The Federal High Court in Lagos has scheduled the arraignment of Chief Oba Otudeko, Chairman of Honeywell Group, and Stephen Olabisi Onasanya, a former Managing Director of First Bank, for Monday, January 20, 2025. The Economic and Financial Crimes Commission (EFCC) alleges their involvement in a N12.3 billion fraud.
The charges include conspiracy, forgery, and money laundering involving Otudeko, Onasanya, Soji Akintayo (a former Honeywell board member), and Anchorage Leisure Limited, a firm connected to Otudeko. According to the EFCC, the fraudulent activities occurred between 2013 and 2014 in Lagos and involved false pretenses to secure credit facilities from First Bank.
Among the 13 counts filed on January 16, 2025, by EFCC counsel Bilikisu Buhari, the defendants are accused of obtaining funds through falsified loan applications purportedly submitted by V-Tech Dynamic Links Limited and Stallion Nigeria Limited. These funds, disbursed in tranches ranging from N500 million to N6.2 billion, were allegedly used for unauthorized purposes.
One count accuses the defendants of conspiring to procure Honeywell Flour Mills Plc to retain N1.5 billion and converting N500 million for unlawful activities. Other charges detail the forgery of documents to mislead First Bank into approving loans and the laundering of billions of naira through various accounts.
The EFCC contends that these actions contravened multiple laws, including the Advance Fee Fraud and Other Related Offences Act, the Money Laundering (Prohibition) Act, and the Miscellaneous Offences Act. If convicted, the defendants face severe penalties under these statutes.
Chief Otudeko, a former Chairman of First Bank of Nigeria Holdings, and Onasanya are expected to appear before Justice Chukwujekwu Aneke. The high-profile case is anticipated to draw significant attention due to the individuals involved and the staggering sum alleged to have been misappropriated.
This development highlights the EFCC’s commitment to addressing financial crimes, ensuring accountability for corporate misconduct, and safeguarding public trust in Nigeria’s financial institutions.
