The Federal High Court in Lagos has scheduled January 20, 2025, for the arraignment of Honeywell Group Chairman, Chief Oba Otudeko, and former First Bank Managing Director, Stephen Onasanya, over allegations of misappropriating ₦12.3 billion from First Bank.
Otudeko, a former Chairman of First Bank of Nigeria Holdings, and Onasanya will be arraigned alongside a former Honeywell board member, Soji Akintayo, and a company, Anchorage Leisure Limited, reportedly linked to Otudeko.
The Economic and Financial Crimes Commission (EFCC) alleges that the defendants committed fraud involving sums of ₦5.2 billion, ₦6.2 billion, ₦6.15 billion, ₦1.5 billion, and ₦500 million between 2013 and 2014 in Lagos.
The EFCC’s 13-count charge, filed by counsel Mrs. Bilikisu Buhari on January 16, 2025, accuses the defendants of conspiracy, forgery, and false pretenses to deceive the bank. The case, numbered FHC/L/20C/2025, has been assigned to Justice Chukwujekwu Aneke.
In the first count, the EFCC alleges that the defendants conspired to fraudulently obtain ₦12.3 billion from First Bank by falsely claiming it represented credit facilities for Tech Dynamic Links Limited and Stallion Nigeria Limited. In subsequent counts, the EFCC accuses the defendants of obtaining ₦5.2 billion and ₦6.2 billion under similar pretenses in 2013.
The EFCC further claims that the defendants conspired to spend ₦6.15 billion from the funds and procured Honeywell Flour Mills Plc to retain ₦1.5 billion, which they allegedly knew was proceeds of unlawful activities. These offenses are said to contravene sections of the Advance Fee Fraud and Other Fraud Related Offences Act 2006 and the Money Laundering (Prohibition) Act, 2011 (as amended).
In another count, the defendants allegedly converted ₦500 million to the use of Honeywell Flour Mills Plc, an act described as money laundering. They are also accused of forging documents, including an application letter and an authorization to issue an investment certificate, to mislead First Bank into believing the documents were genuine.
The EFCC alleges further financial misconduct, including transferring ₦6.2 billion to Stallion Nigeria Limited’s account and moving ₦2.09 billion from Stallion’s account to Emmerado Logistics Limited’s account. These actions, according to the EFCC, violate multiple provisions of the Money Laundering (Prohibition) Act and other relevant laws.
In one charge, Otudeko is specifically accused of failing to disclose his personal interest in a ₦6.15 billion loan facility sought by V Tech Dynamics Links Limited while serving as Chairman of First Bank Plc. This act allegedly violates the Banks and Other Financial Institutions Act 2004.
The EFCC maintains that these actions constitute serious financial crimes, and the arraignment is a critical step in addressing the allegations.
