News
Nduka Obaigbena Reportedly Goes into Self-Exile Amidst $225 Million Loan Scandal
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.
President Bola Tinubu has assented to the 2026 Appropriation Bill, which provides for an aggregate expenditure of ₦68.32 trillion.
He also signed the bill extending the implementation period for the 2025 budget from March 31, 2026, to June 30, 2026.
This was announced on Friday in a statement by his Special Adviser on Information and Strategy, Bayo Onanuga.
The ₦68.32 trillion budget for this year earmarks ₦4.799 trillion for statutory transfers and ₦15.8 trillion for debt service.
It allocates ₦15.4 trillion to recurrent expenditure and ₦32.2 trillion to the Development Fund for Capital Expenditure.
“With capital expenditure accounting for about 50 per cent, the 2026 budget underscores the administration’s continued commitment to economic stability, national security, infrastructure development, and inclusive growth.
The allocations reflect a strategic balance between statutory obligations, debt servicing, recurrent expenditure, and capital investments critical to driving productivity and improving the quality of life for Nigerians,” the statement read in part.
The President also has assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, which extends the implementation period of the capital component of the 2025 Appropriation Act from March 31, 2026, to June 30, 2026.
The extension, the statement revealed, would ensure the full and effective utilisation of appropriated funds, particularly for critical infrastructure and development projects that are at advanced stages of implementation across the country.
It will enable ministries, departments, and agencies (MDAs) to consolidate ongoing works, enhance project completion rates, and maximise value for public expenditure. With the 2026 Appropriation Act coming into force on April 1, the Federal Government will commence full implementation in line with the Renewed Hope Agenda,” it added.
Additionally, President Tinubu directed MDAs to ensure disciplined, transparent, and efficient utilisation of allocated resources, with a strong emphasis on value for money and timely project delivery.
He commended the National Assembly for its diligence, cooperation, and patriotism in expeditiously considering and passing the budget.
The President reaffirmed the importance of sustained collaboration between the executive and legislative arms of government in advancing national development objectives.
Tinubu also assured Nigerians of his administration’s resolve to deepen fiscal reforms, enhance revenue generation, and prioritise investments that will stimulate economic growth, create jobs, and strengthen social protection mechanisms.
The budget is also expected to be partly financed through external borrowing, following the approval of a foreign loan plan exceeding $21 billion to bridge the fiscal gap.
₦9.85trn Increase
The 2026 budget represents an increase of ₦9.85 trillion over the initial proposal of ₦58.47 trillion that Tinubu submitted to the National Assembly, and ₦13.33 trillion higher than the 2025 budget.
The President had while presenting the 2025 budget proposal before federal lawmakers in December 2025, pegged the capital expenditure at ₦26.08 trillion and the crude oil benchmark at US$64.85 per barrel.
He disclosed that the expected total revenue was ₦34.33 trillion; ₦15.52 trillion for debt servicing.
The proposal was anchored on a crude oil production of 1.84 million barrels per day, and an exchange rate of ₦1,400 to the US Dollar for the 2026 fiscal year.
Amid the growing concerns over insecurity across the country, Tinubu said his administration would “invest in security with clear accountability for outcomes—because security spending must deliver security results”.
“We will take decisive steps to strengthen agricultural markets. Food security is national security.
“The 2026 budget prioritises input financing and mechanisation; irrigation and climate‑resilient agriculture; storage and processing; and agro‑value chains,” he told the National Assembly members.
Nigeria’s budgets in recent years have come under fire with experts critcising the poor implementation and release of funds for the execution of important national projects.
But the Tinubu administration said that the 2026 national budget was well-planned to solidify the gains of its reform agenda.
“Our ‘Budget of Consolidation, Renewed Resilience and Shared Prosperity’ is critical. It is a commitment to double down on what is working, to solidify gains, and to ensure that the shared prosperity we speak of becomes a lived reality for more Nigerians, faster,” Minister of Information and National Orientation, Mohammed Idris, said in a statement.
Popular sports broadcast journalist with Classic FM 97.3, Temisan Okomi, has died.
A journalist with News Central, Olawale Adigun, confirmed his death in a statement shared on X on Friday.
He wrote on X, “The worst way to go into the weekend is hearing about Temisan Okomi’s passing. I’m so gutted and, at the same time, terrified. This man meant so much to me.”
Recall that news of his death has since stirred reactions on X, with colleagues and fans expressing shock and grief.
The late journalist had worked with Lagos Television, HiTV, and other prominent media organizations in Nigeria.
His last post on X was on April 14, 2026, when he wrote, “The Champions League is hard, man.”
Ibrahim Abdulkarim, a political associate of ex-governor of Anambra State, Peter Obi, has claimed that the former governor of Kano State, Rabiu Kwankwaso, has agreed to deputize the Obi in the 2027 presidential race.
He spoke during an interview on Trust TV, said the Obidients and the Kwankwassiyya Movements are already aligning towards Obi/Kwankwaso ticket.
Asked if Obi and Kwankwaso had struck a deal, Abdulkarim said “yes, I can categorically tell you that they have agreed”.
We all know that. Both the Obidients and the Kwankwassiyya Movements are aware of the agreement”.
Recall that Kwankwaso recently decamped from the New Nigerian Peoples Party, NNPP to the African Democratic Congress, ADC.
His move stirred suspicion that the two political gladiators may have agreed to run for the 2027 presidency on a single ticket.
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