The management of Arise News and Thisday Newspaper has denied the story making the rounds that it's Chairman Nduka Obiagbena has fled the country over an alleged $550,000 debt
The management through a release said the report was totally false and malicious
This was the story being reported across social media
"Uduka Obaigbena, a Fine Art First Class, now a media tycoon appeared to have gone on exile.
He once campaigned for Abacha. He once talked down on MKO on CNN during the June 12 Crisis.
Nduka Obaigbena, the chairman of ThisDay Media Group and Arise TV, is facing a debt dispute with First Bank of Nigeria. The bank claims Obaigbena's company, General Hydrocarbons Limited, owes $225.8 million. The debt stems from a loan facility granted to Atlantic Energy Drilling Concepts Limited in 2011, which was allegedly guaranteed by General Hydrocarbons.
*Key Points of the Debt Dispute:*
- *Loan Facility:* First Bank granted a $490 million loan to Atlantic Energy for oil well operations.
- *Guarantee:* General Hydrocarbons allegedly guaranteed the loan and defaulted on repayment.
- *Debt Accumulation:* The debt has accumulated to $225.8 million, prompting First Bank to seek court intervention.
- *Court Ruling:* A Federal High Court in Lagos granted a Mareva injunction, freezing assets and accounts linked to General Hydrocarbons and its directors, including Obaigbena.
*Obaigbena's Response:*
- *Dispute of Claims:* Obaigbena disputes the claims, alleging that First Bank failed to fulfill its obligations under the tripartite deed with the Asset Management Corporation of Nigeria (AMCON).
- *Allegations of Fund Diversion:* First Bank accuses Obaigbena's company of diverting funds, while Obaigbena claims the bank failed to pay pending requests, leading to an international incident involving a drilling rig.
- *International Incident:* The drilling rig, Blackford Dolphin, ran out of fuel, food, and water with 93 people on board, prompting GHL to secure supplies to prevent a crisis.
*Current Status:*
- *Court Proceedings:* The case is ongoing, with the court adjourning the matter to allow for further hearings.
- *Asset Freeze:* The Mareva injunction remains in place, freezing assets and accounts linked to General Hydrocarbons and its directors."