‘N30bn fraud’: Otudeko, EFCC to explore out-of-court settlement

The defence team of Oba Otudeko and the Economic and Financial Crimes Commission (EFCC) are exploring an out-of-court settlement over alleged loan fraud trial. 

Wole Olanipekun, the defence counsel, revealed the settlement talk while appearing before a federal high court in Lagos on Monday.

EFCC had filed a 13-count charge against Otudeko and three others over an alleged N30 billion loan fraud.

On February 13, the court adjourned its ruling on the defence counsel’s various applications challenging its jurisdiction.

Delivering a ruling on Monday, Chukwuekwu Aneke, the presiding judge, insisted that Otudeko must take a plea in the court before an application challenging the court’s jurisdiction can be decided.

Following the ruling, Olanipekun informed the court that settlement discussions were ongoing.

He said a meeting was held on March 12 involving all parties under the supervision of the office of the attorney-general of the federation (AGF).

He added that the prosecution team was also present at the settlement meeting.

Olanipekun then requested an adjournment for a report on the settlement without setting an arraignment date. The defence counsel argued that setting an arraignment date during the settlement meeting may cause prejudices.

The court granted the defense’s request and adjourned the case until May 8 for a report on the settlement.