EFCC charges Oba Otudeko, ex First Bank MD to court over alleged N12.3 billion fraud
The defendants were accused of allegedly looting N12.3 billion from First Bank
A Federal High Court in Lagos, on Thursday, fixed Jan. 20, for arraignment of Chairman of the Honeywell Group, Oba Otudeko, over alleged N12.3 billion fraud.
The Economic and Financial Crimes Commission (EFCC) preferred a 13-count charge against Otudeko, and a former Managing Director of First Bank Plc, Olabisi Onasanya.
Also charged is a former board member of Honeywell, Soji Akintayo and a firm, Anchorage Leisure Ltd.
First Bank projects steady growth for Nigeria
The. charge is marked FHC/L/20C/2025
The defendants were accused of allegedly looting N12.3 billion from First Bank.
According to the EFCC, they committed the offence in tranches of N5.2 billion, N6.2 billion, N6.1 billion, N1.5 billion and N500 million, between 2013 and 2014 in Lagos,
The charge, filed on Thursday by EFCC prosecutor, Mrs Bilikisu Buhari, further claimed that the defendants, made and forged documents to deceive the bank.
According to the charges filed by EFCC counsel Bilikisu Buhari, the alleged fraud took place between 2013 and 2014, involving credit facilities purportedly applied for by V-TECH Dynamic Links Limited and Stallion Nigeria Limited. These facilities, amounting to N5.2 billion and N6.2 billion respectively, were allegedly secured under false pretenses. The EFCC further claims that the funds were diverted to entities connected to the defendants.
Additional allegations include money laundering, with Chief Otudeko and Mr. Onasanya accused of converting N1.5 billion and N500 million for the use of Honeywell Flour Mills Plc. The EFCC asserts that these funds are proceeds of unlawful activities. The charges also encompass forgery and the falsification of documents intended to mislead First Bank.
They are to appear before Justice Chukwujekwu Aneke, to whom the case, has been assigned.
Other troubles for Otudeko…
In 2024, Adesuwa Ezenwa, a former employee of First Bank of Nigeria, has accused Billionaire, Oba Otudeko, of fraud while he was serving as chairman of FBN Holdings PLC.
This was disclosed in the application by the former bank employee before the National Industrial Court, Lagos.
In a legal action document cited by PREMIUM TIMES, she alleged that she granted unsecured loans to companies in which Mr. Otudeko had investments.
The former bank employee stated she was dismissed in 2016 “without any reason whatsoever being offered”, asking the court to reward her several millions for the bank’s termination of her appointment.
According to the reports, in the disclosure, Mrs. Adesuwa stated that she played a part in providing unsecured loans of up to N12 billion for the Stallion Group of companies, in which Mr. Otudeko had significant investments.
She also said that the loan, which was termed “loans granted to stallion groups of companies,” was for the personal and business interests of the billionaire.
“Out of the N12 billion camouflaged as lending to the Stallion Group, N8.21 billion was transferred through various accounts to a final destination account belonging to a company known as V-TECH LTD, which belongs to the chairman of FBN Holdings, Oba Otudeko, while the sum of N4.45 billion out of the same fictitious facility was transferred to Ontario Oil and Gas.”
According to her, Swap Technologies and Telcomm Plc, Orbit Cargo, Netconstruct Nigeria Limited, and High-Performance Distribution Limited were also mentioned as beneficiaries of unsecured loans that were approved while she was a relationship manager.
