These, are certainly not the best of times for the Chairman of Honeywell Group, Chief Oba Otudeko as the Federal High Court in Lagos has fixed January 20, 2025 for the Economic and Financial Crimes Commission (EFCC) to arraign him and former FirstBank Managing Director, Stephen Onasanya for allegedly looting N12.3 billion from the bank.
Interestingly, Otudeko was a former Chairman of First Bank of Nigeria Holdings, he and Onasanya will be arraigned alongside a former board member of Honeywell, Soji Akintayo, and a firm, Anchorage Leisure Limited, allegedly connected to Otudeko.
EFCC said the four defendants allegedly committed fraud in tranches of N5.2 billion, N6.2 billion, N6.150 billion, N1.5 billion and N500 million, between 2013 and 2014 in Lagos.
EFCC counsel, Mrs Bilikisu Buhari, on January 16, 2025, claimed that the defendants made, uttered and forged documents to deceive the bank.
Meanwhile, Otudeko, Onasanya, Akintayo and Anchorage will be brought before Justice Chukwujekwu Aneke, to whom the case, registered as FHC/L/20C/2025, has been assigned.
The EFCC claimed that the defendants conspired to obtain the sum of N12.3 billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by Tech Dynamic Links Limited and Stallion Nigeria Limited, a representation they knew was false.
EFCC also alleged that on or about November 26, 2013, in Lagos, the defendants obtained the sum of N5.2 billion from First Bank on the pretence that the said sum represented credit facilities applied for by V Tech Dynamic Links Limited, a representation they knew was false.
The anti-graft agency claimed that the defendants, between 2013 and 2014 in Lagos, obtained N6.2 billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for and disbursed to Stallion Nigeria Limited, a representation they knew was false.
The defendants were also accused of conspiring to spend the N6.15 billion out of the funds.
According to EFCC, the offences contravened Section 8(a) of Advance Fee Fraud and Other Fraud Related Offences Act 2006 and are punishable under Section 1(3) of the same Act.
Besides, the EFCC said on or about December, 11, 2013, in Lagos, the four defendants procured Honeywell Flour Mills Plc to retain the sum of N1.5 billion, which sum they reasonably ought to have known forms part of proceeds of their unlawful activities to obtaining by false pretense, an offence contrary to Section 18(c), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.
Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo, and Anchorage Leisure Limited were said to have on or about December, 17, 2013 in Lagos, converted to the use of Honeywell Flour Mills Plc the sum of N500 million, which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to obtaining by false pretence, an offence contrary to Section 15(2 (b)) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.
Also the defendants were alleged to have on or about September 3, 2013, in Lagos conspired amongst themselves to commit an offence by uttering a forged document – titled “Letter of Application” with the intent that it may be used by the First Bank in the belief that the said document was genuine and emanated from V-Tech Links Dynamic Limited, an offence contrary to Section 3(6) of the miscellaneous offences Act, Cap M17 Laws of the Federation of Nigeria 2004 and punishable under Section 1(2)(c) of same Act.
EFCC said on September 3, 2013, the defendants conspired amongst themselves and made a false document titled “Authorisation to issue Investment Certificate to First Bank with the intent that it may be used by First Bank in the belief that the said document is genuine and emanated from V-Tech Links Dynamic Limited, and you thereby committed an offence contrary to Section 3(6) of the miscellaneous offences Act, Cap M17 Laws of the Federation of Nigeria 2004 and punishable under Section 1(2)(c) of same Act.
EFCC claimed that on or about October 31, 2014, in Lagos, the first to third defendants procured Abiodun Olatunji and Raymond Eze to transfer the sum of N6,200,000,000 to Stallion Nigeria Limited’s account number “2015708429” domiciled with First Bank, which sum they “reasonably ought to have known formed part of the proceeds of unlawful activities to wit: Fraudulent False Accounting and you thereby committed an offence contrary to Sections 18 (c) and 15(2 (b) of the money laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.”
However, EFCC said that on or about December 11, 2013, in Lagos, the first and second defendants procured Abiodun Olatunji and Raymond Eze to transfer the sum of N2, 090, 000,000 from Stallion Nigeria Limited’s account number “2015708429” domiciled with First Bank, to Emmerado Logistics Limited’s account number “0688985010” domiciled with First City Monument Bank, “which sum you reasonably ought to have known formed part of the proceeds of unlawful activities to commit fraudulent false accounting an offence contrary to Sections 18 (c) and 15(2 (b) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.
EFCC said Oba Otudeko, on or about September 3, 2013, in Lagos, whilst being the Chairman of First Bank Plc, indirectly had personal interest in a loan facility sought for by V Tech Dynamics Links Limited in the sum of N6,150,000,000.00, “which interest was not declared to the bank, an offence contrary to Section 18(1) Banks and other financial institutions Act 2004 and punishable under Section 18(2) of same Act.”