The arraignment of former First Bank Plc CEO/Managing Director Stephen Olabisi Onasanya and Group Chairman of Honeywell Group Oba Otudeko on a 12.3 billion fraud charge has been scheduled for Monday, January 20 by a Federal High Court in Lagos.
They are to be arraigned before Justice Chukwujekwu Aneke on the alleged fraud by the Economic and Financial Crimes Commission (EFCC).
Oba Otudeko, who is also a former Chairman of First Bank of Nigeria (FBN) Holdings and Mr Onasanya are to be arraigned alongside a former board member of Honeywell Soji Akintayo and a firm, Anchorage Leisure Limited owned by chief Otudeko.
According to the EFCC, the four defendants committed the alleged fraud in tranches of N5.2 billion, N6. 2 billion, N1.5 billion and N500 million, between 2013 and 2014 in Lagos.
The 13-count charge, filed by EFCC prosecutor, Bilikisu Buhari on January 16, 2025, alleged that the defendants, made, uttered and forged documents to deceive the First bank.
From some on the counts,
Mr Otudeko and others were accused 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 they knew to be false.
They are also alleged to have “obtained the sum of N5.2 Billion and another N6.2 Billion from First Bank Limited on two occasions on the pretence that the said sum represented credit facilities applied for by the said companies.
They are also accused of procuring Honeywell Flour Mills Plc to retain the sum of N1.5 Billion and another N500million, as part of proceeds of crime.
According to the EFCC, the alleged offences are contrary to Section 8(a) of Advance Fee Fraud and Other Fraud Related Offences Act 2006 andl punishable under Section 1(3) of the same Act, as well as Other extant laws.
