On Monday, a Federal High Court in Lagos ordered the arraignment of Oba Otudeko, former chairman of First Bank of Nigeria Plc, and Bisi Onasanya, a former managing director of the bank, over an alleged ₦12.3 billion fraud. Justice Aneke, in his ruling, emphasized that legal precedent requires a defendant’s plea to be taken before any applications can be considered. Citing cases such as Onnoghen v FRN and Bello v FRN, the court ruled that arraignment is a prerequisite to addressing preliminary objections.
“The question is whether the court can entertain processes before the defendants are arraigned. A preliminary objection to a charge’s validity can only be heard after the plea is taken—it’s a mandatory step, and this court is bound by that principle,” Justice Aneke stated. “I concur with the prosecution’s counsel: no preliminary objection can proceed without arraignment.”
Following the ruling, Wole Olanipekun (SAN), counsel to Otudeko, informed the court that the parties were pursuing a peaceful resolution. He disclosed that on March 12, representatives of all parties, including the prosecution, met with the Attorney General of the Federation to negotiate a settlement, with discussions still underway. Olanipekun requested an adjournment to provide a settlement update. Other defense counsel—Kehinde Ogunwumiju (SAN), Yinka Fusika (SAN), and Charles Adeogun-Phillips (SAN)—corroborated this stance.
However, prosecution counsel Bilkisu Buhari-Bala urged the court to adjourn for either arraignment or a settlement report. After hearing both sides, Justice Aneke adjourned the case to May 8 for a settlement update.
The Economic and Financial Crimes Commission (EFCC) had filed a 13-count charge against Otudeko and Onasanya, accusing them of fraudulently obtaining ₦12.3 billion from First Bank. The pair were charged alongside Soji Akintayo, a former Honeywell Flour Mills Plc board member, and Anchorage Leisure Ltd., a company tied to Otudeko. The charges, filed by EFCC prosecutor Buhari-Bala on January 16, 2025, allege that the fraud occurred in multiple tranches—₦5.2 billion, ₦6.2 billion, ₦6.15 billion, ₦1.5 billion, and ₦500 million—between 2013 and 2014 in Lagos.
