Oba Otudeko, the 81-year-old former Chairman of First Bank, has reportedly fled Nigeria ahead of his scheduled arraignment on fraud charges this Monday. The sudden departure comes amidst a slew of financial disputes and allegations surrounding Otudeko.
According to TheCable Newspaper, Otudeko’s exit from the country is linked to the mounting legal pressures and financial disputes he is facing. The newspaper reported that the businessman left the country via one of the land borders. Security sources revealed that Otudeko was dropped off at the Nigeria-Benin border on Thursday evening by a family member. When attempts were made to reach Otudeko, his phone number was switched off.Messages sent to his WhatsApp, however, were delivered, but there was no response. Obafemi Otudeko, his son, did not respond to calls and messages when contacted for comments on his father’s whereabouts and destination.
A Federal High Court in Lagos has fixed Monday, January 20, 2025, for the Economic and Financial Crimes Commission (EFCC) to arraign Oba Otudeko and a former First Bank Managing Director, Stephen Olabisi Onasanya.
They are to be arraigned for allegedly looting N12.3 billion from First Bank. 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.The EFCC alleged that the four committed the 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.A 13-count charge filed by EFCC counsel, Bilikisu Buhari, on January 16, 2025, further claimed that the defendants forged documents to deceive the bank.The EFCC said Otudeko, Onasanya, Akintayo, and Anchorage would be brought before Justice Chukwujekwu Aneke, to whom the case, registered as FHC/L/20C/2025, had 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.In count 2, it was alleged that the defendants, on or about November 26, 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.
The EFCC’s allegations against Otudeko and others have sparked concerns about corporate governance and financial accountability in Nigeria.Efforts to contact Dele Oyewale, the EFCC spokesman, were unsuccessful, as SaharaReporters’ attempts to reach him regarding Oba Otudeko’s whereabouts were met with silence.
Despite multiple calls to his official phone line on Friday, the line remained unreachable, with a “switch off” message. The case against Otudeko and others is expected to shed light on the extent of financial malfeasance in Nigeria’s banking sector.The EFCC’s pursuit of justice in this case is seen as a test of the agency’s commitment to combating financial crime in Nigeria.
Source: https://saharareporters.com
