EFCC to Arraign Otudeko, Former First Bank MD Over Multi-Billion Naira Fraud Allegations

The EFCC prepares to arraign Oba Otudeko and a former First Bank MD for their alleged involvement in a multi-billion naira fraud case, intensifying Nigeria’s anti-corruption drive. 

A Federal High Court in Lagos has scheduled January 20 for the arraignment of Honeywell Group Chairman, Oba Otudeko, concerning allegations of a N12.3 billion fraud.

The Economic and Financial Crimes Commission (EFCC) has leveled a 13-count charge against Otudeko, former First Bank Managing Director Olabisi Onasanya, ex-Honeywell board member Soji Akintayo, and Anchorage Leisure Ltd., a company associated with the case.

The EFCC claims that the defendants misappropriated a total of N12.3 billion from First Bank, distributed across several tranches: N5.2 billion, N6.2 billion, N6.1 billion, N1.5 billion, and N500 million. These alleged offenses took place in Lagos between 2013 and 2014.

The prosecution, headed by Mrs. Bilikisu Buhari, further claimed that the defendants falsified documents to deceive the bank.

The case, designated as FHC/L/20C/2025, has been entrusted to Justice Chukwujekwu Aneke.