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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