ARISE TV OWNER FACES CHALLENGES

Nigeria’s Asset Management Corporation (AMCON) has taken over General Hydrocarbons Limited (GHL), owned by media mogul Nduka Obaigbena, due to a loan dispute with First Bank, now chaired by billionaire Femi Otedola.

The receivership marks a significant setback for Obaigbena, whose business empire spans media and energy.
Analysts warn the move could impact his other flagship ventures — Arise Television and ThisDay Newspaper — as financial pressures mount.

In a notice dated November 6, 2025, AMCON-appointed receiver Oluseyi Akinwunmi instructed creditors to file claims within 30 days and announced the freezing of GHL’s bank accounts.

The dispute reportedly stems from unresolved obligations tied to Oil Mining Lease 120.
While GHL insists a court injunction is still in effect, the public receivership notice suggests escalating legal and financial tensions.
Observers believe this development will test Obaigbena’s resilience and ability to shield his influential media brands from creditor actions in the coming months.