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EFCC to Prosecute Oba Otudeko and Former First Bank MD Onasanya Over ₦12.3 Billion Fraud Allegations

Published by admin on January 17th, 2025.

EFCC to Prosecute Oba Otudeko and Former First Bank MD Onasanya Over ₦12.3 Billion Fraud Allegations

The Economic and Financial Crimes Commission (EFCC) is set to bring charges against Chief Oba Otudeko, the Chairman of Honeywell Group, and Stephen Olabisi Onasanya, the former Managing Director of First Bank, for an alleged ₦12.3 billion fraud. The arraignment is scheduled for Monday, January 20, 2025, at the Federal High Court in Lagos.

Alongside Otudeko and Onasanya, a former Honeywell board member, Soji Akintayo, and a company linked to Otudeko, Anchorage Leisure Limited, are also named in the case.

The EFCC alleges that between 2013 and 2014, the accused individuals orchestrated fraudulent transactions involving sums of ₦5.2 billion, ₦6.2 billion, ₦6.15 billion, ₦1.5 billion, and ₦500 million. These funds were misrepresented as credit facilities for V-Tech Dynamic Links Limited and Stallion Nigeria Limited.

The 13-count charge, filed on January 16, 2025, further accuses the defendants of forging documents to deceive the bank into disbursing the funds. The case will be heard by Justice Chukwujekwu Aneke, and it is registered under FHC/L/20C/2025.

One of the charges accuses the defendants of conspiring to fraudulently obtain ₦12.3 billion from First Bank, under the false pretense that the funds were related to loan applications by the two companies. Other counts include allegations of false documentation, money laundering, and fraudulent transactions involving millions of Naira.

The EFCC has cited violations of the Advance Fee Fraud and Money Laundering (Prohibition) Acts, with the accused facing potential penalties under these laws.

The trial is expected to shed more light on the alleged misconduct involving high-profile figures and major financial

institutions.