Alleged N12.3b fraud: EFCC to arraign ex-First Bank MD Otudeko on Monday

For allegedly looting N12.3billion naira from First Bank of Nigeria Plc, the Economic and Financial Crimes Commission (EFCC) will on Monday, January 20 arraign the Chairman of Honeywell Group, Chief Oba Otudeko, and a former First Bank Managing Director, Stephen Olabisi Onasanya.

Otudeko, former Chairman of First Bank of Nigeria (FBN) Holdings, and Onasanya are to be arraigned alongside a former board member of Honeywell Soji Akintayo, and a firm, Anchorage Leisure Limited connected to Otudeko.

Otudeko, Onasanya, Akintayo, and Anchorage will be arraigned before Justice Chukwujekwu Aneke, wherein the case marked FHC/L/20C/2025, was assigned.

However, the EFCC alleged that the four committed the fraud in tranches of N5.2billion, N6.2billion, N6.150billion, N1.5billion and N500million, between 2013 and 2014 in Lagos,

The anti-graft has therefore filed a 13 counts charge, through its counsel, Ms Bilikisu Buhari dated January 16, 2025.

The commission alleged that the defendants made and uttered forged documents to deceive the bank.

The defendants were alleged of conspiring “to obtain the sum of N12.3Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V-Tech Dynamic Links Limited and Stallion Nigeria Limited, which representation you know to be false.”

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Also, the defendants, on or about November 26, 2013, in Lagos, obtained the sum of N5.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V-Tech Dynamic Links Limited which representation they know to be false.

“The defendants, between 2013 and 2014 in Lagos, obtained N6.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for and disbursed to Stallion Nigeria Limited, which representation you know to be false.”

In the 4th count, they were accused of conspiring to spend the N6,15 Billion, out of the monies.

According to the Commission, their offences contravened the provisions of Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006 and was punishable under Section 1(3) of the same Act.