The Federal High Court in Lagos has fixed Monday, January 20, 2025, for the arraignment of Chief Oba Otudeko, Chairman of Honeywell Group and former Chairman of First Bank of Nigeria (FBN) Holdings, over allegations of a N12.3 billion fraud.
Otudeko will be arraigned alongside Stephen Olabisi Onasanya, a former Managing Director of First Bank, a former Honeywell board member, Soji Akintayo, and Anchorage Leisure Limited, a firm linked to Otudeko.
The Economic and Financial Crimes Commission (EFCC) has filed a 13-count charge against the defendants, accusing them of obtaining credit facilities under false pretences and laundering the funds between 2013 and 2014 in Lagos.
According to the EFCC, the defendants conspired to defraud First Bank of sums in tranches of N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million. They allegedly presented forged documents and misrepresented transactions to facilitate the fraudulent activities.
The charges, filed by EFCC counsel Bilikisu Buhari, allege violations of the Advance Fee Fraud and Other Fraud-Related Offences Act 2006 and the Money Laundering (Prohibition) Act, 2011 (as amended).
Justice Chukwujekwu Aneke will preside over the case, registered as FHC/L/20C/2025. If convicted, the defendants face severe penalties, including jail terms and fines.
The arraignment is expected to shed light on the alleged fraudulent dealings involving one of Nigeria’s leading financial institutions and prominent corporate figures.
