Opinion/Feature
Nduka Obaigbena And ThisDay/Arise News’ Hypocritical Grandstanding On Public Morality
By Dele Alake and Bayo Onanuga
It is laughably tragic that the Chairman and Editor-in-Chief of THISDAY and Arise News Television, Mr.Nduka Obaigbena, has the temerity to pretend to be a guardian of public morality in contemporary Nigerian media practice.
The fact that this character is an unscrupulous hustler and blackmailer who has done tremendous damage to the journalism profession in the country, is well known within and beyond the profession.
Hiding under his media houses so-called Board of Editors, Obaigbena, who is one of the most irresponsible media owners in the country, with scant regard for corporate good governance and ethics, issued a statement Monday accusing the All Progressives Congress (APC) Presidential Campaign Council (PCC) Director of Media and Publicity, Mr. Bayo Onanuga, and Adviser, Media and Communication, Mr. Dele Alake of attempting to silence independent media and bully the press ahead of next year’s general election.
This allegation is baseless.
The statement published on the front page of THISDAY is illustrative of the penchant of the two media houses under Obaigbena’s corrupting influence to peddle falsehood and engage in brazen political partisanship, contrary to the ethics of journalism practice.
It is instructive that Obaigbena’s media group is isolated in making this frivolous allegation against the duo. Not only does THISDAY newspaper publish unfounded rumours masquerading as truth, many of its columnists substitute vile and vulgar abuse for sound logic and informed analyses while its television anchors heckle and harass their guests, particularly those of the APC in their jaundiced, flagrantly unprofessional programmes.
We recall that both THISDAY and ARISE Television sought to bully and compel the APC presidential candidate, Asiwaju Bola Ahmed Tinubu, into attending its Town Hall meetings with presidential candidates, despite the media team’s explanation that it would not attend such programmes organised in a haphazard and uncoordinated manner by individual media houses.
Each candidate’s campaign team has the right to adopt its own strategies for reaching out to and interacting with Nigerians. As we have repeatedly said, the Tinubu campaign will not succumb to the blackmail, intimidation and harassment of Obaigbena and his media group.
THISDAY’s attempt in the said statement to justify its false news report on the purported death of one Mueez Adegboyega Akande and the attempt to insinuate mischievously that he died in suspicious circumstances failed abysmally. Rather than apologise for this professional lapse, it resorts to tendentious rationalisations. Its futile attempt to link Asiwaju Tinubu to a drug case in the United States, even when as far back as 2003, the United States government had categorically stated that the candidate has no criminal records in that country, shows the depths of mischief the newspaper is willing to descend in its bid to bring down the APC candidate at all costs. This campaign of calumny is doomed to fail as it always has.
Our candidate is focused and will not be distracted by this diversionary tactics to throw mud at him simply because he is the obvious front runner in this race and some believe that the only way to stop him is to peddle falsehood against him.
While pretending to be a public trust, THISDAY and ARISE descend into the political arena by publishing lies in a way that does such a great disservice to journalism. Last month the paper was sanctioned by NBC over a fake report that INEC had ordered a probe of Asiwaju Bola Tinubu, over the platforms’ equally fake narrative about our candidate.
Nduka Obaigbena tries to cast aspersion on the professional and personal integrity of Mr. Alake and Mr. Onanuga. They stand on a higher moral and professional pedestal than he can ever aspire to. It is astonishing that a man like Obaigbena can even pretend to be protecting public morality and the public interest. How does this media owner run his media outfits? He is notorious for not paying the salaries of his staff or fulfilling his pensions’ obligations, forcing most of the journalists in his stable to resort to the most unethical practices to survive. This model of media practice, which he exported to South Africa in 2003-2004, failed spectacularly as he had to flee that country as a result of his unethical business practices. His short-lived THISDAY left unpaid debts to staff and the printers and the South African tax office.
He exported the same irresponsible business practice to the UK where he operated his Arise TV as a registered company since 2012. In 2021, judge Raquel Agnello disqualified Obaigbena from serving as a company director in the UK for seven years; in a case brought by the official receiver of the Insolvency Office in the country.
The application for disqualification was made under Section 6 of the Company Directors Disqualification Act 1986 and arose from the compulsory liquidation of Arise Networks Ltd of which Obaigbena was the sole director since its incorporation.
According to the judgment, the company by 2016 had garnered a total debt of £25,671,167, which included debt to trade creditors and staff, estimated at £5,850,730. Judge Agnello found Obaigbena’s conduct as sole director of Arise TV to be unfit and that the company had continued to trade despite “complete uncertainty” about its funding.
In Nigeria, Obaigbena is notorious for owing his staff their salaries. He is also notorious for owning newsprint suppliers for years without payment. This sharp practice led to the ill-health of one of his suppliers, Afilaka, who suffered massive stroke.
While Alake and Onanuga, were known to have endangered their lives in the struggle against military dictatorship and the enthronement of the democracy we enjoy today, Obaigbena was known to have collected substantial sums of money from the military junta to campaign against the June 12, 1993 elections, widely acknowledged as the freest and fairest polls in the country’s history. He even featured on the CNN to justify the annulment of the election and the continuation of military dictatorship. Yet, this man dares to preach on public morality and the national interest. He even claims that Alake and Onanuga are envious of him! How preposterous!! What is there to be envious from a man whose business practices and personal lifestyle offend every known decency. Mr. Alake and Onanuga can never be jealous of a man who uses extortion, subterfuge, and cheap blackmail as his working capital. Here is a publisher who deployed his media group in aid of the immoral and illegal presidential ambition of a sitting Governor of the Central Bank of Nigeria (CBN) even when this flagrantly violated and threatened the integrity of that critical institution.
It is absurd when Obaigbena uses his media outfits to push the false narrative of Tinubu’s link with narcotics in the US, when a member of his Board of Editors and Arise TV anchor, Dr. Reuben Abati, was a running mate in 2019 to the governorship candidate of the PDP in Ogun State, the late Senator Buruji Kashamu; a man who had been indicted for narcotics trafficking in the US and was a fugitive from the laws of that country until his death. The same Abati remains a card carrying member of the PDP and yet, shamelessly pontificates and postures on ARISE TV as a dispassionate analyst.
Lest it be forgotten, Abati was Media Adviser to former President Goodluck Jonathan and was detained by the Economic and Financial Crimes Commission (EFCC) in 2015 for reportedly collecting N500 million from ex – National Security Adviser, Colonel Sambo Dasuki purportedly on behalf of the media.
Obaigbena himself was detained for weeks and made to refund N600 million by the EFCC, which was part of the diverted funds for arms purchase for the Nigerian military under Jonathan. Obaigbena as president of NPAN also collected millions of Naira meant as compensation for the media owners whose papers were seized by overzealous security agents during the Jonathan presidency. Many newspapers reported that they did not get the money.
It is a sad commentary on the state of the Nigerian media that a man with no moral scruples whatsoever like Obaigbena will boldly pose as a publisher who can preach morality to others.
Here is a man who has done such grave damage to media practice in Nigeria, posturing as defender of free speech.
Unless media practitioners begin to treat him like the plague and cancer he constitutes to the industry, the future of the industry will be endangered.
It is well known that many private sector corporate executives pay him huge sums of money as retainership to avoid being blackmailed by him. It is also a pity that many of the journalists who work as his employees pose as self-righteous saints who criticise others and keep mum on the unhidden moral deficits and shenanigans of their boss.
Alake, Adviser, Media and Strategic Communication, and Onanuga, Director of Media and Publicity, sent the statement on behalf of All Progressives Congress (APC) Media and Communication Directorate.
By Andrew Ekejiuba
In one of the famous quotes of Greek mathematician and inventor, Archimedes, regarding the Law of the Lever, he said, “Give me but one firm spot on which to stand and I will move the earth.”
According to history, every generation of humanity has always struggled to invent or re-invent something beneficial to society thereby leaving a legacy behind for posterity to remember them. Be it in business, technology, sports and education to mention but a few, the story remains the same. It was this same vision to accomplish something for Nigerians that also got GTI Asset Management and Trust Limited (GTI) to commence a tedious journey to restructure and reposition our Nigeria Premier Football League.
As noted earlier in this serial, GTI needed to salvage an almost hopeless situation in the history of Nigerian football thereby creating that spot in history according to Archimedes in which the investment banking firm stood to move our beautiful game to the next level.
To kick-start the process, an epoch-making event was held on March 22, 2022, when GTI officially announced its magnificent entry into Nigeria’s football ecosystem following its successful launch of The Nigeria Football Fund (TNFF).
However, immediately after the launch, the entire financial and sports management experts of GTI Group never looked back in ensuring that the huge dream they have for our elite football comes to fruition. From their findings, it was clear to GTI that there were fundamental issues lacking in Nigeria’s elite league prior to their engagement as strategic partners to the NPFL. Notable among them were the issues of sustainable liquidity and reliable transparent structure that can stand the test of time. Other discoveries were poor playing infrastructure; lack of visibility of the League matches and low officiating integrity.
TNFF was aimed at building a “Football Economy” for the transformation of the sports sector. Aside from the aforementioned, the Fund promotes an investment culture among sports enthusiasts and investing public with an opportunity for them to earn returns from their investment. The multiplier impact will drive a cycle of growth (value-chain effects) across several other sectors like Tourism, Broadcasting, Technology, Gaming, Media, Hospitality, Transportation and Merchandising to mention but a few. The end result of these surely will lead to increased economic activities, increase in employment opportunities, rise in disposable income and significant contribution to GDP.
With less than two years of the existence of TNFF, a common question, “Wouldn’t you rather invest in TNFF” has kept reverberating in the minds of interested investors.
Today, the NPFL is currently enjoying relative peace because of the way and manner financial issues are transparently handled in the administration of the league.
On the issue of visibility of the elite league, GTI as burden bearer secured the services of Propel Sports Africa at the end of the 2022/2023 season to ensure our matches are viewed on mobile devices locally and globally on the OTT platform. This singular action attracted more sponsors to the NPFL as they saw the elite league as a veritable product that has the capacity to add value to their products and services. Then, a few weeks into the 2023/2024 season, telecommunication giants MTN and StarTimes followed suit to enhance the broadcast of league matches.
In terms of officiating the NPFL matches, one can comfortably say that there is a remarkable improvement in this regard.
In summary, the management of the NPFL has improved tremendously, thanks to the effort of GTI as strategic partners. Therefore, the journey of taking the league to greater heights is being pursued vigorously as football stakeholders and analysts in the country anticipate that in the next few years, NPFL will become the best-organized league in Africa and also rank among the most glamorous leagues in the world.
The effect of the partnership and support of the Honourable Gbenga Elegbeleye-led NPFL Board has shown a positive trajectory in the latest ranking of NPFL by the International Federation of Football History & Statistics (IFFHS) for 2023. The position of NPFL has improved from 77th to 73rd in the world ranking and has also moved from 10th to 7th in the African ranking. It is expected that the ranking will continue to improve yearly in view of the various efforts made to transform the league.
The time is now for corporate Nigeria to secure sponsorship deals with the NPFL and for the public to invest in TNFF and earn alpha returns on their investment. This is an opportunity to participate in the shared dream to transform our football ecosystem for mutual benefits.
Ekejiuba, wrote from Lagos Island
By Bayo Onanuga
The Nigerian economy is looking good in some sectors.
This is not a harebrained assessment, despite the high inflation and the unstable exchange rate of the Naira. Those who doubt this don’t need to look far, for a reality check.
The economic boom is happening at the Nigerian Exchange, where stockholders are not only recording unprecedented capital gains, but are poised to earn equally unprecedented dividends on their investments. The prosperity promised by President Bola Ahmed Tinubu during the campaign is becoming a reality, for millions of Nigerian investors, among whom will be the 6.6 million Nigerian shareholders of MTN, the biggest telco in the country.
The upswing in the market began 30 May 2023, the second day Tinubu was sworn into office. What triggered the big rally in the market was the announcement by the new President of the end of the fraudulent petrol subsidy regime. The market took notice of this bold measure, along with the President’s promise to harmonise the exchange rate. Although the latter remains ‘work-in-progress’, it has been a bullish run in the market since then.
The All Share Index which tracks the general market movement of all listed equities on the Nigerian exchange was 55,738.35 on 30 May 2023, a day after Tinubu was sworn in. In July it rose to 65,091. By 24 December, it reached 73,768, which as Bloomberg reported on 1 November, when the ASI first crossed the 70,000 mark, was the highest on record.
As at the close of trading on Friday 19 January, the index leapfrogged to 94,538.12, more than 69 percent growth, since last May, creating yet another huge record.
Market capitalisation also grew exponentially from N30.3 trillion recorded at end of May 2023 to N51.7 trillion on 19 January 2024. This means investors have gained more than N20 trillion since Tinubu came into office.
The record gains have made the Nigerian Stock Market the best in the world, outperforming the MSCI Emerging Markets Europe, Middle East and Africa Index.
Not surprising, investors are bringing more and more money to the market. Last Friday alone, 844.4 million units of stocks valued at N15 billion were traded in 15,255 deals.
The phenomenal growth of the market was fuelled by the record profits announced by many Nigerian banks and some of the manufacturers, such as Dangote Cement, Bua Cement, Lafarge Africa, formerly known as WAPCO.
The banks were the first to rally the market into a frenzy, beginning from their second quarter reports, when they reported huge gains from their forex dealings. Zenith announced earnings per share in H1 at N9.29 from N3.55 in the same period of 2022. UBA’s earnings per share stood at N10.95 in H1 2023 from N1.98 per share in the same period of 2022.
The positive Q3 reports also threw the market into more frenzy as banks announced further increases in profits. Investors, in response lapped up the shares of the banks, sending the prices higher.
UBA Plc which at the beginning of 2023 was trading at about N8 has seen the biggest jump in its stock price. By last Friday, it traded for N32. Access Bank which started the year at about N11-N12, has soared to N29. Zenith and GTCO are now trading in the N40s, from about N24-25 in January 2023. First Bank , FCMB, Fidelity, Sterling, Wema, Stanbic have all experienced the upswing in prices.
Dangote Cement, Bua Cement and Bua Foods, Flour Mills of Nigeria, Okomu Oil, Presco, Transcorp, NAHCO and WAPCO have similarly experienced some boom. Dangote on Friday, sold for N538, adding N48.9 to its weight, from its previous close of N489.9. WAPCO, otherwise known as Lafarge Africa traded at N31 in December. On 19 January, it traded for N47.
The rise in stock prices is being propelled by investors who are taking positions, according to EDC Securities Research, ‘in fundamentally driven stocks as we approach the earnings season”. The expectations and sentiments out there among the investors are that some dividend windfall is on the way.
The prosperity promised by the Tinubu administration may not be felt by all our 200 million people simultaneously. But it will not be far away as the government confronts the low inflow of forex into the economy, the fundamental reason exchange rate has gone bonkers and prices of imported and locally produced goods have increased.
President Tinubu and his cabinet expressed concern about the rising costs of pharmaceutical products at the last Federal Executive Council meeting. His government is poised to implement a series of measures to assist local drug manufacturers so that they lower the costs.
To address the low forex inflow, Nigeria is discussing as much as $1.5 billion of World Bank funding support for the budget, Finance Minister Wale Edun said in a Bloomberg Television interview. The country is also looking forward to the fulfilment of the pledge by Saudi Arabia to invest billions of dollars in our economy.
The NNPC Limited in the coming weeks will continue to be under pressure to bring in more dollars into the country’s foreign reserve to boost dollar availability and overturn bleak predictions for the national currency in 2024.
*Onanuga is the special adviser Information and Strategy to President Bola Tinubu.
A tribute by Yemi Adeoye
Leaders are known in times of distress and unease, and this is one gentleman who distinguished himself excellently at such times.
I recall vividly the days of herdsmen attack accros the forests and villages of the southwest, Gen. Buhari was in charge, and as usual, unbothered.
So while many leaders in the APC refrained from commenting publicly on the very disturbing development for fear of the Presidency due to the President’s “Body language” Aketi rose to the occasion and spoke his mind freely as if he weren’t a member of the ruling party, and he was invisible.
He was a key figure in the formation of Amotekun to protect the southwest from.the marauding herdsmen, and when some naysayers argued that the regional vigilante force is not backed by law, Aketi as he’s fondly called rallied his state lawmakers to swiftly give the force a legal backing.
His experience as a legal practitioner also helped shaped the laws at the time. He spoke his mind freely at all times like an activist and not as a governor.
I came to know of him mainly when he became the NBA president, and got to meet him when i visited Akure to have a session with him for the Energie Platform show, as the leader of an oil producing state. The state was hosting the then VP, Prof Osinbajo and my dear brother Dapo Olumurphy Aruwajoye had extended an invite to my team and I for the session with Aketi.
We ended up not being able to have that session with him, so I decided to study whatever i could of the man Aketi, largely because of his positive demeanor and very playful nature. He sang, danced, hailed people freely and dressed casually to a formal event. I liked that almost Oshiomole dress-feel, but Aketi gat swag, plus a good smile.
There was no way I was gonn miss those. I got close enough to say hello, and he responded so warmly my interest in him grew. The Vice President was warm too, and kindly apologized for his inability to sit with us. It was sad, but their kindness was encouraging. Honestly ehn, this one pain me like he’s my relative walai.
Aketi was full of life, and a very bubbly guy, and you can’t but just love the guy. He is a people person, and you can easily notice that about him. He is not a regimented or scripted kinda guy, and easily relates, not as a governor, but as the boy next door. I think it’s his nature.
Due to his outspoken and fearless nature, he was unanimously picked as the Chairman Southern Governors Forum at a time when that body was beyond necessary, and that seat reserved only for the bold!
During the Presidential campaign when Asiwaju Tinubu visited ondo state at a time when his campaign wasn’t firmly consolidated, and even the Vice President was in the race, Aketi fearlessly described Tinubu as “Our own Capo di Tuti”
So it wasn’t a surprise when President Tinubu in his condolence message to the people and state of Ondo, described the late Governor as “My Fearless Brother” because no other word describes the late Governor Akeredolu better.
His last days and the controversies that ensued while he was incapacitated was painful to watch. But that wasn’t the man I saw and listened to for years. I strongly believe the controversies wouldn’t have been, if Aketi was in charge and control of himself.
I pray the state heal, and the new Governor focuses on uniting the state.and building on Aketi’s legacy. He picked him to be his Deputy. No matter what, that alone is telling.
Finally, find rest your excellency.
Adeoye wrote from the USA.
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