The Economic and Financial Crimes Commission (EFCC) is set to arraign Chief Oba Otudeko, Chairman of Honeywell Group and former Chairman of First Bank Holdings, alongside former First Bank Managing Director, Stephen Olabisi Onasanya, and two others on Monday, January 20, 2025.
The arraignment will take place at the Federal High Court in Lagos before Justice Chukwujekwu Aneke.
The defendants, including Soji Akintayo, a former board member of Honeywell, and Anchorage Leisure Limited, a company linked to Otudeko, face a 13-count charge filed by EFCC counsel Bilikisu Buhari.
The charges include conspiracy, obtaining by false pretense, money laundering, and forgery, related to an alleged N12.3 billion fraud committed between 2013 and 2014.
Key Allegations
According to the EFCC, the alleged fraud involved multiple tranches:
- N5.2 billion and N6.2 billion obtained under false pretenses using forged documents.
- N6.15 billion diverted and spent unlawfully.
- N1.5 billion and N500 million retained and converted for personal use through Honeywell Flour Mills and related entities.
The EFCC claims the defendants misrepresented the funds as credit facilities applied for by V-Tech Dynamic Links Limited and Stallion Nigeria Limited, knowing the representations were false.
Charges and Offences
The EFCC alleges that the defendants committed offenses under:
- The Advance Fee Fraud and Other Fraud Related Offences Act, 2006, including obtaining funds by false pretense.
- The Money Laundering (Prohibition) Act, 2011 (as amended) for converting and retaining proceeds of unlawful activities.
- The Miscellaneous Offenses Act, Cap M17 Laws of the Federation, 2004, for forgery and uttering false documents.
- The Banks and Other Financial Institutions Act, 2004, for failing to declare personal interests in loans.
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Specific counts include:
- Forging letters of application and authorization to deceive First Bank.
- Laundering funds through accounts linked to Stallion Nigeria Limited and Emmerado Logistics Limited.
- Using company accounts to transfer fraudulent sums exceeding N6 billion.
Court Proceedings
The case, filed as FHC/L/20C/2025, is expected to see the EFCC argue that the defendants knowingly participated in unlawful activities for personal enrichment.
The arraignment of the high-profile defendants underscores the EFCC’s commitment to tackling corporate and financial crimes in Nigeria.
Reactions and Implications
The charges, involving prominent figures in Nigeria’s financial and corporate sectors, have sparked public interest. Critics argue that cases of this magnitude are tests of the judiciary’s commitment to upholding accountability and deterring economic crimes.
The EFCC, in a statement, reiterated its resolve to ensure justice and recover stolen funds.
Stay tuned for updates on this developing story.
