The Federal High Court in Lagos has scheduled Monday, January 20, 2025, for the arraignment of the Chairman of Honeywell Group, Chief Oba Otudeko, alongside a former Managing Director of First Bank of Nigeria (FBN), Stephen Olabisi Onasanya.
The two, along with a former Honeywell board member, Soji Akintayo, and Anchorage Leisure Limited, are facing charges filed by the Economic and Financial Crimes Commission (EFCC) for allegedly embezzling N12.3 billion from First Bank.
The EFCC, represented by its counsel, Bilikisu Buhari, filed a 13-count charge against the accused individuals and entities on January 16, 2025. The charges allege that the fraudulent activities occurred between 2013 and 2014 in Lagos and involved multiple tranches of funds, including N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million.
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According to the EFCC, the defendants “conspired to obtain the sum of N12.3 billion from First Bank Limited under the pretense that the said sum represented credit facilities applied for by V-Tech Dynamic Links Limited and Stallion Nigeria Limited, which representation they knew to be false.”
In one of the counts, the EFCC alleged that on November 26, 2013, the defendants fraudulently obtained N5.2 billion, claiming it was a credit facility for V-Tech Dynamic Links Limited. Another charge accused the group of acquiring N6.2 billion during the same period, purportedly as a credit facility for Stallion Nigeria Limited.
Further, the EFCC stated that part of the funds—N6.15 billion—was spent by the defendants, an act described as unlawful. Additionally, N1.5 billion was allegedly retained by Honeywell Flour Mills Plc, while N500 million was converted for the company’s use, acts that the EFCC claims violated Sections 15(2)(b) and 18(c) of the Money Laundering (Prohibition) Act, 2011 (as amended).
Forgery and Fraudulent Documentation
Counts 7 through 10 of the charge focus on allegations of forgery. The defendants are accused of making and using forged documents, including letters of application and authorizations, to deceive First Bank into believing that the documents emanated from V-Tech Dynamic Links Limited. These acts, according to the EFCC, violated the Miscellaneous Offences Act, Cap M17, Laws of the Federation of Nigeria, 2004.
The charge sheet reads: “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, conspired amongst yourselves to commit an offence to wit: uttering a forged document titled ‘Letter of Application’ with the intent that it may be used by First Bank in the belief that the said document is genuine and emanated from V-Tech Dynamic Links Limited.”
In another count, the EFCC alleged: “That you, Chief Oba Otudeko, and others, on or about the 31st day of October 2014 in Lagos, procured individuals to transfer N6.2 billion to Stallion Nigeria Limited’s account domiciled with First Bank, knowing it was part of the proceeds of unlawful activities.”
The final count accuses Otudeko of failing to disclose his personal interest in a N6.15 billion loan facility sought by V-Tech Dynamic Links Limited, a violation of the Banks and Other Financial Institutions Act 2004.
The count read: “That you, CHIEF OBA OTUDEKO on or about 3rd day of September, 2013 in Lagos, within the jurisdiction of this Honourable Court whilst being the Chairman of First bank Plc indirectly had personal interest in a loan facility sought for by V Tech Dynamics Links Limited in the sum of N6,150,000,000.00 (Six Billion, One Hundred and Fifty Million Naira Only), which interest was not declared to the Bank and you thereby committed an offence contrary to Section 18(1) BANKS AND OTHER FINANCIAL INSTITUTIONS ACT 2004 and punishable under Section 18(2) of same Act.”
The case has been assigned to Justice Chukwujekwu Aneke and registered as FHC/L/20C/2025. The EFCC has stated that the offenses committed contravened various laws, including the Advance Fee Fraud and Other Fraud-Related Offences Act, 2006, the Money Laundering (Prohibition) Act, 2011, and the Miscellaneous Offences Act, 2004.
While the defendants have yet to publicly comment on the charges, legal experts anticipate a high-stakes trial given the gravity of the allegations and the stature of the individuals involved. The case is expected to have significant implications for corporate governance and accountability in Nigeria.