagos ordered the freezing of Mr. Obaigbena’s assets, including those of General Hydrocarbons Limited, a company allegedly linked to the debt. The court’s decision stems from First Bank’s efforts to recover $225.8 million, a staggering amount that underscores the complexity of this financial dispute.
A Mareva injunction is a legal order that prevents individuals or organizations from disposing of their assets pending the resolution of a legal case. Which restricts Mr. Obaigbena and his associated entities from accessing funds held in Nigerian commercial banks.
The news has sent shockwaves through Nigeria’s media industry. Critics argue that such financial entanglements could undermine the credibility of media organizations associated with Mr. Obaigbena. Supporters, however, highlight his significant contributions to journalism, insisting that personal financial challenges should not overshadow his professional legacy. THISDAY one of Nigeria’s most respected newspapers, has long been synonymous with quality journalism. Similarly, ARISE News Channel has earned a reputation for providing in-depth global coverage, bridging African narratives with international audiences.
Despite the current legal troubles, Mr. Obaigbena’s contributions to the media remain undeniable. His platforms have fostered political debates, cultural conversations, and critical analyses that have shaped public opinion in Nigeria and beyond.
