The Economic and Financial Crimes Commission (EFCC) has filed a 13-count criminal charge against the Chairman of Honeywell Group, Chief Oba Otudeko, and a former Managing Director of First Bank, Olabisi Onasanya, for allegedly defrauding First Bank of N12.3 billion.
The arraignment of both individuals is scheduled for Monday, January 20, before Justice Chukwuejekwu Aneke at the Federal High Court in Lagos.
Joining them as defendants in the case are Soji Akintayo, a former board member of Honeywell Flour Mills Plc, and Anchorage Leisure Ltd, a company linked to Otudeko.
The EFCC prosecutor, Bilkisu Buhari-Bala, filed the charges on January 16, 2025, alleging that the accused obtained the funds in tranches of N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million between 2013 and 2014 in Lagos.
To establish its case, the EFCC intends to present witnesses, including representatives from First Bank, the Central Bank of Nigeria, Stallion Nigeria Limited, and V-Tech Dynamics Ltd. Individuals like Cecelia Majekodunmi, Ola Michael Aderogba, Abiodun Olatunji, Raymond Eze, Abiodun Odunbola, and Adeeyo David are expected to testify about the alleged fraudulent misrepresentation.
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Farida Abubakar and Adaeze Nwakoby are also listed as witnesses.
The EFCC alleges that the offences violate Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and are punishable under Section 1(3) of the same Act.
The EFCC outlined the charges against the defendants as follows:
In Count 1, the defendants are accused of conspiring to fraudulently obtain N12.3 billion from First Bank by falsely claiming the funds were credit facilities applied for by V-Tech Dynamic Links Ltd and Stallion Nigeria Ltd.
Count 2 alleges that on November 26, 2013, the defendants fraudulently obtained N5.2 billion from First Bank, pretending it was a credit facility for V-Tech Dynamic Links Ltd.
Under Count 3, the EFCC claims the defendants secured N6.2 billion between 2013 and 2014 from First Bank, falsely representing it as a credit facility for Stallion Nigeria Ltd.
In Count 4, the defendants are charged with conspiring to use N6.15 billion, knowing it was proceeds from unlawful activities, including obtaining funds under pretence.
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Finally, Count 5 states that on December 11, 2013, the defendants facilitated Honeywell Flour Mills Plc in retaining N1.5 billion, suspected to be proceeds of their unlawful activities.
The charges also cite violations of the Money Laundering (Prohibition) Act, 2011 (as amended), particularly Sections 18(a) and 15(2)(d), punishable under Section 15(3) of the Act.
The case is set to bring further scrutiny to high-profile financial dealings involving corporate executives and financial institutions in Nigeria.
