A federal high court in Lagos is set to deliver its ruling on March 17 regarding several applications questioning its jurisdiction in the case brought against Oba Otudeko, the former chairman of First Bank Nigeria (FBN).

The Economic and Financial Crimes Commission (EFCC) filed a 13-count charge against Otudeko and three others, accusing them of a N30 billion loan fraud.

Alongside Otudeko, the accused include Olabisi Onasanya, former managing director of First Bank, Soji Akintayo, former Honeywell board member, and Anchorage Leisure Ltd, in a case marked FHC/L/20C/2025.

During Thursday’s court session, Justice Chukwujekwu Aneke heard arguments from the defence team challenging the court’s jurisdiction.

He also listened to the EFCC counsel, who requested that Otudeko be present in court at the next hearing.

Olanipekun, representing Otudeko, explained that his client had filed an application on January 28, 2025, outlining the reasons for his absence from the country.

He clarified that Otudeko had traveled to the UK for medical treatment on January 16, 2025, prior to the charge being filed.

Other defence lawyers, Olasupo Shashore (representing Onasanya), Kehinde Ogunwumiju (representing Akintayo), and Ade Adedeji (representing Anchorage), argued that the court lacked the jurisdiction to hear the case.

Rotimi Oyedepo, the EFCC’s lawyer, responded that the commission had followed the court’s instructions to serve the defendants through substituted means.

He further argued that the court should focus on determining when the defendants would appear to enter their plea, considering Otudeko’s absence.

However, Olanipekun insisted that the court must first resolve the jurisdictional issue before moving forward with the case, arguing it was a civil matter that should not have been prosecuted by the EFCC.

In his response, Oyedepo stated that an arraignment should take priority before any other application is considered.

Justice Aneke adjourned the case until March 17 to issue a ruling.

The Counts

In the charge sheet obtained by TheCable, the EFCC accuses Otudeko and the other defendants of securing loans—N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion—from First Bank under the false pretense that the funds were being obtained by certain companies.

The loans were allegedly taken between 2013 and 2014.

“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,” reads the first count.

“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.”

“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 obtained the total sum of N6,200,000,000.00 (Six Billion, Two Hundred Million Naira Only), 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, 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 EFCC also mentioned that 12 witnesses will testify during the trial.

The witnesses include three EFCC investigators and representatives from First Bank, Central Bank of Nigeria (CBN), Stallion Nigeria, and V-tech Dynamics Limited.

In August 2024, Adesuwa Ezenwa, a former relationship manager at First Bank, testified in the national industrial court that loans worth billions of naira were funneled to companies connected to Otudeko, even though they were issued in the name of other businesses.