Just in: Oba Otudeko faces court over alleged N12.3 billion fraud

Chief Oba Otudeko, Chairman of Honeywell Group and former Chairman of First Bank of Nigeria (FBN) Holdings, is set to appear before the Federal High Court in Lagos on Monday, January 20, 2025, for arraignment over allegations of a N12.3 billion fraud.

Diaspora digital media (DDM) gathered that the Economic and Financial Crimes Commission (EFCC) has filed a 13-count charge against Oba Otudeko, accusing him of conspiracy, fraud, and money laundering.

Other defendants in the case include Stephen Olabisi Onasanya, a former Managing Director of First Bank; Soji Akintayo, a former Honeywell board member; and Anchorage Leisure Limited, a company linked to Otudeko.

The EFCC alleges that Oba Otudeko and his co-defendants fraudulently obtained credit facilities from First Bank between 2013 and 2014, totaling over N12 billion.

According to the charges, the funds were obtained using forged documents and through the misrepresentation of transactions.

The alleged fraudulent sums were disbursed in tranches, including N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million.

Oba Otudeko is also accused of laundering the funds in violation of the Advance Fee Fraud and Other Fraud-Related Offences Act 2006 and the Money Laundering (Prohibition) Act, 2011 (as amended).

The EFCC claims the transactions involved Anchorage Leisure Limited and were orchestrated to divert and conceal the funds.

The case, presided over by Justice Chukwujekwu Aneke, is registered as FHC/L/20C/2025.

EFCC counsel Bilikisu Buhari is leading the prosecution, emphasizing the importance of the case due to its implications for Nigeria’s financial sector.

If convicted, Oba Otudeko and his co-defendants face severe penalties, including long prison terms and significant fines.

Oba Otudeko’s alleged role in defrauding one of Nigeria’s foremost financial institutions has attracted public attention, given his prominent standing in the corporate world.

The trial is expected to unveil the details of how the funds were acquired and mismanaged.

As the arraignment date draws near, stakeholders in the banking and business sectors are closely monitoring the case.

Oba Otudeko’s involvement highlights the dangers of financial misconduct and its potential to erode public trust in corporate governance and the banking industry.

This trial marks a significant moment for Nigeria’s justice system as it seeks to address allegations of high-level financial impropriety.

For Diaspora Digital Media Updates click on Whatsapp, or Telegram. For eyewitness accounts/ reports/ articles, write to: citizenreports@diasporadigitalmedia.com. Follow us on X (Fomerly Twitter) or Facebook