Alleged N6.2bn Fraud: Court Set March 17 To Hear Otudeko’s Applications

 

The Federal High Court, Lagos has set March 17, 2025, to rule on various applications challenging its jurisdiction to hear a 13-count charge filed against Oba Otudeko, the former chairman of First Bank Nigeria (FBN), and three others over alleged fraud.

The court fixed the date following arguments heard from counsel representing the Economic and Financial Crimes Commission (EFCC) and the defendants.

While Otudeko was absent from the court, Stephen Olabisi Onasanya, the former group managing director of FBN, and Soji Akintayo, a former board member of Honeywell Flour Mills PLC, were present.

Rotimi Oyedepo SAN appeared for the prosecution, while Chief Wole Olanipekun SAN, Oladipo Shasore SAN, Kehide Ogunwumiju, and Ade Adedeji SAN appeared for the 1st to 4th defendant. Also, Mr. Jide Koku SAN announced for the compliant (First Bank)

Chief Olanipekun informed the court that Otudeko had filed an application, dated January 28, 2025, explaining his absence.

The application stated that Otudeko left Nigeria on January 16, 2025, for medical treatment in the United Kingdom, arriving at Heathrow Airport the same day. Olanipekun emphasized that Otudeko had left the country lawfully and did not abscond.

In response, Oyedepo reminded the court that the matter had been adjourned for the arraignment of the defendants, and the prosecution had followed the court’s directive to serve the defendants by substituted means.

Counsel for the 2nd, 3rd, and 4th defendants, including Ogunwumiju SAN, Adedeji SAN, and Shasore SAN, argued that the court should first hear their application challenging its jurisdiction before proceeding with the case.

Specifically, Ogunwumiju SAN, in his application dated February 10, 2025, requested the court to quash or decline jurisdiction over counts 1 to 10, alleging abuse of judicial process and a lack of prima facie evidence.

He prayed the court for an order restraining the Economic and Financial Crimes Commission (EFCC) or its agents, officials, staff, officers, or any person howsoever described from arresting, inviting, detaining, harassing and molesting the 3rd defendant/applicant on account of this charge pending the determination of this Motion on Notice.

The application is also seeking for an order striking out the name of the 3rd defendant from the charge as the proof of evidence does not disclose anything linking him to the offences mentioned in the charge.

But EFCC Prosecutor Oyedepo countered, stating that the allegations in the 13-count charge stemmed from a detailed investigation, revealing that the 1st and 2nd defendants colluded to defraud First Bank.

He asserted that the charge was filed in accordance with the provisions of the Administration of Criminal Justice Act, 2015, and there was no requirement for the prosecution to file an affidavit of investigation completion before filing charges.

He maintained that the Court has the requisite jurisdiction to hear and determine the instant charge preferred against the defendants.

He added that the facts and circumstances of the case revealed that the depositors’ funds in First Bank were fraudulently converted to the use of the Defendants.

He submitted that court has the power and requisite jurisdiction to hear and determine each of the counts contained in the instant criminal charge.

He argued “That the current charge was filed in accordance with with the provisions of Administration of Criminal Justice Act,2015.

“That the Administration of Criminal Justice Act,2015 did not impose on the Prosecution additional obligation of filing affidavit completion of investigation before filing a criminal charge.

Following the submissions.of counsel, Justice Aneke adjourned till March 17 for ruling.

The EFCC has filed the 13-count charge against Oba Otudeko, Onasanya, Akintayo, and Anchorage Limited for allegedly obtaining loans totaling billions of naira from First Bank under false pretenses between 2013 and 2014.

The Economic and Financial Crimes Commission (EFCC) has filed a 13-count charge against Oba Otudeko, a former chairman of First Bank Nigeria (FBN), and three others over alleged fraud.

The three other defendants are Stephen Olabisi Onasanya, a former group managing director of FBN; Soji Akintayo, an ex-board member of Honeywell Flour Mills plc; and Anchorage Limited, a company linked to Otudeko.

In the charge sheet, 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.