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Nduka Obaigbena Reportedly Goes into Self-Exile Amidst $225 Million Loan Scandal
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Nduka Obaigbena, the flamboyant publisher of ThisDay and founder of Arise News, has reportedly left Nigeria for the United Kingdom amidst allegations of a $225 million loan scam linked to his company, General Hydrocarbon Limited (GHL). This latest scandal comes as the Economic and Financial Crimes Commission (EFCC) intensifies its investigation into the matter, further complicating Obaigbena’s already controversial legacy.
The Alleged Scam
The EFCC is probing a series of financial transactions involving GHL and loans obtained from First Bank of Nigeria Plc. The $225 million facility was allegedly misappropriated, raising questions about governance and accountability within GHL. This development coincides with a separate 13-count charge filed by the EFCC against Honeywell Group Chairman Chief Oba Otudeko and former First Bank Managing Director Olabisi Onasanya, over a related N12.3 billion loan fraud.
While the details of Obaigbena’s involvement in the alleged fraud remain under investigation, his departure to the UK is seen as an attempt to avoid legal proceedings. Sources close to the EFCC indicate that efforts to secure his cooperation have been unsuccessful, prompting a manhunt that has yet to yield results.
A History of Controversies
This is not the first time Obaigbena has sought refuge abroad to avoid prosecution. During the regime of General Sani Abacha, he went into exile, only returning after the dictator’s death. Similarly, he fled Nigeria during former President Olusegun Obasanjo’s administration, reappearing during late President Musa Yar’Adua’s tenure.
In 2015, Obaigbena was implicated in the $2.1 billion arms procurement scandal involving former National Security Adviser Sambo Dasuki. It was revealed that GHL received N670 million in diverted funds, allegedly for media coverage. Obaigbena temporarily left the country following this revelation but negotiated his return under the administration of Muhammadu Buhari.
Recent Political Alignments and Fallout
Obaigbena’s political maneuvers have often placed him in precarious situations. His alignment with former Central Bank Governor Godwin Emefiele during the latter’s failed presidential ambitions reportedly strained his relationship with the current administration of President Bola Tinubu. This political fallout is believed to have contributed to his decision to leave Nigeria yet again.
The Current Situation
Sources suggest that Obaigbena has no immediate plans to return to Nigeria, preferring to remain in the UK as the EFCC continues its investigation. The self-imposed exile comes at a critical time for his media empire, with ThisDay and Arise News facing scrutiny over their financial dealings and alleged political biases.
The scandal raises broader questions about the intersection of media, politics, and corporate governance in Nigeria. As one of the country’s most influential media moguls, Obaigbena’s actions—and their consequences—are likely to have lasting implications for Nigeria’s financial and media sectors.
Implications for Governance
This case underscores the EFCC’s growing focus on tackling high-profile financial crimes, particularly those involving influential figures in the corporate and political spheres. However, it also highlights the challenges of holding powerful individuals accountable, especially when they leverage international connections to evade prosecution.
Arbiterz will continue to monitor developments in this case, offering in-depth analysis of its implications for governance, the financial sector, and Nigeria’s evolving media landscape.
News
Ooni welcomes baby girl with Olori Oluwatosin
The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, has welcomed the birth of a baby girl with his wife, Olori Oluwatosin Ogunwusi.
This is contained in a statement on Sunday in Ile-Ife by the Ooni’s Senior Media Officer, Mr Sodiq Lawal, on behalf of the Director of Media and Public Affairs, Mr Moses Olafare.
Olafere expressed gratitude to God for the safe delivery, describing the newborn as a divine blessing to the House of Oduduwa.
According to him, the Ooni thanked Almighty Olodumare for His grace and faithfulness, which made the successful delivery possible.
“The Royal Father prayed that the newborn princess will grow in wisdom, grace, honour and divine favour throughout her lifetime.”
He added that both Olori Oluwatosin and the baby princess were in excellent health.
He quoted the Ooni as further praying for God’s continued protection over the royal family and for enduring peace, prosperity and abundant grace for the House of Oduduwa.
The Ooni wished the newborn princess a purposeful, honourable and fulfilled life under God’s guidance.
News
10th Senate processed over 1,000 bills in three years – Plang
Chairman of the Senate Committee on Labour, Employment and Productivity, Diket Plang, has said the 10th Senate has processed more than 1,000 bills in its first three years in office, with over 200 already signed into law by President Bola Tinubu.
Plang, who represents Plateau Central Senatorial District, said the upper chamber had also adopted several resolutions through motions and carried out extensive oversight of Ministries, Departments and Agencies (MDAs), describing the period as one of the most productive in Nigeria’s legislative history.
Speaking in an interview to mark the third anniversary of the 10th Senate, the lawmaker said the chamber’s committee system had also enabled lawmakers to closely monitor government performance and budget implementation.
“At the moment, the Senate has had over 1,000 bills. About 900 have passed either second or third reading, and we have over 200 bills that have been signed into law,” he said.
“So, for me, there is a lot of achievement in terms of making laws. We have had very important motions with beautiful resolutions and sufficient oversight functions as far as the first three years of the Senate are concerned.”
“Each of the ministries, departments and agencies brings its proposals during budget defence, and you go back to find out what has been achieved and what has not been achieved. It helps us know what government has been able to do,” he said.
On the recently passed State Police Bill, Plang commended President Bola Tinubu for supporting what he described as one of Nigeria’s most difficult but necessary constitutional reforms.
He argued that creating state police would strengthen intelligence gathering because officers recruited from local communities understand the language, culture and terrain better than officers deployed from other parts of the country.
“The locals know the language, they know the terrain, they know the culture of where they are policing. Information gathering and rapid response to criminality will improve significantly,” he said.
The senator also dismissed fears that governors would abuse state police, insisting that constitutional safeguards and oversight by the National Police Council, National Assembly and State Houses of Assembly would prevent excesses.
“No governor will employ people from his community and ask them to oppress their own people. There are oversight mechanisms that will check abuse,” he said.
He explained that although the bill had passed both chambers of the National Assembly, it still requires approval by at least 24 State Houses of Assembly before it can be transmitted to the President for assent as part of the constitutional amendment process.
Plang added that the reform would improve Nigeria’s police-to-population ratio through fresh recruitment across the states while creating employment opportunities for thousands of young Nigerians.
Commenting on the recent xenophobic attacks against Nigerians in South Africa, Plang urged both governments to pursue diplomacy rather than retaliation.
He said, “It is unfortunate that brothers are turning against one another. There should be immediate engagement between the Nigerian and South African governments. Rather than retaliation, both countries should sit down and resolve these issues as brothers.”
News
Tinubu’s Remarks On Flyovers Not Directed At Oborevwori – Waive
Member representing Ughelli North, Ughelli South and Udu Federal Constituency in the House of Representatives, Rt. Hon. (Revd.) Francis Ejiroghene Waive, has said President Bola Tinubu’s recent remarks cautioning state governments against constructing unnecessary flyovers were not directed at Delta State Governor, Rt. Hon. Sheriff Oborevwori.
Waive, in a statement, argued that the flyovers completed and those under construction in Delta State were necessitated by persistent traffic congestion in their respective locations, adding that the projects were undertaken after due consideration of the state’s infrastructure needs.
According to him, the Federal Government had, on several occasions, acknowledged Delta State’s strides in road infrastructure and flyover construction, alongside other developmental achievements, before similar projects gained momentum in other states.
He maintained that Governor Oborevwori had pursued infrastructure development without neglecting key sectors of the state’s economy, insisting that the administration had continued to invest in roads, bridges, healthcare, education and social welfare programmes.
“The flyovers constructed and those currently under construction by Governor Sheriff Oborevwori are absolutely necessary. Deltans can testify that they are all located in areas where severe traffic gridlock is a regular occurrence,” Waive said.
The lawmaker dismissed criticisms of the projects by opposition figures, describing them as politically motivated and disconnected from the realities on the ground.
He expressed confidence that the governor’s performance would earn him another term in office, saying residents of the state remained committed to the continuation of the administration’s M.O.R.E. Agenda in synergy with President Tinubu’s Renewed Hope Agenda.
Waive urged Governor Oborevwori to sustain the pace of infrastructure development through the construction of more roads, bridges and flyovers, while expanding social investment programmes aimed at improving the welfare of the people.
He also congratulated the governor in advance on what he described as his expected victory in the 2027 governorship election, expressing optimism that the administration would continue to deliver democratic dividends across the state.
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