EFCC To Arraign Oba Otudeko, Ex-First Bank MD Onasanya Over Alleged ₦12.3bn Fraud

The Federal High Court in Ikoyi, Lagos, has set Monday, January 20, 2025, for the arraignment of Chief Oba Otudeko, Chairman of Honeywell Group, and Stephen Onasanya, a former Managing Director of First Bank, over allegations of embezzling ₦12.3 billion from the bank.

Otudeko, Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited (a firm linked to Otudeko) face a 13-count charge brought by the Economic and Financial Crimes Commission (EFCC).

The charges include conspiracy, fraud, money laundering, and forgery allegedly committed between 2013 and 2014.

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The EFCC claims the accused conspired to obtain funds through false pretenses, including sums of ₦5.2 billion, ₦6.2 billion, ₦6.15 billion, ₦1.5 billion, and ₦500 million.

The funds were purportedly credited as loans to V-Tech Dynamic Links Limited and Stallion Nigeria Limited but were allegedly siphoned for personal use.

One count alleges that the defendants forged a document titled *”Letter of Application”* to deceive First Bank into believing the loan applications were legitimate.

•  Count 1: Conspiracy to fraudulently obtain ₦12.3 billion from First Bank.
• Count 2: Fraudulently obtaining ₦5.2 billion in November 2013.
• Count 4: Misappropriation of ₦6.15 billion from the funds.
• Count 13: Otudeko allegedly failed to disclose personal interests in a ₦6.15 billion loan as Chairman of First Bank.

The alleged offenses violate provisions of the Advance Fee Fraud Act 2006, Money Laundering (Prohibition) Act 2011 (as amended), and the Banks and Other Financial Institutions Act 2004.

However, the case, assigned to Justice Chukwujekwu Aneke, is registered as FHC/L/20C/2025.

The EFCC has filed the charges through its counsel, Bilikisu Buhari.

The court is expected to decide whether to grant bail or remand the accused as the trial begins. .