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Home Business News Business

Thisday and Arise News founder, disqualified as Director for 7 years

William UkpebyWilliam Ukpe
2 years ago
in Business, Business News, Spotlight
Thisday and Arise News founder, disqualified as Director for 7 years
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A UK court has disqualified Nduka Obaigbena, founder of Thisday and Arise News, for 7 years as a director due to the compulsory liquidation of Arise Networks Ltd, caused by funding and financial difficulties related to the news channel’s operations.

The Judgment handed on the 8th of April, 2021  by the High court of Justice, Business and Property Courts of England and Wales revealed that as of 31 December, 2013 the company’s liabilities were “Losses of £3,854,112; trade and expense debts of £1,545,883; related company debts of £3,094,260.”

READ: AMCON seizes assets belonging to Jimoh Ibrahim over N69 billion debt

The application for a disqualification order filed under section 6 of the Company Directors Disqualification Act 1986 (‘the CDDA 1986’) disclosed that Arise came under increasing creditor pressure from late 2014 onwards in respect of increasing arrears due to creditors as a consequence of the company’s inability to pay its debts when due, as demonstrated by the evidence of creditor actions and demands for payment.

READ: Folorunsho Alakija’s net worth drops below $1bn. A few things to know about her

What the judgment said

  • The company had £nil turnover throughout its trading existence and was wholly dependent on funds being provided by associated businesses in Nigeria
    • By 31 December 2013, the company’s liabilities were: Losses of £3,854,112; trade and expense debts of £1,545,883; related company debts of £3,094,260
    • In September 2014, the Nigerian Government introduced stringent exchange controls preventing the free-flow of currency from the country and seriously restricting the ability to transfer necessary funding to ARISE.
    • As a consequence, by 31 December 2014, the company’s liabilities were: Losses of £12,922,174; trade and expense debts of £3,737,445; related company debts of £14,407,929
    • By 31 December 2015, the company’s liabilities were: Losses of £24,913,106; trade and expense debts of £5,636,596; related company debts of £19,681,779
    • By 22 April 2016, the company’s liabilities were: Losses of £25,671,167; trade and expense debts of £5,850,730; related company debts of £20,313,691.

The report added that despite some payments made, large sums were outstanding, citing that there was evidence that many creditors had been chasing sums outstanding to them for some time, which contradicted Mr Obaigbena’s assertion that agreements had been reached with creditors.

Tags: Arise News NetworkNduka ObiagbenaThisday Newspaper

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