Connect with us


BIG STORY

[UPDATE] Alleged N30bn Fraud: Otudeko To Know Fate March 17 As EFCC Demands Ex-Chairman’s Presence In Court

Published

on

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.

BIG STORY

Buhari’s Integrity Gave Hope To Millions Of Nigerians — Tunde Bakare

Published

on

Tunde Bakare, the serving overseer of Citadel Global Community Church, has honoured the memory of former President Muhammadu Buhari with a heartfelt tribute.

Buhari passed away on Sunday at a clinic in London at the age of 82.

In a statement released on Monday, Bakare described Buhari’s life as “extremely impactful”, referring to him as a respected elder statesman and fellow patriot.

He shared memories of their first meeting in 1985 and said Buhari’s policies at the time created the foundation for his journey as a young legal practitioner.

This was a man whose integrity and discipline gave hope to millions of Nigerians across the length and breadth of our nation, he wrote.

This was a man with a dream of a New Nigeria — a dream he lived for; a dream he worked tirelessly towards from his youth; a dream he pursued persistently despite the challenges he encountered; a dream I had the privilege of teaming up with him in his tireless quest to fulfill; a dream that brought tears to his eyes; a dream, the heart of which he shared with me in intimate conversations — a dream that revealed the soul of a man whose lifelong desire was to make life better for the ordinary Nigerian.

He referred to Buhari as a colossus whose kind is hard to replace.

Bakare offered a prayer, hoping that Buhari will be remembered kindly by history and that the Nigeria he envisioned will still come to life even after you have departed.

I express my deep condolences to his beloved wife, former First Lady, Aisha Buhari, and to his children and grandchildren. May God, the husband of the widow and the father of the fatherless, fill the void, the statement reads.

And to our dear nation, Nigeria, may God be our strength and comfort in this solemn season.

Continue Reading

BIG STORY

Osun 2026: Aregbesola Vows To Unseat Adeleke, Says ADC Will Win Guber Election

Published

on

Rauf Aregbesola, the interim National Secretary of the African Democratic Congress (ADC), has said that his party will unseat Governor Ademola Adeleke in the upcoming 2026 Osun governorship election.

Aregbesola, who previously held the positions of Minister of Interior and Osun State Governor, made this statement on Sunday during a homecoming event held in Osogbo.

He emphasized that his main political objective at the moment is not the 2027 general election but securing victory for ADC in the 2026 Osun governorship election.

He suggested that the 2026 election might not feature the usual three-party race, as there are speculations that Governor Adeleke could defect to the All Progressives Congress (APC).

We are concerned about 2026 in Osun State. We have started the work for next year’s election now, Aregbesola said, encouraging party members to strengthen mobilisation at the grassroots level.

Leave them to their agitation. Our aim should be to take over Osun State before the vote on August 8, 2026. They already know they are on their way out.

Looking back on his break with the APC, a party he helped build, Aregbesola expressed regret that he was sidelined despite his efforts.

He stated, Those who know my value and worth gave me this new position, and now they are making noise. Their noise doesn’t concern me — they haven’t seen anything yet.

Aregbesola also spoke on the ongoing rumours surrounding Adeleke’s possible political defection: Before we started this journey, they said there would be three political parties in Osun State. It is obvious he is decamping now. We will meet in Abere — ADC will win the Osun governorship race in 2026.

Turning to national matters, Aregbesola criticised the current federal government, blaming it for worsening the economic situation in the country.

The government that makes Nigerians go hungry should not be in power again. Anyone who says Nigeria is better now is part of the problem. It’s clear that yesterday was better than today for us as a nation, he said. Since they assumed office, even the rain no longer falls as it used to. Things are not going well. We must be angry with any government that refuses to address our needs.

Continue Reading

BIG STORY

National Assembly Suspends Plenary Till July 22 To Honour Buhari

Published

on

Legislative proceedings in the national assembly have been put on hold to pay respect to Muhammadu Buhari, the former president of Nigeria.

Buhari passed away on Sunday at a London clinic after battling a long-term illness.

The clerk of the national assembly, Kamoru Ogunlana, shared this update through a statement released on Monday.

“I am directed by the president of the senate and the speaker of the house of representatives to inform all members of the national assembly and the general public that all legislative activities are hereby suspended immediately until Tuesday, 22 July, 2025,” the statement reads.

“All members of the national assembly are urged to reschedule their engagements to enable full participation in the burial activities of the late president.”

Leaders of both legislative chambers offered their sympathies to the government and citizens of Nigeria, the administration and residents of Katsina state, as well as the late president’s wives, children, and extended relatives.

“President Muhammadu Buhari will be remembered for his commitment to Nigeria’s unity and his integrity,” the statement notes.

“May Almighty Allah grant his soul eternal rest in Aljannatul Firdaus.”

Continue Reading



 

Join Us On Facebook

Most Popular