Otudeko Faces N12 Billion Fraud Accusations from Former First Bank Employee

A former employee of First Bank of Nigeria Limited, Adesuwa Ezenwa has taken Oba Otudeko, former chairman   the bank to court over allegations of a massive fraud .Adesuwa  claims she was wrongly sacked in 2016 and is seeking compensation of N500 million and N25 million in legal fees.

Top of the allegations are questionable loans, including a N12 billion loan to a company linked to Otudeko, which was allegedly disguised as a loan to another company.

Ezenwa accussed Oba Otudeko of  siphoning some of this loan  off into accounts linked to him and other companies, with no intention of paying it back.

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Ezenwa believes she was made a scapegoat for the bank’s management failures and that her dismissal has ruined her reputation and future job prospects. Her lawsuit also highlights a pattern of unsecured loans given out under suspicious circumstances, including a N2 billion loan to Broadwaters Resources Company Nigeria Limited.

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This  revealation  has lead to intense scrutiny of First Bank’s management practices, and the fallout could be severe for those implicated. As the trial continues, the court has demanded that the Economic and Financial Crimes Commission and the Central Bank of Nigeria provide  audit reports to shed light on the allegations.