Crime & Law
EFCC to arraign Otudeko, ex-First Bank MD over alleged multi-billion naira fraud
A Federal High Court in Lagos has set January 20 as the date for the arraignment of the Chairman of Honeywell Group, Oba Otudeko, over allegations of N12.3 billion fraud.
The Economic and Financial Crimes Commission (EFCC) has filed a 13-count charge against Otudeko, former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Ltd., a firm linked to the case.
According to the EFCC, the defendants are accused of misappropriating funds totaling N12.3 billion from First Bank in several tranches: N5.2 billion, N6.2 billion, N6.1 billion, N1.5 billion, and N500 million. The alleged offenses occurred between 2013 and 2014 in Lagos.
The prosecution, led by Mrs. Bilikisu Buhari, also alleged that the defendants forged documents to mislead the bank.
READ ALSO :First Bank lays off 100 senior staff in major restructuring
The case, identified as FHC/L/20C/2025, has been assigned to Justice Chukwujekwu Aneke.
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