Arise TV Founder, Nduka Obaigbena, in over N13billion Debts
Rachel Fowler - Nduka Obaigbena has been banned by UK court from occupying a directorial role in the next seven years
- His company, Arise Networks Limited, is in debt of over N13 billion (£25 million) as of April 2016, as creditors demand their money
- In 2013, the media firm's trade and expense debts was £1.54 million, while related company debts was £3.09 million
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The founder of Thisday and Arise News, Nduka Obaigbena, has been banned by a UK court from his directorial role for 7years due to the backlog of debts owned by his media company since 2013.
Arise Networks Limited, the parent company of the newspaper and news broadcast, has been struggling with debt as the company records zero turnovers, while largely depending on Nigerian associates.
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The High court of Justice, Business and Property Courts of England and Wales, highlighted the financial difficulty of the media company with its creditors who have been demanding their payment.
As of December 2013, Arise recorded Losses of £3,854,112, trade and expense debts of £1,545,883 and related company debts of £3,094,260. These liabilities skyrocketed within 2013 and 2016.
By December 2014, liabilities rose as losses reached £12,922,174, trade and expense debts hit £3,737,445, and £14,407,929 recorded as related company debts.
Source: Getty Images
Arise losses climb £24,913,106; trade and expense debts were put at £5,636,596 and related company debts increased to £19,681,779 by December 2015.
A year later, by April 2016, the company’s liabilities were put at £25,671,167 losses, trade and expense debts were £5,850,730 and related company debts rose to £20,313,691.
The rise since 2014 was attributed to the capital flight policy of the Nigerian government, which made transfer difficult. This affected capital Arise was dependent on from Nigeria.
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Meanwhile, Legit.ng had previously reported that Nigeria received the highest Shell payout to a country last year. But when compared to corresponding years, the amount was low.
The company paid $3.24 billion in 2020 against the $5.63 billion it disbursed in 2019 and $6.39 billion it paid in 2018. The COVID-19 pandemic is linked as a reason for the reduced payment.
Shell made the payment to the government through various government agencies like the Nigerian National Petroleum Corporation and the Federal Inland Revenue Service, both of which received $2.28 billion and $440.39 million respectively.
Source: Legit.ng
