JUST IN: EFCC drags former First {Bank} chairman to court docket over alleged N12.3 billion fraud

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The Federal Excessive Court docket in Lagos has fastened 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 shall be arraigned alongside Stephen Olabisi Onasanya, a former Managing Director of First {Bank}, a former Honeywell board member, Soji Akintayo, and Anchorage Leisure Restricted, a agency linked to Otudeko.

The {Economic} and {Financial} Crimes Fee (EFCC) has filed a 13-count cost towards the defendants, accusing them of acquiring credit score amenities below false pretences and laundering the funds between 2013 and 2014 in Lagos.

In keeping with 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 introduced solid paperwork and misrepresented transactions to facilitate the fraudulent actions.

The fees, filed by EFCC counsel Bilikisu Buhari, allege violations of the Advance Charge Fraud and Different Fraud-Associated Offences Act 2006 and the Cash 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 extreme penalties, together with jail phrases and fines.

The arraignment is anticipated to make clear the alleged fraudulent dealings involving considered one of Nigeria’s main {financial} establishments and outstanding company figures.

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