Otudeko free from all fraud charges as EFCC withdraws case

A 13-count charge filled by the the Economic and Financial Crimes Commission (EFCC) against Oba Otudeko, former chairman of First Bank of Nigeria (FBN), has been dismissed by the Federal High Court in Lagos.

Justice Chukwujekwu Aneke struck out the charges on Wednesday, following the withdrawal of the suit by the Economic and Financial Crimes Commission (EFCC)’s counsel, Rotimi Oyedepo.

In January, the EFCC initially filed charges against Otudeko and three other co-defendants. These charges were connected to an alleged N30 billion loan fraud.

Related News

The other individuals implicated in the case were Stephen Olabisi Onasanya, who served as a former group managing director of FBN, and Soji Akintayo, an ex-board member of Honeywell Flour Mills plc. Also named was Anchorage Limited, a company reportedly linked to Otudeko.

The crime commission alleged that Otudeko and his co-defendants obtained several loan tranches from First Bank, totaling N30 billion.

These loans, secured between 2013 and 2014, included sums of N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion. The EFCC claimed these funds were acquired under the pretense that various firms had obtained them.

Subsequently, the defence team of Otudeko and the anti-graft agency explored an out-of-court settlement over the alleged loan fraud trial.

Eniola Olatunji

Eniola Olatunji is an experienced journalist at BusinessDay, where she has specialized in reporting on personal and business finance since March 2022. She focuses on creating engaging and precise news stories, with a keen emphasis on the fixed-income market, banking, personal finance, cost of living, and the Nigerian economy. Her work also encompasses extensive market research and economic trend analysis. Eniola is passionate about empowering individuals to make informed financial decisions and is dedicated to shedding light on the intricate workings of the economy. She holds a Bachelor of Science degree in Pure & Applied Chemistry from the University of Lagos. Eniola Olatunji was shortlisted for The Future Awards Africa Prize for Journalism..