• As Court Sets March 17 for Ruling on Otudeko’s Appearance in ₦31.3 Billion Fraud Case
A Federal High Court in Lagos has set March 17, 2025, to rule on multiple applications challenging its jurisdiction in a 13-count fraud case involving Oba Otudeko, former chairman of First Bank Nigeria (FBN), and three others.
At the hearing on Thursday, Otudeko was absent, while former FBN Group Managing Director Stephen Onasanya and ex-Honeywell Flour Mills board member Soji Akintayo were present in court.
The court scheduled the ruling after listening to arguments from both the Economic and Financial Crimes Commission (EFCC) and the defence counsel.
Otudeko’s lead counsel, Chief Wole Olanipekun (SAN), told the court that his client lawfully travelled to the United Kingdom on January 16, 2025, for medical treatment and had not absconded.
The defence had previously filed an application on January 28 to explain his absence.
Meanwhile, Olanipekun, alongside Oladipo Shasore (SAN), Kehinde Ogunwumiju (SAN), and Ade Adedeji (SAN), argued that the court should first determine whether it has jurisdiction before proceeding with the case.
Ogunwumiju, in a motion filed on February 10, 2025, urged the court to dismiss or decline jurisdiction over counts 1 to 10, citing abuse of judicial process and insufficient evidence.
He also sought an order preventing the EFCC from arresting or harassing the third defendant until a ruling is delivered.
EFCC prosecutor, Rotimi Oyedepo (SAN) dismissed the defence's arguments, maintaining that the charges were based on a thorough investigation.
He alleged that Otudeko and his co-defendants fraudulently obtained multiple loans from First Bank and diverted depositors’ funds for their personal benefit.
Oyedepo further argued that the charges were properly filed under the Administration of Criminal Justice Act (ACJA) 2015, and no additional affidavit of investigation completion was required before prosecution.
Following these submissions, Justice Aneke adjourned the case until March 17 for a ruling.
The EFCC had accused Otudeko, Onasanya, Akintayo, and Anchorage Limited of fraudulently securing loans worth billions of naira from First Bank between 2013 and 2014 under false pretences.
According to the charge sheet, the defendants allegedly obtained loans amounting to: ₦12.3 billion, ₦5.2 billion, ₦6.2 billion, ₦6.1 billion, and ₦1.5 billion
These loans were supposedly meant for financing firms, but the EFCC alleged that the transactions were fraudulent and violated financial regulations.
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