- Safiu Kehinde
Nigerian businessman and First Bank of Nigeria (FBN) Holdings PLC Chairman, Femi Otedola, has accused This Day Newspaper Publisher and owner of Arise TV, Nduka Obaigbena, of blackmail over unpaid $230 million loan.
In reaction to last week’s publications by This Day on how he allegedly lobbied his way to become FBN Holdings PLC Chairman, Otedola slammed Obaigbena of instigating baseless allegations aimed at smearing his reputation.
Recall that an Abuja Federal High Court ruling had ordered the freezing of all Obaigbena’s assets over the unpaid loan.
Otedola, in a statement made available on a WhatsApp platform on Sunday, recounted how Obaigbena had obtained the loan with the help of former Central Bank of Nigeria Governor, Godwin Emefiele.
As against the purportedly plan to use to the loan for the operation of an oil block recently acquired by the Media entrepreneur, Otedola alleged that Obaigbena diverted the loan for personal use, funding Emefiele’s presidential aspirations and acquisition of luxury properties.
While accusing Obaigbena of using his media platforms to blackmail and silence those who hold him accountable, Otedola that his role as the FBN Holdings Chairman is to protect the interest of the bank’s shareholders and depositors.
He stressed that the court’s ruling is necessary for the recovery of the funds which belong to depositors.
Otedola reaffirmed his commitment to recovering the loan while assuring stakeholders of his steadfastness in protecting First Bank’s integrity.
The statement read in part; “My attention has been drawn to articles published by ThisDay (on Thursday, January 9 and Friday, January 10, 2015), clearly instigated by Mr. Nduka Obaigbena, filled with baseless allegations aimed at smearing my reputation. It is unfortunate that Mr Obaigbena has resorted to such tactics simply because he has been asked to repay his $230 million loan.
“This loan, facilitated with the help of the former Central Bank of Nigeria Governor, Mr Godwin Emefiele, was purportedly for the operation of an oil block which he obtained without competitive bidding.
“However, the funds were diverted for personal use-funding Mr Emefiele’ presidential aspirations, acquisition of luxury properties abroad, the operation of a private jet, and an extravagant $68 million spent on jet rentals in just four years. Mr Obaigbena’s profligacy is well known, as is his penchant for using his media platforms to blackmail and silence those who hold him accountable.
“As Chairman of First Bank Holdings, my primary responsibility is to protect the interests of the bank’s shareholders and depositors. The actions initiated in the courts are necessary to recover funds that belong to depositors and ensure corporate governance.
“Mr Obaighena’s penchant of blackmailing people to escape accountability must end, especially when depositors’ money is at stake. My commitment to upholding the integrity of the financial system and protecting depositors outweigh any cheap attempts at blackmail.
“Let me remind the public that my integrity is not in question. As Chancellor of Augustine University and a benefactor of Save the Children Fund, I continue to dedicate my wealth to noble causes. I will not allow unscrupulous elements to derail the efforts of First Bank to recover loans or jeopardize the financial security of our shareholders.
“To all stakeholders, I assure you that I remain steadfast in my mission to protect First Bank’s integrity and ensure its continued success. Media blackmail will not deter me from this responsibility.”