The Economic and Financial Crimes Commission (EFCC) has filed a 13-count criminal charge against Chief Oba Otudeko, Chairman of Honeywell Group, and Olabisi Onasanya, the former Managing Director of First Bank, for allegedly obtaining the sum of N12.3 billion from the bank through fraudulent means.
The accused are set to be arraigned on Monday, January 20, 2025, before Justice Chukwujekwu Aneke of the Federal High Court in Lagos. They will face the charges alongside Soji Akintayo, a former member of the board of directors of Honeywell Flour Mills Plc, and Anchorage Leisure Ltd, a company linked to Otudeko.
The charge, filed by EFCC prosecutor Bilkisu Buhari-Bala on January 16, 2025, accuses the defendants of committing the fraud in multiple transactions between 2013 and 2014, involving sums of N5.2 billion, N6.2 billion, N6.150 billion, N1.5 billion, and N500 million.
In its allegations, the EFCC claims the defendants conspired to deceive First Bank by falsely representing that the sums were credit facilities applied for by V-Tech Dynamics Ltd and Stallion Nigeria Ltd.
The commission intends to present witnesses, including representatives of First Bank, Central Bank of Nigeria, and Stallion Nigeria Ltd, to testify against the accused and submit relevant documents to prove the fraudulent misrepresentation.
According to the EFCC, the charges contravene Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006 and are punishable under Section 1(3) of the same Act.
Count 1 of the charge states that “Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo, and Anchorage Leisure Limited between 2013 and 2014 in Lagos, within the jurisdiction of this Honourable Court conspired amongst yourselves to obtain the sum of N12,300,000,000.00 (Twelve Billion, Three Hundred Million Naira Only) from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V-Tech Dynamic Links Limited and Stallion Nigeria Limited, which representation you know to be false, and you thereby committed an offence contrary to Section 8(a) of Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under Section 1(3) of the same Act.”
Count 2 accuses the defendants of obtaining “the sum of N5.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V Tech Dynamic Links Limited which representation you know to be false.”
In Count 3, the defendants are charged with obtaining “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, which representation you know to be false.”
Count 4 states that the defendants conspired to use “the total sum of N6,150,000,000.00 (Six Billion, One Hundred and Fifty Million Naira Only), which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretence.”
The fifth count accuses the defendants of procuring Honeywell Flour Mills Plc to retain “the sum of N1.5 billion, which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretence.”
These offences, according to the EFCC, also contravene the Money Laundering (Prohibition) Act 2011, as amended.
The trial will begin next week, as the accused face serious charges involving large sums of money and complex financial fraud.
