Court Strikes Out N30bn Fraud Charges Against Oba Otudeko As EFCC Withdraws

The Federal High Court in Lagos has struck out the 13-count charge filed against Oba Otudeko, business magnate and former chairman of First Bank of Nigeria (FBN).

Justice Chukwujekwu Aneke struck out the charges on Wednesday after Rotimi Oyedepo, counsel to the Economic and Financial Crimes Commission (EFCC), announced the withdrawal of the suit.

In January, the anti-graft agency filed the charges against Otudeko and three others over an alleged N30 billion loan 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.

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.

The absence of the former FBN chairman stalled the trial.

Subsequently, the defence team of Otudeko and the anti-graft agency explored an out-of-court settlement over the alleged loan fraud trial.