A Federal High Court in Lagos has ordered the arraignment of former First Bank Chairman, Oba Otudeko, and ex-Managing Director, Bisi Onasanya, over an alleged ₦12.3 billion fraud case.
Delivering his ruling on Monday, Justice Aneke emphasised that, under established legal principles, a defendant’s plea must be taken before any applications can be entertained.
Citing precedents from Onnoghen v FRN and Bello v FRN, the judge ruled that a formal arraignment must occur before addressing preliminary objections.
“The key issue before the court is whether any legal processes can proceed before the defendants are arraigned,” the judge stated.
“As established in case law, any challenge to the validity of a charge must come after a plea has been entered. This is now a mandatory requirement, and this court is bound by precedent.”
Following the ruling, Otudeko’s counsel, Wole Olanipekun (SAN), informed the court that discussions for an amicable resolution were underway.
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He disclosed that all parties, including the prosecution, had met with the Attorney General of the Federation on March 12 to explore a settlement. He, therefore, requested an adjournment to allow further discussions.
Other defence counsel, including Kehinde Ogunwumiju, Yinka Fusika, and Charles Adeogun-Phillips, also confirmed the ongoing negotiations.
However, the prosecution’s lawyer, Bilkisu Buhari-Bala, insisted that the court should set the next hearing date for either the arraignment or an update on the settlement.
After considering the submissions, Justice Aneke adjourned the case to May 8 for a status report.
The Economic and Financial Crimes Commission (EFCC) had filed a 13-count charge against Otudeko and Onasanya, accusing them of unlawfully obtaining ₦12.3 billion from First Bank.
They were charged alongside Soji Akintayo, a former board member of Honeywell Flour Mills Plc, and Anchorage Leisure Ltd, a company linked to Otudeko.
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According to the EFCC, the alleged fraudulent transactions took place between 2013 and 2014, involving multiple tranches of ₦5.2 billion, ₦6.2 billion, ₦6.15 billion, ₦1.5 billion, and ₦500 million in Lagos.
