Court Adjourns EFCC’s Case Against Oba Otudeko and Others in Alleged N12.3 Billion Fraud

The Allegations and Charges.

In a significant legal development, Chief Oba Otudeko, the chairman of Honeywell Group, and former top executives of First Bank are facing charges in connection with the alleged fraudulent acquisition of N12.3 billion from the bank. The Economic and Financial Crimes Commission (EFCC) has leveled 13 criminal charges, including conspiracy, money laundering, and obtaining money by false pretenses. Among those implicated are former First Bank Managing Director Olabisi Onasanya and ex-Honeywell board member Soji Akintayo.

The alleged fraud dates back to 2013 and 2014, with the defendants accused of obtaining billions of naira under false pretenses, claiming the funds were loans for various business ventures. The EFCC alleges that these funds were misappropriated, violating several provisions of the Money Laundering (Prohibition) Act.

Court Proceedings and Jurisdictional Debate.

At the most recent hearing of the case in Lagos, Otudeko’s absence became a key point of contention. His defense lawyer, Wole Olanipekun (SAN), explained that Otudeko was currently receiving medical treatment in the United Kingdom and had been advised to stay there for further medical evaluation. Consequently, the defense sought an adjournment, urging the court to address the preliminary objections before proceeding with the arraignment.

EFCC’s lead prosecutor, Rotimi Oyedepo (SAN), insisted on Otudeko’s physical presence in court, arguing that the court had full jurisdiction to hear the case. Oyedepo emphasized the need for the trial to proceed without delay, in accordance with the Administration of Criminal Justice Act (ACJA) of 2015, which discourages postponements of criminal trials.

Justice Chukwujekwu Aneke presided over the case and adjourned the proceedings to March 17, 2025, to rule on the jurisdictional challenges raised by the defense.