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Nduka Obaigbena, the publisher behind ThisDay newspaper and founder of Arise TV, is again in the legal spotlight after Nigeria’s Court of Appeal breathed new life into a long-running debt dispute.
The appellate court on Thursday overturned a lower-court decision that had favored General Hydrocarbons Ltd., a company linked to Obaigbena. First Bank of Nigeria has accused the firm of diverting proceeds from an oil cargo pledged as collateral for a loan—proceeds the bank says were improperly used elsewhere.
The lower court had treated the disagreement as a routine debt recovery issue rather than a maritime claim, a stance that had temporarily eased pressure on Obaigbena and his associates. First Bank challenged the decision on appeal, arguing that the previous ruling gave the defendants a way to avoid meeting their obligations.
In its latest decision, the Court of Appeal ordered that any funds from the disputed oil sale be held in a court-controlled account while the case is resolved. The order gives First Bank, a subsidiary of FBN Holdings Plc, new leverage in its pursuit of repayment.
The dispute touches several connected firms—GHL 121 Ltd., Aimonte Nigeria Ltd. and Schlumberger Nigeria Ltd.—and traces back to a loan deal struck years ago. In December 2024, another court stepped in, ordering First Bank to hold off on recovering the money until arbitration could run its course, temporarily putting the fight on hold.
However, even during that pause, First Bank sought an ex-parte order to freeze the assets of General Hydrocarbons and 15 other parties. Those defendants countered that the freeze had been obtained through misrepresentation and omission of key facts, persuading the trial judge to lift the injunction earlier this year.
Thursday’s appellate ruling reverses that victory, signaling the courts’ intent to safeguard contested funds until the dispute’s merits are settled.
Obaigbena, known for his close ties to political leaders and a flair for spectacle—his media empire has hosted global figures from presidents to pop stars—now faces renewed scrutiny. The case has become a talking point among Nigeria’s financial elite, where debt battles involving well-connected businessmen are increasingly testing the country’s commercial courts.
Legal observers in Lagos say the ruling reflects a broader trend toward tighter oversight in Nigeria’s banking sector.
For Obaigbena, the decision is a setback in a years-long saga that has already cast a shadow over his reputation as one of Africa’s most influential media moguls. The matter now returns to the lower court for a full hearing, keeping the Arise TV founder—and much of Nigeria’s business community—watching closely as the fight over the oil cargo’s proceeds unfolds.
