Alleged N30bn fraud: Otudeko to know fate March 17 | EFCC demands ex-chairman’s presence in court

A federal high court sitting in Lagos will on March 17 deliver its ruling on the various applications challenging its jurisdiction in the charge filed against Oba Otudeko, the former chairman of First Bank Nigeria (FBN).

The Economic and Financial Crimes Commission (EFCC) had filed a 13-count charge against Otudeko and three others over an alleged N30 billion loan fraud.

Charged along with him are Olabisi Onasanya, former managing director of First Bank, Soji Akintayo, former Honeywell board member, and Anchorage Leisure Ltd in a case marked FHC/L/20C/2025.

In court on Thursday, Justice Chukwujekwu Aneke heard the arguments of the defence counsel challenging the jurisdiction of the court.

He also listened to the counter arguments of the EFCC counsel, who also asked that Otudeko should present himself in court at the next hearing.

Olanipekun, counsel to Otudeko, said his client already filed an application dated January 28, 2025 to explain why he was not in the country.

He said Otudeko had left for the UK for medical treatment on January 16, 2025 before the charge was filed.

Other defence counsel, Olasupo Shashore (for Onasanya), Kehinde Ogunwumiju (for Akintayo) and Ade Adedeji (for Anchorage), all argued their applications that the court does not have the jurisdiction to entertain the case.

Rotimi Oyedepo, the EFCC counsel, said the commission had complied with the court’s directive to serve the defendants by substituted means.

He argued that the priority should be to determine when the defendants would return to court to take their plea since Otudeko was absent.

But Olanipekun said the court must first decide jurisdiction before proceeding with the case, arguing that it was a civil matter that should not have been prosecuted by the EFCC.

Oyedepo, in his response, said an arraignment should take precedence before any application is entertained.

Aneke adjourned the case until March 17 for a ruling.

THE COUNTS

In the charge sheet seen by TheCable, the EFCC accused Otudeko and the other defendants of obtaining tranches of loans—N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion—from First Bank under the pretence that the funds were obtained by some firms.

The anti-graft agency said the credit facilities were obtained between 2013 and 2014.

“That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO AND ANCHORAGE LEISURE LIMITED between 2013 and 2014 in Lagos, within the jurisdiction of this 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,” the first count reads.

“That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO, and ANCHORAGE LEISURE LIMITED, on or about 26th day of November, 2013 in Lagos, within the jurisdiction of this Honourable Court obtained the sum of N5,200,000,000,00 (Five Billion, Two 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 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.

The anti-graft agency also said there will be 12 witnesses for the trial.

The witnesses include three EFCC investigators and representatives of First Bank, Central Bank of Nigeria (CBN), Stallion Nigeria, and V-tech Dynamics Limited.

In August 2024, Adesuwa Ezenwa, a former relationship manager at First Bank, told the national industrial court that loans worth billions of naira were transferred to companies related to Otudeko even though they were granted in the name of other firms.