Oba Otudeko, the Chairman of Honeywell Group and one of Nigeria’s foremost business magnates, has responded to allegations linking him to the ongoing conflict between First Bank of Nigeria (FBN) and General Hydrocarbons Limited (GHL).
The controversy arises from an alleged N12.3 billion fraud case filed by the Economic and Financial Crimes Commission (EFCC), which has reportedly summoned representatives of the Central Bank of Nigeria (CBN) and FBN to testify against Oba Otudeko and former FBN Managing Director Olabisi Onasanya.
Otudeko Refutes Allegations
In a statement signed by Olasumbo Abolaji, General Counsel of Honeywell Group, Dr. Otudeko refuted claims of any operational involvement in FBN Holdings or its banking subsidiary, First Bank of Nigeria Limited. The statement clarified:
“Dr. Oba Otudeko has never served in an executive capacity within FBN Holdings or its banking subsidiary. As such, he has had no operational responsibility within the organization.”
The statement also highlighted Dr. Otudeko’s willingness to cooperate with any government agency if summoned, emphasizing that neither he nor his legal team has received any official invitation regarding the case.
Decades of Contributions to Nigerian Business
Dr. Otudeko’s tenure as Chairman of FBN Holdings from 1997 to 2021 was pivotal in transforming the bank into a leading pan-African financial services institution. The statement lauded his legacy, stating:
“He has built directly from scratch and has worked with others to build many of Nigeria’s most successful companies, including FBN Holdings.”
Focus on Mentorship and Legacy
At 81, Dr. Otudeko is focused on mentoring young business leaders and driving societal development through enterprise. He dismissed any interest in returning to FBN Holdings or assuming executive roles in any organization, stating:
“FBN Holdings, a legacy institution built over 130 years, holds a special place in Dr. Otudeko’s heart. However, he is not interested in serving in an executive or non-executive capacity on any board aside from those he currently sits on.”
EFCC’s Allegations
The EFCC accuses Dr. Otudeko and others of fraudulently securing N12.3 billion in credit facilities from First Bank between 2013 and 2014. According to the charges, the defendants allegedly misrepresented loan applications, using entities such as Stallion Nigeria Limited to obtain N6.2 billion in credit under false pretenses.
The EFCC claims these actions violated Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, punishable under Section 1(3) of the same Act.
Call for Responsible Journalism
Dr. Otudeko’s statement urged media outlets to ensure accuracy in reporting sensitive matters, emphasizing the importance of fairness and professionalism in journalism.
Outlook
As the legal proceedings unfold, Dr. Otudeko remains confident that the truth will prevail. His response highlights his dedication to transparency and his enduring legacy in shaping Nigeria’s business landscape.
This case continues to attract significant attention, reflecting the intersection of Nigeria’s financial, legal, and business ecosystems.
