The United Kingdom has disqualified the president and editor-in-chief of THISDAY Media, ARISE News Channel and ARISE Magazine, Nduk Obaigben, from the position of director of any company in the country for seven years.
The application for disqualification was filed in accordance with Article 6 of the Law on Disqualification of Company Directors of 1986 and resulted from the forced liquidation of Arisa Networks Ltd, of which Obaigbena was the sole director since its establishment on October 30, 2012.
According to the verdict published on BAILII, the company had zero turnover and as of December 31, 2013, it recorded losses of 3,854,112 pounds and debts of 1,545,883 pounds.
Due to the foreign exchange restrictions of the Nigerian government in September 2014, it was difficult to “transfer the necessary funds to ARISE”.
In December 2014, the company had debts for expenses of more than 3 million pounds. Debt to creditors has led to increased pressure from late 2014 onwards due to the company’s inability to repay debts.
The passage of the judgment read in part: “As at 31 December 2014, the total losses amounted to £ 12,922,174, with trade creditors (including those working for the company) of £ 3,737,445 and associates £ 14,407,929. As of December 31, 2015, the total losses were £ 24,913,106, with commercial creditors (including those working for the company) amounting to £ 5,635,596 and associates £ 19,681,779. As of April 22, 2016, total losses were £ 25,671,167, trade creditors (including those working for the company) £ 5,850,730, and associates £ 20,313,691. Trade creditors rose by £ 2,113,285, even taking into account that certain liabilities had been settled. The debt of affiliated companies increased by more than 5 million pounds during this period. “
The e-mail quoted in the verdict read: “Hello Kevin / Nduka, happy anniversary, I work under a contract for six months in Arise. I was paid a month’s money. February money is three months late. Still nothing, when will I get what I owe? “
According to the court, Obaigbena made an effort to make some payments, but large sums still existed. Unsure when any of the payments would be made, the court took into account that it did not consider a case of insincerity, but of unreliability.
“However, that does not mean that the case is any less serious. The public interest serves in this case, in my judgment by disqualifying Mr. Both for a period of 7 years “, it is stated in the verdict.