Court Orders Oba Otudeko to Show Up for Arraignment for Alleged N12.3bn Fraud
The Federal High Court in Lagos has ordered businessman Oba Otudeko to enter a plea in the charges brought against him by the Economic and Financial Crimes Commission (EFCC).
Justice Chukwujekwu Aneke issued the order during a court session, ruling that Otudeko must take his plea before the court can hear an application challenging its jurisdiction over the case. The matter has been adjourned to May 8.
The EFCC has filed a 13-count charge against Otudeko and three others over an alleged N30 billion loan fraud. In August 2024, Adesuwa Ezenwa, a former relationship manager at First Bank, testified before the National Industrial Court, stating that large loans were funneled to companies linked to Otudeko despite being granted under the names of different firms.
Following investigations, the EFCC formally charged Otudeko and the other defendants in January 2025. The co-defendants include:
Stephen Olabisi Onasanya, former Group Managing Director of First Bank of Nigeria, FBN
Soji Akintayo, former board member of Honeywell Flour Mills Plc
Anchorage Limited, a company associated with Otudeko
The EFCC alleges that between 2013 and 2014, the defendants obtained multiple loan tranches—N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion—from First Bank under false pretenses.
The prosecution has lined up 12 witnesses for the trial, including three EFCC investigators and representatives from First Bank, the Central Bank of Nigeria (CBN), Stallion Nigeria, and V-Tech Dynamics Limited.
