EFCC to arraign Oba Otudeko, ex-FirstBank MD Onasanya over alleged ₦12.3bn fraud
By Jeffrey Agbo
The Economic and Financial Crimes Commission (EFCC) has filed a 13-count charge against Chief Oba Otudeko, Chairman of Honeywell Group, and Olabisi Onasanya, a former Managing Director of First Bank, over an alleged ₦12.3 billion fraud.
The duo, alongside Soji Akintayo, a former director of Honeywell Flour Mills, and Anchorage Leisure Ltd., a company linked to Otudeko, will be arraigned on Monday, January 20, 2025, before Justice Chukwuejekwu Aneke of the Federal High Court in Lagos, reports Channels TV Thursday.
According to court documents filed by EFCC prosecutor Bilkisu Buhari-Bala, the alleged fraud occurred between 2013 and 2014 in Lagos. The defendants are accused of obtaining funds in tranches of ₦5.2 billion, ₦6.2 billion, ₦6.15 billion, ₦1.5 billion, and ₦500 million under false pretenses.
The EFCC alleges that the funds were fraudulently obtained from First Bank on the false claim that they were credit facilities for V-Tech Dynamics Links Limited and Stallion Nigeria Limited.
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Key witnesses, including representatives from First Bank, the Central Bank of Nigeria, Stallion Nigeria Limited, and V-Tech Dynamics Ltd., are expected to testify and provide evidence against the defendants.
The EFCC’s charges claim the actions contravene Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, punishable under Section 1(3) of the same Act.
The first count says that Otudeko, Onasanya, Akintayo and Anchorage Leisure Limited between 2013 and 2014 in Lagos, within the jurisdiction of the Honourable Court conspired amongst yourselves to obtain the sum of N12,300,000,000.00 (Twelve Billion, Three Hundred Million Naira Only),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, and you thereby committed an offence contrary to Section 8(a) of Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under Section 1(3) of the same Act.
In Count 2, it was alleged that the defendants, on or about 26th day of November, 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 you know to be false.”
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