Would you like to receive notifications on latest updates of the following headlines?

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

POSTED ON January 17, 2025 •   Metro      BY Abiodun Saheed Omodara
Oba Otudeko and Former First Bank Managing Director Stephen Onasanya

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.”

 

READ ALSO
Rice Prices Set to Drop: BUA's  Calls Out Hoarders over Market Distortion
BY Abiodun Saheed Omodara May 16, 2025 0

The Chairman of BUA Group, Abdul Samad Rabiu, has issued strong warnings to hoarders, indicating tha...

READ ALSO
Two Gunmen Killed, One Police Officer Injured at Security Checkpoint in Anambra
BY Abiodun Saheed Omodara May 16, 2025 0

LAGOS, Nigeria - At least two gunmen have been confirmed dead, and one police officer sustained vari...

READ ALSO
FG to Evaluate Ministries on Local Procurement Compliance
BY Abiodun Saheed Omodara May 16, 2025 0

The Federal Government has announced it will start evaluating the performance of all Ministries, Dep...

READ ALSO
ECOWAS Court Orders Nigeria to Release Businessman Imprisoned Since 2009
BY Abiodun Saheed Omodara May 16, 2025 0

The Economic Community of West African States Court on Thursday has mandated the Nigerian Federal Go...

READ ALSO
Sanwo-Olu Establishes Apapa Central Business Office to Enhance Infrastructure, Business Climate
BY Abiodun Saheed Omodara May 15, 2025 0

Lagos State Governor, Babajide Sanwo-Olu, has sanctioned the creation of the Apapa Central Business...

READ ALSO
NBS Reports April 2025 Inflation Rate Falls to 23.71%, Highlighting Food Safety Risks
BY Abiodun Saheed Omodara May 15, 2025 0

The inflation rate for April 2025 dropped to 23.71 percent, down from 24.23 percent in March 2025, m...

READ ALSO
Lagos Introduces Specialized Units for Crime Prevention
BY Abiodun Saheed Omodara May 15, 2025 0

In an effort to keep Lagos secure for both its residents and visitors, the Neighbourhood Safety Agen...

READ ALSO
FOX59: Woman Fatally Shot Outside Event Center on Indianapolis East Side
BY ROCKETPARROT.com staff May 15, 2025 0

INDIANAPOLIS — A woman was shot and killed Wednesday night outside an event center on the east...

OUR CHANNELS:

US Economic Growth to Decelerate Amid Trade Tensions, Policy Uncertainties
BY Abiodun Saheed Omodara May 16, 2025 0

The United Nations Department of Economic and Social Affairs (UN DESA) has indicated that the global...


Trade Tensions Rise as South Korea and U.S. Prepare for Key Discussions
BY Abiodun Saheed Omodara May 16, 2025 0

AFP - South Korea is prepared to restart tariff discussions with Washington during an important APEC...


Obi Urges Tougher Penalties for Corruption amid Nigeria's Leadership Crisis
BY Abiodun Saheed Omodara May 16, 2025 0

Peter Obi, a prominent opposition figure in Nigeria, has called for harsher penalties for corrupt po...


ECOWAS Court Orders Nigeria to Release Businessman Imprisoned Since 2009
BY Abiodun Saheed Omodara May 16, 2025 0

The Economic Community of West African States Court on Thursday has mandated the Nigerian Federal Go...


Sanwo-Olu Establishes Apapa Central Business Office to Enhance Infrastructure, Business Climate
BY Abiodun Saheed Omodara May 16, 2025 0

Lagos State Governor, Babajide Sanwo-Olu, has sanctioned the creation of the Apapa Central Business...


NBS Reports April 2025 Inflation Rate Falls to 23.71%, Highlighting Food Safety Risks
BY Abiodun Saheed Omodara May 16, 2025 0

The inflation rate for April 2025 dropped to 23.71 percent, down from 24.23 percent in March 2025, m...


Police Re-Arraign VeryDarkMan for Alleged Cyberbullying of  Nollywood Actress, others
BY Abiodun Saheed Omodara May 15, 2025 0

Controversial social media personality Martins Otse, popularly known as VeryDarkMan (VDM), was on Th...


Actress Jumoke George Shares Emotional Journey as Daughter Adeola is Found
BY Abiodun Saheed Omodara May 15, 2025 0

Adeola, the 41-year-old daughter of renowned Yoruba actress Jumoke George, has been located in Mali...


House of Representatives Advances Bill to Make Voting Mandatory for Nigerians
BY Abiodun Saheed Omodara May 15, 2025 0

Abuja, Nigeria- The House of Representatives has passed for second reading a bill seeking to am...


NANS Calls for JAMB Registrar Ishaq Oloyede's Resignation Over 2025 UTME Errors
BY Abiodun Saheed Omodara May 17, 2025 0

The National Association of Nigerian Students (NANS) has called for the resignation of Ishaq Oloyede...


More Articles

Load more...

Menu