EFCC to arraign Otudeko, Ex-FirstBank MD over alleged fraud

LAGOS  – The Federal High Court in Lagos has fixed Monday, January 20, 2025, for the Economic and Financial Crimes Commission (EFCC) to arraign the Chairman of Honeywell Group, Chief Oba Otudeko, and a former First­Bank Managing Director, Ste­phen Olabisi Onasanya, over alleged N12.3 billion fraud in FirstBank.

The former Chairman of First Bank of Nigeria (FBN) Holdings, Otudeko, and Onasanya are to be ar­raigned alongside a former board member of Honeywell, Soji Akintayo, and a firm, Anchorage Leisure Limited, connected to Otudeko.

According to the EFCC, the four committed the al­leged fraud in tranches of N5.2 billion, N6.2 billion, N6.150 billion, N1.5 billion and N500 million, between 2013 and 2014 in Lagos.

The 13-count charge, filed by EFCC counsel Bilikisu Buhari on January 16, 2025, further claimed that the de­fendants made and uttered forged documents to deceive the bank.

Otudeko, Onasanya, Akintayo and Anchorage will be brought before Jus­tice Chukwujekwu Aneke, to whom the case, registered as FHC/L/20C/2025, been assigned.

Specifically, count 1 ac­cused the defendants of con­spiring “to obtain the sum of N12.3 billion 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.”

In count 2, it was alleged that the defendants, on or about 26th day of November, 2013 in Lagos, “Obtained the sum of N5.2 billion 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.”

The 3rd count claimed that “the defendants, be­tween 2013 and 2014 in Lagos, obtained N6.2 billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for and disbursed to Stallion Nigeria Limited, which representation you know to be false.”

In the 4th count, they were accused of conspiring to spend the N6.15 billion, out of the monies.

According to the com­mission, the offences con­travened Section 8(a) of Ad­vance Fee Fraud and Other Fraud Related Offences Act 2006 and is punishable under Section 1(3) of the same Act.

Counts 5 and 6 read: “That you, Chief Oba Otudeko, Ste­phen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about 11th day of December, 2013 in Lagos, procured Honeywell Flour Mills Plc to retain the sum of N1.5 billion, which sum you reasonably ought to have known forms part of proceeds of your unlaw­ful activities to wit: Obtain­ing by false pretense and you thereby committed an offence contrary to Section 18(c), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.

“That you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo, and Anchorage Leisure Limited on or about 17th day of December, 2013 in Lagos, converted to the use of Hon­eywell Flour Mills Pic the sum of N500 million only which sum you reasonably ought to have known forms part of proceeds of your un­lawful activities to wit: Ob­taining by false pretense and you thereby committed an offence contrary to Section 15(2 (b)) of the Money Laun­dering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.”

Other charges are as fol­lows: “Count 7. That you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akin­tayo and Anchorage Leisure Limited on or about the 3rd day of September, 2013 in Lagos and within the juris­diction of this honourable court conspired amongst yourselves to commit an of­fence to wit: uttering a forged document – titled ‘Letter of Application’ with intent that it may be used by the First­Bank in the belief that the said document is genuine and emanated from V-Tech Links Dynamic Limited, and you thereby committed an offence contrary to Section 3(6) of the Miscellaneous Offences Act, Cap M17 Laws of the Federation of Nigeria 2004 and punishable under Section 1(2)(c) of same Act.

\“Count 8: That you, Chief Oba Otudeko, Stephen Olabi­si Onasanya, Soji Akintayo and Anchorage Leisure Lim­ited on or about the 3rd day of September, 2013 in Lagos and within the jurisdiction of this honourable court uttered a forged document titled ‘Let­ter of Application;’ with in­tent that it may be used by the FirstBank in the belief that the said document is genuine and emanated from V-Tech Dynamic Links Limited, and you thereby committed an offence contrary to Section 1(2)(c) of the Miscellaneous Offences Act, Cap M17 Laws of the Federation of Nigeria 2004 and punishable under same Act.

“Count 9 That you, Chief Oba Otudeko, Stephen Ola­bisi Onasanya, Soji Akin­tayo and Anchorage Leisure Limited on or about the 3rd day of September, 2013 in Lagos and within the juris­diction of this honourable court conspired amongst yourselves to commit an offence to wit: making false document titled ‘Authorisa­tion to Issue Investment Cer­tificate to FirstBank’ with intent that it may be used by FirstBank in the belief that the said document is genuine and emanated from V-Tech Links Dynamic Limited, and you thereby committed an offence contrary to Section 3(6) of the Miscellaneous Offences Act, Cap M17 Laws of the Federation of Nigeria 2004 and punishable under Section 1(2)(c) of same Act.”