The Federal High Court in Lagos has scheduled January 20, 2025, for the arraignment of the Chairman of Honeywell Group, Chief Oba Otudeko, and former First Bank Managing Director Stephen Onasanya, on allegations of fraud involving N12.3 billion.
The Economic and Financial Crimes Commission (EFCC) will also arraign a former board member of Honeywell, Soji Akintayo, and Anchorage Leisure Limited, a company allegedly linked to Otudeko.
Allegations of Fraudulent Activities
The EFCC alleges that the defendants conspired to fraudulently obtain funds from First Bank in tranches of N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million between 2013 and 2014 in Lagos.
According to the 13-count charge filed by EFCC counsel Mrs. Bilikisu Buhari, the defendants allegedly used forged documents to mislead the bank into approving credit facilities for companies such as Tech Dynamic Links Limited and Stallion Nigeria Limited.
In one instance, the EFCC claims the defendants conspired to spend N6.15 billion of the funds, while other counts allege money laundering and false pretenses.
Specific Charges
The defendants face charges under various Nigerian laws, including:
- Advance Fee Fraud and Other Fraud Related Offences Act, 2006
- Money Laundering (Prohibition) Act, 2011 (as amended)
- Miscellaneous Offences Act, Cap M17, Laws of the Federation of Nigeria, 2004
- Banks and Other Financial Institutions Act, 2004
The EFCC further claims that Otudeko, while serving as Chairman of First Bank, had a personal interest in a N6.15 billion loan facility sought by V-Tech Dynamics Links Limited, which he allegedly failed to disclose to the bank.
Funds Mismanagement Allegations
The commission accuses the defendants of transferring large sums of money through various accounts:
- N6.2 billion to Stallion Nigeria Limited’s First Bank account.
- N2.09 billion from Stallion Nigeria Limited to Emmerado Logistics Limited’s account at First City Monument Bank.
Court Assignment and Next Steps
The case, registered as FHC/L/20C/2025, has been assigned to Justice Chukwujekwu Aneke. If convicted, the defendants face severe penalties under the respective laws.
The arraignment underscores the EFCC’s intensified efforts to combat financial crimes and hold prominent figures accountable for alleged fraudulent practices.
