NIGERIAN businessman and philanthropist, Femi Otedola, has issued a scathing response to recent articles published by ThisDay on 9 and 10 January 2015, which he alleges were orchestrated by the publication’s Chairman, Nduka Obaigbena, in an attempt to tarnish his reputation.
In a statement released yesterday, Otedola accused Obaigbena of resorting to “baseless allegations” in retaliation for efforts to recover a $230 million loan.
The loan, reportedly facilitated through the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, was allegedly secured for the operation of an oil block but was instead diverted for personal pursuits.

Otedola and Obiagbena
“The funds were used to support Mr Emefiele’s presidential ambitions, acquire luxury properties abroad, operate a private jet, and cover an extravagant $68 million in jet rentals over four years,” Otedola claimed.
Otedola, who serves as Chairman of First Bank Holdings, described the ongoing legal action as necessary to safeguard the interests of the bank’s shareholders and depositors.
He criticised Obaigbena for allegedly leveraging his media platforms to intimidate and blackmail individuals seeking accountability.
“As Chairman, my responsibility is to ensure corporate governance and recover depositors’ funds.
“Mr Obaigbena’s pattern of evading accountability through blackmail must stop, especially when public trust and financial security are at stake,” he stated.
Highlighting his commitment to ethical conduct, Otedola pointed to his roles as Chancellor of Augustine University and benefactor of Save the Children Fund, reaffirming his dedication to humanitarian causes.
He assured stakeholders that media pressure would not deter his efforts to uphold the integrity of First Bank and ensure its continued success.
“Let it be clear: my integrity is not in question, and I will not allow unscrupulous tactics to derail our mission,” Otedola concluded.
The feud between the two prominent figures underscores the growing scrutiny over financial governance and the influence of powerful media entities in Nigeria.