Nduka Obaigbena and Femi Otedola
First Bank: Otedola Insists Obaigbena Diverted Loan, Vows to Recover $230m Debt
Mr. Femi Otedola, Chairman of FirstBank, has criticized Mr. Nduka Obaigbena, Publisher of ThisDay, for failing to repay a $230 million loan obtained from the bank.
Otedola claimed Obaigbena diverted the loan, initially meant for securing an oil block, to personal ventures, including supporting political aspirations, luxury property acquisitions, and lavish jet expenses.
In a statement shared across his social media platforms, Otedola denounced Obaigbena’s attempts at blackmail, claiming the publisher’s usual tactic is to smear reputations when held accountable.
Otedola stressed his commitment to recover the debt and safeguard the interests of FirstBank’s shareholders and depositors, asserting that media attacks would not deter his efforts.
Otedola reaffirmed his personal integrity, emphasizing his dedication to philanthropic causes and FirstBank’s success despite the challenges posed by Obaigbena’s media onslaught.