Oba Otudeko Dismissed Fraud Allegations, Says He Never Served In Executive Capacity Within FBN Holdings

Dr. Oba Otudeko, the founder of Honeywell Group and former chairman of First Bank Nigeria, has refuted reports stating the Economic and Financial Crimes Commission (EFCC) has filed charges against him and three others over alleged fraud.

The report stated that the EFCC accused Otudeko and the other defendants, Stephen Olabisi Onasanya, a former group managing director of FBN; Soji Akintayo, an ex-board member of Honeywell Flour Mills plc; and Anchorage Limited, 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 between 2013 and 2014.

In a statement released by Honeywell Group on Thursday and signed by Olasumbo Abolaji, its general counsel, Otudeko dismissed these claims as baseless, clarifying his relationship with FBN Holdings, where he served as a director and later chairman from 1997 to 2021.

“With regards to the reported claims, Dr Oba Otudeko would like to clarify that he has never served in an executive capacity within FBN Holdings and its banking subsidiary, First Bank of Nigeria Limited and as such has had no operational responsibility in the organisation,” the statement noted.

The Honeywell Group founder disclosed that neither he nor his legal team has received any official summons or invitation from relevant authorities.

He reiterated his willingness to cooperate with any government agency carrying out its oversight duties, provided such processes adhere to the highest standards of professionalism.

“As of this moment, he has received no official summons, neither has his legal team received any official invitation from relevant authorities. As he has done in the past, Dr Oba Otudeko is always ready and available to assist any government agency with appropriate oversight in the execution of their duties, with the expectation that these affairs will be conducted with the highest standard of professionalism,” the statement read.

He also called on journalists to verify sensitive information before publication to ensure accuracy and fairness.

“While we respect the role of the press in keeping the public informed, we urge journalists to verify such sensitive information before publication to ensure accuracy and fairness,” the statement noted.

Otudeko stated that at 81, he is now focused on mentoring future business leaders and fostering societal development through enterprise.

He categorically ruled out any interest in serving in an executive or non-executive capacity in any organisation beyond his current commitments.

“He is not interested in serving in an executive capacity in any organization in Nigeria or elsewhere, neither is he interested in serving in a non-executive capacity on any board asides those he currently sits on. This includes any possibility of returning to the board of FBN Holdings Plc, which appears to be the focus of the recent unfortunate news barrage,” the statement read.

The business mogul reaffirmed his trust in FBN Holdings, a 130-year-old legacy institution, to thrive in its future endeavours.