Alleged N12.3bn Fraud: EFCC To Arraign Oba Otudeko, 3 Others February 13
The Economic and Financial Crimes Commission (EFCC) has announced plans to arraign Oba Otudeko, the former chairman of First Bank of Nigeria (FBN), over an alleged N12.3bn fraud on Thursday, February 13, 2025.
Otudeko will face charges in the Federal High Court in Lagos, alongside three other defendants, in connection with a 13-count charge the EFCC filed against them. The charges are related to the alleged fraudulent acquisition of a N30 billion loan under false pretenses.
The other individuals named in the case include:
- Stephen Olabisi Onasanya, former Group Managing Director of First Bank,
- Soji Akintayo, former board member of Honeywell Flour Mills Plc, and
- Anchorage Limited, a company linked to Otudeko.
The EFCC’s official announcement, shared on its verified X (formerly Twitter) handle, revealed that the arraignment was set for February 13, 2025.
However, LEADERSHIP has reported that Oba Otudeko reportedly fled Nigeria ahead of his scheduled court appearance. Sources say that Otudeko left the country through one of Nigeria’s land borders on the evening of Thursday last week. Security operatives revealed that he was dropped off at the Nigeria-Benin border by a family member.
The EFCC has expressed its intention to press forward with the legal proceedings despite his absence, as part of its continued efforts to address financial crimes and hold individuals accountable for alleged corruption and fraud.
