JUST IN: Court Strikes Out EFCC’s Fraud Case Against Oba Otudeko, Others Following Settlement With First Bank
Lagos, July 17, 2025 — Justice Chukwujekwu Aneke of the Federal High Court in Ikoyi has struck out a 13-count fraud charge filed by the Economic and Financial Crimes Commission (EFCC) against the former Chairman of First Bank of Nigeria, Oba Otudeko, and three others after the matter was resolved amicably between the parties.
The case, which also involved former FirstBank Managing Director Bisi Onasanya, ex-board member of Honeywell Group Soji Akintayo, and Anchorage Leisure Ltd, was dismissed following an intervention by the Attorney General of the Federation (AGF), Lateef Fagbemi (SAN).
The EFCC had accused the defendants of fraudulently obtaining various sums—₦12.3 billion, ₦6.2 billion, ₦5.2 billion, ₦6.1 billion, and ₦1.5 billion—under the false pretense that the funds were secured by several companies from First Bank.
However, during Wednesday’s proceedings, EFCC’s lead counsel, Rotimi Oyedepo (SAN), informed the court that the AGF opted to withdraw the charges after reviewing extensive documentation from First Bank indicating that the funds in question had been fully repaid and returned to the bank’s treasury.
Oyedepo said the AGF made the decision in the interest of justice, public policy, and to prevent an abuse of the judicial process, citing Section 108 of the Administration of Criminal Justice Act (ACJA), 2015. He also noted that First Bank, in a formal letter dated July 21, 2025, had communicated its decision to no longer pursue the matter.
Counsel to the first defendant, Bode Olanipekun (SAN), corroborated the EFCC’s submission, confirming full repayment of the alleged loans. Adeyinka Olumide-Fusika (SAN), representing the second defendant, also told the court that the AGF had clarified in earlier meetings that the matter primarily concerned the relationship between First Bank and Otudeko.
With no objections from any of the defence counsels, Justice Aneke struck out the charges.
Speaking to journalists outside the courtroom, Michael Osunniyi, media adviser to Mr Onasanya, praised his principal’s conduct throughout the legal process. He said Onasanya consistently attended court to clear his name and uphold his legacy.
“Dr. Onasanya’s reputation means everything to him,” Osunniyi said. “He built his career on dedication, integrity, and professionalism. Despite the pain this case caused, he did not run from the allegations—he faced them head-on.”
He added that Onasanya, who voluntarily retired from First Bank in 2015, would always defend his reputation against “the antics of mischief-makers”.
