OBAIGBENA’S FIRM EVICTED FROM COMPLEX?

Nduka Obaigbena, the embattled media mogul, has been evicted from his upscale office complex in Ikoya, Lagos, over unpaid rent exceeding $1 million.

The eviction has led to the closure of operations for his media companies, including ARISE News and THISDAY Newspapers, as well as oil firm, General Hydrocarbons Limited (GHL).

This development adds to the growing list of controversies surrounding Obaigbena. He has faced criticism for defaulting on staff salary payments and breaching contracts.

Moreover, Obaigbena is entangled in a high-stakes legal battle with First Bank of Nigeria over a $225.8 million debt owed by GHL.

The bank alleges that GHL and its directors, including Obaigbena, diverted oil proceeds and dissipated assets outside the court’s jurisdiction.

A court has frozen GHL’s accounts, further complicating the company’s financial woes. The bank claims GHL’s indebtedness stood at $225,802,379.69 as of September 30, 2024.