First HoldCo accuses ThisDay and Arise TV of sensationalism, urges Obaigbena “to focus on paying back the indebtedness of his company … to FirstBank rather than negatively channelling his energies towards vilifying the FirstHoldCo Group”
By Jeph Ajobaju, Chief Copy Editor
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“We urge the proprietor of both Thisday and Arise TV media platforms to focus on paying back the indebtedness of his company – General Hydrocarbons Ltd to FirstBank rather than negatively channelling his energies towards vilifying the FirstHoldCo Group.
“Again, we advise ThisDay Newspaper and Arise TV to always demonstrate fairness, objectivity, and verification of facts before releasing news to the public. This, they owe the general public. It is indeed core and at the heart of the tenets of journalism” – First HoldCo
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First HoldCo, owner of FirstBank, has levelled allegation of “deliberate misrepresentation of facts and gross unprofessional conduct” against ThisDay in its publication of July 17 and Arise Television on the recent off-market block trading of First HoldCo Plc shares on the Nigerian Exchange Limited (NGX).
Nduka Obaigbena is the publisher of ThisDay and Chairman of Arise Television, and he, his wife, and children are the directors of General Hydrocarbons Limited (GHL) that is currently in a legal dispute with FirstBank, which sued GHL over alleged unpaid $225 million loan.
First HoldCo in a statement expressed “embarrassment and disappointment at the wilful and sensational distortion of facts by both ThisDay and Arise TV following the movement witnessed in the market on Wednesday, July 16, 2025, when a total of 10.4 billion units of shares in off-market block trading took place on the floor of the Nigerian Exchange Limited (NGX).”
It alleged the action was done with deliberate malicious intent to cast First HoldCo in a bad light and continue to create confusion and panic among its esteemed stakeholders.
“We also wish to categorically state that Mr. Femi Otedola, CON, did not buy or take over the traded 10.4 billion units of shares, neither did the Federal Government of Nigeria, its agencies, and the Hon. Attorney of the Federation participate in the acquisition of the shares in question,” the statement stressed.
“The trading of the shares was conducted under a highly transparent and regulator-supervised process with the consent of all the parties involved. This was done in order to ensure continuous stability of this important national franchise.
“The shares were sold to an independent Bridge Holder with no benefit accruing to the company.
“We urge the proprietor of both Thisday and Arise TV media platforms to focus on paying back the indebtedness of his company – General Hydrocarbons Ltd to FirstBank rather than negatively channelling his energies towards vilifying the FirstHoldCo Group.
“Again, we advise ThisDay Newspaper and Arise TV to always demonstrate fairness, objectivity, and verification of facts before releasing news to the public. This, they owe the general public. It is indeed core and at the heart of the tenets of journalism.”
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