Embattled media mogul Nduka Obaigbena, along with his companies ARISE News, THISDAY Newspapers, and oil firm General Hydrocarbons Limited (GHL), has been evicted from their upscale office complex in Ikoyi, Lagos, over unpaid rent amounting to more than $1 million over a three-year period.
A visit to their former premises at 16 Temple Road, Ikoyi, confirmed that the once-bustling office space is now vacated. The media companies and GHL, all linked to Obaigbena, have ceased operations from the location following their forced eviction by the property owners.
This latest development adds to a growing list of controversies trailing Obaigbena. The businessman has long faced criticism over serial defaults in staff salary payments, and contractual breaches, including the controversial closure of THISDAY’s operations in South Africa.
More seriously, Obaigbena is also embroiled in a high-stakes legal battle with First Bank of Nigeria over a staggering $225.8 million debt owed by General Hydrocarbons Limited, where he serves as a director and major shareholder. The bank, in court filings, accused GHL and its directors of diverting oil proceeds and dissipating assets outside the court’s jurisdiction.
First Bank claims that as of September 30, 2024, GHL’s indebtedness stood at $225,802,379.69. Supporting its case, the bank presented bills of lading evidencing the shipment of 128,724 and 114,359 barrels of crude oil to France in November 2024—transactions it alleges were attempts to divert funds.
In response to the bank’s claims, a court has frozen the accounts of General Hydrocarbons Limited. The firm’s board includes Nduka Obaigbena as well as Efe Damilola Obaigbena and Olabisi Obaigbena, who are believed to be relatives.
