EFCC Files Charges Against Otudeko For Obtaining Loan Under False Pretence

The Economic and Financial Crimes Commission, EFCC, has filed a 13-count charge against Oba Otudeko, a former chairman of First Bank Nigeria (FBN), and three others over alleged fraud, before the federal high court in Lagos.

The three other defendants are Stephen Olabisi Onasanya, a former group managing director of FBN; Soji Akintayo, an ex-board member of Honeywell Flour Mills plc; and Anchorage Limited, a company linked to Otudeko.

The EFCC while noting that the defendants will be arraigned on Monday, accused Otudeko and the other defendants of obtaining tranches of loans—N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion—from First Bank under the pretence that the funds were obtained by some firms.

The anti-graft agency said the credit facilities were obtained between 2013 and 2014.

One of the charges read; 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 (Twelve Billion, Three Hundred Million Naira Only), 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 know to be false, and you thereby committed an offence contrary to Section 8(a) of Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under Section 1(3) of the same Act,” the first count reads.

Another read; That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO, and ANCHORAGE LEISURE LIMITED, on or about 26th day of November, 2013 in Lagos, within the jurisdiction of this Honourable Court obtained the sum of N5,200,000,000,00 (Five Billion, Two Hundred Million Naira Only), from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V- TECH DYNAMIC LINKS LIMITED which representation you know to be false, and you thereby committed an offence contrary to Section 8(a) of Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under Section 1(3) of the same Act, amongst others

One Adesuwa Ezenwa, a former relationship manager at First Bank, in August 2024, noted before a national industrial court that loans worth billions of naira were transferred to companies related to Otudeko even though they were granted in the name of other firms.

Editor Paul Akhagbemhe