The Economic and Financial Crimes Commission (EFCC) has withdrawn its N30 billion loan fraud case against Former First Bank Holdings Chairman, Oba Otudeko.
Justice Chukwujekwu Aneke of the Federal High Court in Lagos struck out the 13-count charge filed against Oba Otudeko on Wednesday after Rotimi Oyedepo, counsel to the EFCC, announced the withdrawal of the suit.
The three other defendants in the case are Stephen Olabisi Onasanya, a former group managing director of FBN; Soji Akintayo, an ex-board member of Honeywell Flour Mills plc; and Anchorage Limited, a company linked to Otudeko.
EFCC had accused Otudeko and the other defendants of obtaining tranches of loans — N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion from First Bank under the pretence that the funds were obtained by some firms between 2013 and 2014.
At the court proceedings on Wednesday, counsel to the EFCC, Oyedepo said after the charges were filed, Lateef Fagbemi, attorney-general of the federation, received a letter from the defense team seeking “amicable resolution” of the case. Oba Otudeko had last week sold off his FirstHoldco shares two years after acquiring them.
First Bank then wrote a letter to the AGF on July 16 to withdraw the complaint on the grounds that the matter has been settled while on July 21, the EFCC wrote another letter to AGF that the parties have settled and the charge should not be pursued. Oyedepo added that depositors’ funds, which were the subject of the charge, have been fully recovered and returned to the treasury of the First Bank.