The Economic and Financial Crimes Commission (EFCC) has filed a 13-count criminal charge against the Chairman of Honeywell Group, Chief Oba Otudeko, and a former Managing Director of First Bank, Olabisi Onasanya, for allegedly obtaining N12.3bn from First Bank.
The two are scheduled to be arraigned on Monday, January 20th before Justice Chukwuejekwu Aneke of the Federal High Court in Lagos.
They will be arraigned alongside Soji Akintayo, a former member of the board of directors of Honeywell Flour Mills Plc, and Anchorage Leisure Ltd, a company linked to Otudeko.
The four defendants were listed in the suit filed by EFCC prosecutor Bilkisu Buhari-Bala on January 16, 2025.
According to the EFCC, the four individuals committed fraud in multiple tranches: N5.2b, N6.2b, N6.150b, N1.5b, and N500million, between 2013 and 2014 in Lagos.
To support its case, the EFCC plans to call representatives from First Bank, including Cecelia Majekodunmi, Ola Michael Aderogba, Abiodun Olatunji, Raymond Eze, Abiodun Odunbola, and Adeeyo David, who are expected to provide evidence of the fraudulent misrepresentation by the defendants and present relevant documents.
The EFCC will also rely on testimonies from representatives of the Central Bank of Nigeria, Stallion Nigeria Limited, and V-tech Dynamics Ltd. Additionally, Farida Abubakar and Adaeze Nwakoby are included in the list of witnesses.
The charges are said to violate Section 8(a) of the Advance Fee Fraud and Other Fraud-Related Offences Act 2006, punishable under Section 1(3) of the same Act.
Count 1 of the charge states that Chief Oba Otudeko, Olabisi Onasanya, Soji Akintayo, and Anchorage Leisure Limited conspired between 2013 and 2014 in Lagos to obtain the sum of N12,300,000,000.00 (Twelve Billion, Three Hundred Million Naira Only) from First Bank Limited under the pretense that the amount represented credit facilities requested by V-Tech Dynamic Links Limited and Stallion Nigeria Limited, a representation they knew to be false, thus committing an offence under Section 8(a) of the Advance Fee Fraud and Other Fraud-Related Offences Act 2006, punishable under Section 1(3) of the same Act.
In Count 2, it is alleged that the defendants, on or about November 26, 2013, in Lagos, “obtained the sum of N5.2 Billion from First Bank Limited under the pretense that the sum represented credit facilities applied for by V-Tech Dynamic Links Limited, which representation they knew to be false.”
Count 3 claims that between 2013 and 2014 in Lagos, the defendants obtained N6.2 Billion from First Bank Limited under the false pretense that the amount was a credit facility applied for and disbursed to Stallion Nigeria Limited, which they knew to be untrue.
Count 4 accuses Chief Oba Otudeko, Olabisi Onasanya, Soji Akintayo, and Anchorage Leisure Limited of conspiring on or about November 26, 2013, in Lagos to use the sum of N6,150,000,000.00 (Six Billion, One Hundred and Fifty Million Naira Only), which they should have known to be part of the proceeds of their unlawful activities, namely Obtaining by False Pretence. This action contravened Sections 18(a) and 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended), and is punishable under Section 15(3) of the same Act.
Count 5 accuses the defendants of procuring Honeywell Flour Mills Plc to retain the sum of N1.5 billion on or about December 11, 2013, which they should have known to be proceeds of their unlawful activities, specifically Obtaining by False Pretence. This is also a violation of 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.