Leadnaija
The Nigerian most popular News Paper “Thisday and Arise TV” reportedly has been on the verge of collapse over an alleged loan borrowed from a Financial institution’ (First Bank) by the owner of the organization.
According to the source, Jackson Ude, Thisday Newspapers and Arise Television, both owned by Nduka Obaigbena are on the verge of collapse in what could see thousands lose jobs over a Post No Debit, PND, placed on all the media houses bank accounts.
Read His Full Report Below:
‘COURT ORDER: THISDAY NEWSPAPERS, ARISE TV ON THE VERGE OF COLLAPSE
“Thisday Newspapers and Arise Television, both owned by Nduka Obaigbena are on the verge of collapse in what could see thousands lose jobs over a Post No Debit, PND, placed on all the media houses bank accounts.
“A Lagos High Court approached by Businessman Femi Otedola had ordered the freezing of all companies accounts linked with Obaigbena over his failure to pay back over $200million loan owed First Bank.
“Otedola is the Chairman of First Bank Nigeria Limited and he is seeking to ensure all debtors of the Bank pay up loans weighing down the Banks stability.
“Since the Lagos High Court order, ThisDay Newspapers and Arise TV have not been able to get payments for advertisements. Their request to advertisers to make payments in cash have not been granted because advertisers view payments of adverts in cash as cumbersome. A full page Advert in ThisDay Newspapers cost about N1.4million.
“An Advertiser told me “how can we carry such huge cash around to make payments. That is very uncomfortable especially at a time when we are dealing with security challenges. Nobody wants to put their lives at risk to make advert payment.”
“ThisDay Newspapers and AriseTV would need advertising revenue to stay afloat. If the PND placed on the company’s accounts are not vacated, both media houses might shut down.Don’t Miss Out! READ FULL ARTICLES
