EFCC Charges Oba Otudeko With Fraud Over Alleged N30bn Loan

The Economic and Financial Crimes Commission (EFCC) has filed a 13-count charge against Oba Otudeko, a former First Bank of Nigeria (FBN) chairman, along with three others, over allegations of fraud.

The other defendants include Stephen Olabisi Onasanya, a former FBN group managing director; Soji Akintayo, a former board member of Honeywell Flour Mills Plc; and Anchorage Limited, a company linked to Oba Otudeko.

The charges were submitted at the Federal High Court in Lagos, with the arraignment scheduled for Monday.

According to the EFCC, the accused conspired to secure several loans from First Bank under false pretenses between 2013 and 2014.

The loans, totaling over N30 billion, were reportedly obtained by claiming they were meant for companies such as V-Tech Dynamic Links Limited and Stallion Nigeria Limited.

The charge sheet highlights instances where large sums, including N12.3 billion, N5.2 billion, and N6.2 billion, were fraudulently secured.

The EFCC stated that these acts contravened provisions of the Advance Fee Fraud and Other Fraud-Related Offences Act 2006.

“That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO AND ANCHORAGE LEISURE LIMITED between 2013 and 2014 in Lagos, within the jurisdiction of this Honourable Court conspired amongst yourselves to obtain the sum of N12,300,000,000.00 (Twelve Billion, Three Hundred Million Naira Only), 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, and you thereby committed an offence contrary to Section 8(a) of Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under Section 1(3) of the same Act,” the first count reads.

“That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO, and ANCHORAGE LEISURE LIMITED, on or about 26th day of November, 2013 in Lagos, within the jurisdiction of this Honourable Court obtained the sum of N5,200,000,000,00 (Five Billion, Two Hundred Million Naira Only), 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, and you thereby committed an offence contrary to Section 8(a) of Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under Section 1(3) of the same Act.

“That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO AND ANCHORAGE LEISURE LIMITED in between 2013 and 2014 in Lagos, within the jurisdiction of this Honourable Court obtained the total sum of N6,200,000,000,00 (Six Billion, Two Hundred Million Naira Only), 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, and you thereby committed an offence contrary to Section 8(a) of Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under Section 1(3) of the same Act.”

The anti-graft agency plans to call 12 witnesses, including investigators and representatives from First Bank, the Central Bank of Nigeria (CBN), Stallion Nigeria, and V-Tech Dynamic Links.

In August 2024, Adesuwa Ezenwa, a former First Bank relationship manager, testified in 2024 that billions of naira in loans were funneled to companies connected to Otudeko, even though the loans were granted in the names of other firms.

The case is expected to shed light on the alleged financial misconduct and determine the liability of the accused parties.

KanyiDaily recalls that Subomi and Wahab Okoya, sons of Nigerian billionaire industrialist Razaq Okoya, were recently summoned by the EFCC over allegations of naira abuse.