The Economic and Financial Crimes Commission (EFCC) has enlisted representatives from the Central Bank of Nigeria (CBN) and First Bank of Nigeria (FBN) to testify against billionaire businessman and Chairman of Honeywell Group, Chief Oba Otudeko, in an alleged N12.3 billion fraud case.
The case, filed under suit number FHC/L/20C/2025 at the Federal High Court in Lagos, also names former First Bank Managing Director Olabisi Onasanya, a former board member of Honeywell Flour Mills Plc, Soji Akintayo, and Anchorage Leisure Limited, a company linked to Otudeko, as defendants.
EFCC’s Allegations
The EFCC has leveled a 13-count charge against the defendants, accusing them of obtaining N12.3 billion fraudulently from First Bank through multiple transactions between 2013 and 2014.
According to the charges, the defendants allegedly secured N6.2 billion in credit facilities from First Bank under the guise of loans to Stallion Nigeria Limited. The EFCC contends that these transactions contravened Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, punishable under Section 1(3) of the same Act.
In one charge, the EFCC alleges:
“That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO, AND ANCHORAGE LEISURE LIMITED, on or about the 26th day of November 2013 in Lagos, conspired to use the total sum of N6,150,000,000, which you reasonably ought to have known forms part of proceeds of your unlawful activities, to wit: Obtaining by False Pretence.”
Another count alleges that the defendants caused Honeywell Flour Mills Plc to retain N1.5 billion, believed to be proceeds of illegal activities.
Additionally, the EFCC claims Otudeko failed to disclose a personal interest in a N6.15 billion loan facility sought by V-Tech Dynamics Links Limited while serving as Chairman of First Bank.
Witnesses and Evidence
The EFCC plans to call the following witnesses:
- Investigators from the EFCC
- Representatives of V-Tech Dynamics Links Limited
- Representatives of Stallion Nigeria Limited
- Officials from First Bank
- CBN representatives from the Directorate of Banking Supervision
These witnesses will provide evidence, including documentation, to support the EFCC’s case.
Otudeko’s Defense
Chief Oba Otudeko has denied the allegations and maintains his innocence. In a statement through his legal counsel, Otudeko expressed confidence in the judiciary and reiterated his readiness to clear his name.
What This Means
This case underscores the EFCC’s commitment to addressing financial improprieties in Nigeria’s banking sector. However, the allegations remain unproven, and the defendants are presumed innocent until the court delivers its judgment.
The trial is scheduled to begin on January 20, 2025, before Justice Chukwuejekwu Aneke at the Federal High Court in Lagos.
Rich List Nigeria’s Perspective
As one of Nigeria’s prominent billionaires and the former chairman of First Bank, Chief Oba Otudeko’s involvement in this high-profile case draws significant attention. His leadership at Honeywell Group and other ventures has made him a key figure in Nigeria’s corporate landscape. The outcome of this case will not only impact Otudeko’s legacy but also the reputation of the institutions involved.
