HomeCrime#Oba Otudeko Flees to London as EFCC Plans Arraignment for Alleged ₦12.3...

#Oba Otudeko Flees to London as EFCC Plans Arraignment for Alleged ₦12.3 Billion Fraud

Former FBN Holdings Chairman, Oba Otudeko, has left Nigeria for London amid looming arraignment by the Economic and Financial Crimes Commission (EFCC) over charges of falsification, fraud, and diversion of loan proceeds. Sources confirmed that Mr. Otudeko departed Lagos on Thursday via British Airways, ahead of his scheduled court appearance on Monday.

The EFCC, unaware of his departure, has vowed to proceed with the arraignment of the three other defendants and will seek a bench warrant for Mr. Otudeko’s arrest should he fail to appear.

Allegations Against Otudeko and Co-Defendants

The EFCC filed multiple charges at the Federal High Court in Lagos on Thursday, accusing Mr. Otudeko and his co-defendants of engaging in financial misconduct, including:

  • Procuring Honeywell Flour Mills to retain ₦1.5 billion in alleged unlawful proceeds in December 2013.
  • Facilitating the transfer of ₦6.2 billion from Honeywell Flour Mills’ accounts to Stallion Nigeria’s First Bank account.
  • Transferring ₦2.1 billion from Stallion Nigeria’s account to Emmerado Logistics Limited’s First City Monument Bank account.
  • Forging an investment certificate authorization to mislead First Bank.

The case also implicates former FBN Holdings CEO, Bisi Onasanya, and Soji Akintayo, a former director of Honeywell Flour Group and Anchorage Leisure Limited.

Background and Regulatory Scrutiny

Mr. Otudeko, who controls Honeywell Flour Mills, has faced mounting scrutiny in recent years. In 2021, the Central Bank of Nigeria removed him as chairman of FBN Holdings over alleged violations of corporate governance principles, including his role in the controversial ousting of the bank’s then-CEO, Adesola Adeduntan.

Next Steps

As the EFCC moves to prosecute, the absence of Mr. Otudeko could escalate the case. The agency has emphasized its commitment to ensuring justice, stating it will enforce legal measures to secure his presence in court.

This high-profile case is seen as a test of Nigeria’s resolve to combat financial crimes involving influential figures in the corporate sector.

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