EFCC to Arraign Oba Otudeko, Others on Monday Over Alleged N12.3bn Fraud

Chief Oba Otudeko, the chairman of the Honeywell Group, will be charged by the Economic and Financial Crimes Commission on Monday with suspected N12.3 billion fraud.

Olabisi Onasanya, a former managing director of First Bank; Soji Akintayo, a former board member of Honeywell; and Anchorage Leisure Ltd. are also named as defendants in the lawsuit.

The anti-graft agency filed 13 accusations against the defendants in a complaint dated FHC/L/20C/2025 before the Federal High Court in Lagos, including charges that bordered on forgery and fraud.

The defendants were accused by the EFCC of collecting N12.3 billion from First Bank Limited under the false pretense that the money reflected credit facilities that Stallion Nigeria Limited and V-tech Dynamic Links Limited had filed for between 2013 and 2014.

Additionally, they were accused of stealing N6.2 billion from First Bank Limited under the false pretense that the money represented credit facilities that Stallion Nigeria Limited in Lagos had sought for and received between 2013 and 2014.

According to Count 8, “On or around September 3, 2013, in Lagos and within the jurisdiction of this Honorable Court, you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo, and Anchorage Leisure Limited, uttered a forged document titled “Letter of Application” with the intent that the First Bank may use it in the belief that it is genuine and emanated from V-Tech Dynamic Links Limited. As a result, you committed an offense against Section 1(2)(c) of the Miscellaneous Offenses Act, Cap M17 Laws of the Federation of Nigeria 2004 and are subject to the same Act.”

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According to COUNT 13, “On or around September 3, 2013, in Lagos, within the jurisdiction of this Honorable Court, you, Chief Oba Otudeko, as Chairman of First Bank Plc, indirectly had a personal interest in a loan facility sought by V Tech Dynamics Links Limited in the amount of N6,150,000,000.00 (six billion, one hundred and fifty million naira only).” This interest was not disclosed to the Bank, and as a result, you committed an offense against Section 18(1) of the Banks and other Financial Institutions Acts of 2004 and were punished under Section 18(2) of the same Act.