The Asset Management Corporation of Nigeria (AMCON) and First Bank of Nigeria have appointed a receiver to take full control of General Hydrocarbon Limited, a company owned by media mogul and founder of ThisDay Newspapers and Arise TV, Prince Nduka Obaigbena.
The dramatic takeover has triggered widespread concern that ThisDay and Arise TV, two of Nigeria’s biggest media platforms, may be the next targets for seizure as part of ongoing debt recovery efforts.
Obaigbena is reported to owe First Bank approximately $718 million, a financial burden that has now placed his associated companies under intense scrutiny and potential takeover risk.
More details shortly…
