The Chairman of FBN Holdings (parent company of First Bank), Femi Otedola, has once again hammered on his dedication to the financial institution.

Reacting to the ongoing dispute with Nduka Obaigbena, the Chairman and Publisher of ThisDay and Arise News Channel, Otedola stated that he is beyond willing, to preserve the integrity of First Bank of Nigeria.

The disagreement between Otedola and Nduka, seemingly resulting in a media war, is based on allegations surrounding a $230 million loan, reportedly secured by GHL, the owners and operators of OML 120, a deep offshore oil block in Nigeria.

A Federal High Court in Lagos issued an order restraining all commercial banks in Nigeria from releasing funds or handling assets belonging to the oil firm.

Responding to this, Obaigbena defended GHL, saying that the matter is currently in court and arbitration for resolution.

According to him, the oil firm has obtained a court order safeguarding its operations pending a final determination.

Obaigbena said: “We hope for a favourable outcome under our system of justice. Unfortunately, First Bank continues to disregard and disobey a subsisting court judgment in favour of GHL and instead has chosen to mislead the public."

In a statement, Otedola countered Obaigbena's claims, saying that the GHL Chairman is employing diversionary tactics.

Otedola said: “This loan, facilitated with the help of the former Central Bank of Nigeria Governor, Mr. Godwin Emefiele, was purportedly for the operation of an oil block, which he obtained without competitive bidding.

"However, the funds were diverted for personal use – funding Mr. Emefiele’s presidential aspirations, acquiring luxury properties abroad, operating a private jet, and spending an extravagant $68 million on jet rentals in just four years.

“The actions initiated in the courts are necessary to recover funds that belong to depositors and ensure corporate governance.

“Let me remind the public that my integrity is not in question. As Chancellor of Augustine University and a benefactor of Save the Children Fund, I continue to dedicate my wealth to noble causes.

"I will not allow unscrupulous elements to derail the efforts of First Bank to recover loans or jeopardize the financial security of our shareholders.

“To all stakeholders, I assure you that I remain steadfast in my mission to protect First Bank’s integrity and ensure its continued success. Media blackmail will not deter me from this responsibility.”