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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.
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Video: Watch moment Senator Manu tasks NAFDAC officials on poor budget presentation
The Senator representing Taraba Central, Manu Haruna white washed officials of NAFDAC for poor budget presentation during 2025 budget defense on Friday.
In a video, Senator Manu a former Deputy Governor of Taraba State opened the underbelly of NAFDAC on improper presentation of figures in the outlines.
He pointedly told the officials that the presentation was designed to mislead senators.
Watch video below:
News
Why I returned N100m excess fund to Kano Govt Commissioner
The Kano State Commissioner for Local Government and Chieftaincy Affairs, Alhaji Tajo Othman, who was recently in the news for returning N100 million excess fund to the state government, has revealed the reason behind his action.
The commissioner while addressing newsmen in Kano on Friday said his action was influenced by the state governor’s “exemplary leadership style,” adding that in an ideal situation, leaders are always a pace setter for others to follow.
He said he did not expect Governor Kabir Abba Yusuf to reveal the act to the public, but the governor chose to do so during the flag-off of the free uniform distribution to encourage the future generation to be transparent.
He said, “In an ideal governance setting, the leader is a pace setter for others to follow. We have seen the governor’s body language and as such we fall in. That is what exactly happened. it is the wish of the governor that everybody should be as transparent as possible.
“He is a transparent governor and therefore we should be transparent as well. I never expected the governor to go public with it, but I believe the reason behind his announcement is indeed genuine.”
The commissioner added that as the head of the committee for school uniform distribution, the state governor entrusted him with the task and advised the committee to execute it to the best of their ability.
The commissioner who was a retired customs officer was in the news when the Governor Yusuf publicly commended him for returning N100 million in unspent funds from a N2 billion budget earmarked for the production of 798,000 uniforms for pupils of primary 1 in the state.
News
Nigerian Online Population Shows Strong Enthusiasm for AI – Report
A new global survey report from Ipsos and Google has shown widespread use of Artificial Intelligence (AI) tools among Nigerian online population.
The study, tagged: “Our Life with AI: From Innovation to Application,” surveyed 21,000 people across 21 countries, and observed that global AI usage has jumped to 48 per cent and excitement about its potential now exceeds concerns (57 per cent vs. 43 per cent, up from 50 per cent / 50 per cent last year).
According to the report, in Nigeria, AI adoption and enthusiasm are even higher, as 70 per cent of the Nigerian online population used generative AI, surpassing the 48 per cent global average. Moreover, 87 per cent are excited about AI’s potential and see its benefits outweighing the risks.
Analysing the report, President of Global Affairs, Google & Alphabet, Kent Walker, said: “AI is starting to deliver magic at scale, making people’s lives easier and better. The survey results show the more people use these tools, the more excited they get about the possibilities and about the personal, professional, and scientific breakthroughs on the way.”
The survey results indicate that optimism about AI is growing within the surveyed online community in Nigeria. Key findings from the survey, show that among survey participants in Nigeria, 70 per cent reported using generative AI in the past year, which is significantly higher than the global average of 48 per cent. A substantial 87 per cent of Nigerian respondents feel that AI’s potential benefits outweigh the associated risks, suggesting a strong belief in the positive impact of AI. A significant 81 per cent of surveyed Nigerian adults believe AI will positively change the economy.
Furthermore, 90 per cent of the survey respondents in Nigeria anticipate AI having a positive impact on science and medicine, demonstrating the widespread belief in the potential of AI to drive progress in these sectors.
According to the report, Nigeria’s online population demonstrates a higher level of excitement and adoption of AI when compared to other regions. The survey indicates: Nigeria is among the top countries in terms of AI usage and excitement about its potential.
This contrasts with more cautious sentiment in some European and North American countries.
The report also said the Nigerian online community saw immense potential for AI in science and medical advancements:
“A significant 90 per cent of survey respondents expect AI to have a positive impact on science and medicine. This is one of the highest rates globally, highlighting the strong anticipation of breakthroughs in these fields through AI,” the report said, and onlinerd that the population in Nigeria recognised AI’s potential to enhance personal and professional development:
“Many believe AI can make people’s lives better by boosting productivity and providing access to resources. Within the Nigerian online population surveyed, there is a prevailing sentiment that supports the fostering of AI advancement rather than restrictive regulations. This suggests that those surveyed are keen to embrace innovation,” the report further said.
The survey results highlight the strong enthusiasm and optimism of the surveyed online population in Nigeria about the role of AI in various aspects of life, particularly in the economy, healthcare, and scientific advancement. The findings suggest that Nigeria’s online community is among the most enthusiastic globally about the transformative potential of AI.
Google has been pursuing AI boldly and responsibly for years. In 2018, Google was one of the first companies to establish AI Principles grounded in beneficial use and avoidance of harm. Two years ago, it unveiled its opportunity agenda, which shard concrete recommendations for governments to ensure AI benefits the broadest range of people possible.
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