The Economic and Financial Crimes Commission (EFCC) has filed a 13-count charge of alleged fraud against Oba Otudeko, a former chairman of First Bank Nigeria Holdings, and three others.
The charges, filed at the Federal High Court in Lagos, allege fraudulent acquisition of over N30 billion in loans under false pretenses.
Joining Otudeko as defendants are Stephen Olabisi Onasanya, a former Group Managing Director of First Bank; Soji Akintayo, an ex-board member of Honeywell Flour Mills Plc; and Anchorage Limited, a company linked to Otudeko.
The EFCC alleges that between 2013 and 2014, the defendants conspired to fraudulently secure multiple credit facilities from First Bank.
According to the charge sheet, the loans—amounting to N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion—were ostensibly granted to V-Tech Dynamic Links Limited and Stallion Nigeria Limited, but the funds were funneled to companies tied to Otudeko.
One of the charges reads:
“That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO, and ANCHORAGE LEISURE LIMITED, between 2013 and 2014 in Lagos, within the jurisdiction of this Honourable Court, conspired amongst yourselves to obtain the sum of N12,300,000,000.00 from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V-Tech Dynamic Links Limited and Stallion Nigeria Limited, which representation you knew to be false.”
The alleged actions contravene Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act of 2006, punishable under Section 1(3) of the same Act.
The EFCC has disclosed plans to call 12 witnesses during the trial, including three investigators from the commission and representatives from First Bank, the Central Bank of Nigeria (CBN), Stallion Nigeria, and V-Tech Dynamic Links Limited.
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