EFCC files charges against Honeywell Group Chairman, one other

The Economic and Financial Crimes Commission (EFCC) has initiated a serious legal action against Chief Oba Otudeko, the Chairman of Honeywell Group. Additionally, they have charged Olabisi Onasanya, a former Managing Director of First Bank, for allegedly obtaining a staggering N12.3 billion from the bank.

On Monday, January 20th, both individuals will face arraignment before Justice Chukwuejekwu Aneke at the Federal High Court in Lagos. This court appearance marks a significant step in the ongoing investigation into financial misconduct involving high-profile executives.

In addition to Otudeko and Onasanya, the EFCC has included Soji Akintayo, a former board member of Honeywell Flour Mills Plc, and a company associated with Otudeko, Anchorage Leisure Ltd, in the case. All four defendants are now officially listed in the suit filed by EFCC prosecutor Bilkisu Buhari-Bala on January 16, 2025.

The EFCC alleges that the defendants committed fraud in multiple transactions, totaling N12.3 billion between 2013 and 2014 in Lagos. Specifically, the fraudulent activities involved five separate amounts: N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million.

To substantiate their claims, the EFCC plans to summon several representatives from First Bank. Key witnesses include Cecelia Majekodunmi, Ola Michael Aderogba, Abiodun Olatunji, Raymond Eze, Abiodun Odunbola, and Adeeyo David.

These individuals will provide evidence concerning the alleged fraudulent misrepresentation committed by the defendants during the trial.

Additionally, they must prepare detailed testimonies to support their claims against the defendants’ actions effectively.

Furthermore, the EFCC will gather testimonies from representatives of the Central Bank of Nigeria and Stallion Nigeria Limited.

Additionally, it will seek information from V-tech Dynamics Ltd to strengthen its case and clarify the allegations.

Notably, additional witnesses, including Farida Abubakar and Adaeze Nwakoby, have also been included in the EFCC’s list.

The offenses committed by the defendants allegedly violate Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act of 2006. Consequently, these actions are punishable under Section 1 (3) of the same Act.

Count 1 states that between 2013 and 2014, Otudeko, Onasanya, Akintayo, and Anchorage Leisure Limited conspired to fraudulently acquire N12.3 billion from First Bank.

They misrepresented this amount as credit facilities requested by V-Tech Dynamic Links Limited and Stallion Nigeria Limited, fully aware that their claims were false.

In Count 2, the defendants face accusations of acquiring N5.2 billion from First Bank on November 26, 2013, using false pretenses related to V-Tech Dynamic Links Limited.

Additionally, Count 3 alleges that they acquired N6.2 billion from First Bank during that same period, misrepresenting funds.

They falsely presented these funds as credit facilities intended for Stallion Nigeria Limited, furthering their deceptive practices.

Count 4 states that Otudeko, Onasanya, Akintayo, and Anchorage Leisure Limited conspired on November 26, 2013, to misappropriate N6.15 billion.

They should have known this amount came from the proceeds of their unlawful activities.

This count violates Sections 18(a) and 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended).

Finally, Count 5 accuses the defendants of procuring Honeywell Flour Mills Plc to retain N1.5 billion on December 11, 2013.

They acknowledged that this amount came from their illegal activities, which clearly violated the Money Laundering Act.

Consequently, they faced serious legal repercussions.

Consequently, their actions clearly contravened the provisions set forth by the same Money Laundering Act during these activities.

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