HomeCorruption#EFCC to Arraign Oba Otudeko, Ex-First Bank MD, Over Alleged N12.3 Billion...

#EFCC to Arraign Oba Otudeko, Ex-First Bank MD, Over Alleged N12.3 Billion Fraud

 

The Federal High Court in Lagos has scheduled the arraignment of Chief Oba Otudeko, Chairman of Honeywell Group, and former First Bank Managing Director Stephen Olabisi Onasanya, for Monday, January 20, 2025. The Economic and Financial Crimes Commission (EFCC) has accused them of embezzling N12.3 billion from First Bank through fraudulent transactions.

Otudeko, a former Chairman of First Bank Holdings, and Onasanya will face charges alongside Soji Akintayo, a former Honeywell board member, and Anchorage Leisure Limited, a company linked to Otudeko.

The EFCC’s 13-count charge, filed by its counsel Bilikisu Buhari, alleges that the defendants orchestrated the fraud in tranches of N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million between 2013 and 2014. They allegedly forged documents to secure credit facilities under false pretenses, diverting the funds for personal use.

Key Allegations:

  • Count 1: Conspiracy to defraud First Bank of N12.3 billion under the guise of credit facilities for V-Tech Dynamic Links Limited and Stallion Nigeria Limited.
  • Count 2-4: Fraudulently obtaining billions of naira in credit facilities between 2013 and 2014.
  • Count 5-6: Laundering funds totaling N2 billion and converting them for Honeywell Flour Mills’ use.
  • Counts 7-10: Forging and using false documents to mislead First Bank.
  • Count 11-12: Facilitating illicit fund transfers totaling over N8 billion to third-party accounts.
  • Count 13: Undisclosed personal interest in a N6.15 billion loan application while serving as First Bank Chairman.

The EFCC contends that these actions contravene sections of the Advance Fee Fraud and Other Fraud Related Offences Act, Money Laundering Prohibition Act, Miscellaneous Offences Act, and the Banks and Other Financial Institutions Act.

Justice Chukwujekwu Aneke will preside over the case, which is registered as FHC/L/20C/2025. If convicted, the defendants face severe penalties, including imprisonment and fines.

This high-profile case underscores the EFCC’s commitment to tackling corruption in Nigeria’s financial sector.

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