THE fate of the 2025 ThisDay/Arise Television Award ceremony scheduled for 22 January 2025 now hangs in the balance no thanks to an order of a Federal High Court procured by First Bank Nigeria Limited over a $200 million debt owed the financial institution by Mr Nduka Obaigbena.
Justice Deinde Dipeolu in suit FHC/L/CS/2378/2024 on the 30 December 2024 Mareva order ordered all banks operating in Nigeria to blacklist media executive Nduka Obaigbena and members of his family over alleged debt to First Bank of Nigeria.
The order also sought to prevent Mr Obaigbena from moving any assets linked to him from the jurisdiction of the Federal High Court. First Bank had filed a debt-recovery suit against Mr Obaigbena and his family members, including Efe Damilola Obaigbena and Olabisi Eka Obaigbena, saying they used their oil servicing firm, General Hydrocarbons Limited, to assume debt of about $718 million.
At least $225 million had been frozen in bank accounts run by the Obaigbenas as part of the order. The judge also ordered all banks licensed to do business in Nigeria should immediately seize all financial transactions to the Obaigbenas and laundry of businesses linked to them.
Investigative journalist, Jackson Ude, while weighing in on the development via a post on X.com on Sunday recalled that Obaigbena owes First Bank Nigeria Limited over $200 million and is yet to pay.
He continued: “In his attempt to recover all debts owed First Bank and clean up the books, billionaire businessman and Chairman of First Bank, Femi Otedola, approached a High Court in Lagos and got an order freezing all accounts linked to Obaigbena and several of his companies.”
Aside from President Bola Ahmed Tinubu who has been named and scheduled to receive an award as Man of The Year, notable Nigerians have been nominated for several categories of the ThisDay Awards and are expected to grace the occasion as well as dignitaries who have been invited.
“However, following the Federal High Court order that blocked all of Obaigbena’s account and that of his several companies, it has become increasingly difficult for him to finance the event, according to an insider”, Ude added.
He wrote further: “Corporate sponsors, dignitaries and invited guests have also started to call Obaigbena, pulling out from attending the ceremony which has become a popular annual event, sources said. “My boss has already called the organisers over our decision to pull out from the event. We and several others I know won’t be attending anymore,” a source whose organisation was billed to attend the 22 January event said.
“Obaigbena is in a state of confusion due to the level of embarrassment the blocking of his accounts and that of his companies have caused him. His planned cancellation of the award equally poses a bigger embarrassment due to the dignitaries involved”, he concluded.
Eighteen-Eleven Media