The former chairman of First Bank of Nigeria (FBN), Oba Otudeko, has reportedly left Nigeria amid an ongoing investigation into alleged fraudulent activities.
The Matrix Gathered that Otudeko’s sudden departure follows the announcement of his impending arraignment by the Economic and Financial Crimes Commission (EFCC) on a 13-count indictment tied to alleged fraud.
The EFCC has accused Otudeko and three others of fraudulently securing a ₦30 billion loan.
The other defendants include Stephen Olabisi Onasanya, a former group managing director of FBN, as well as Soji Akintayo and another ex-board member of Honeywell Flour Mills plc.
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Sources revealed that Otudeko left the country through the Nigeria-Benin border on Thursday evening, reportedly accompanied by a family member. Efforts to reach him or his son, Obafemi Otudeko, for comments were unsuccessful.
Court documents allege that Otudeko and his co-defendants obtained multiple tranches of loans—₦12.3 billion, ₦5.2 billion, ₦6.2 billion, ₦6.1 billion, and ₦1.5 billion—between 2013 and 2014 under fraudulent pretenses.
In a statement issued by Olasumbo Abolaji, general counsel of Honeywell Group, Otudeko denied the allegations.
He claimed no formal invitation had been extended to him regarding the matter and reiterated that he had never held an executive position at FBN Holdings or its subsidiary, First Bank of Nigeria Limited.
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“Dr. Oba Otudeko categorically refutes the claims concerning his role in FBN Holdings and will aggressively defend his reputation,” the statement reads.
Otudeko, 81, described himself as a prominent investor and industrialist with over five decades of contributions to Nigeria’s economy.
He expressed confidence that the truth would emerge and stated his willingness to cooperate with the authorities when appropriately engaged.
The arraignment is scheduled to take place at the Federal High Court in Lagos, where the EFCC will present its case against Otudeko and the other accused.
