According to sources, Dr. Oba Otudeko, the chairman of Honeywell Group and the former chairman of First Bank Plc, departed Nigeria soon after it was revealed that he would soon be arraigned for fraud by the Economic and Financial Crimes Commission, or EFCC.
It discovered that on Thursday night, Otudeko departed the nation through one of Nigeria’s land borders. According to security officials, a family member dropped him off at the Nigeria-Benin border.
Oba Otudeko and three others were charged with 13 counts by the anti-graft commission before the Federal High Court in Lagos. The charges center on claims that a ₦30 billion loan was obtained fraudulently and under false pretenses.
Co-defendants include former First Bank Group Managing Director Stephen Olabisi Onasanya, former Honeywell Flour Mills Plc board member Soji Akintayo, and Anchorage Limited, a business purportedly associated with Otudeko.
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The First Bank loan tranches that Otudeko and his co-defendants obtained totaled ₦12.3 billion, ₦5.2 billion, ₦6.2 billion, ₦6.1 billion, and ₦1.5 billion, according to the EFCC. According to reports, these cash were acquired by pretending to be distributed to other businesses.
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