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N12.3bn fraud: EFCC to arraign Otudeko, ex-First Bank MD Monday
The Federal High Court in Lagos on Thursday fixed January 20, 2025, for the Economic and Financial Crimes Commission to arraign the Chairman of Honeywell Group, Chief Oba Otudeko, and a former First Bank Managing Director, Stephen Onasanya, for allegedly looting N12.3bn from First Bank.
Otudeko, a former Chairman of First Bank of Nigeria Holdings, and Onasanya are to be arraigned alongside a former board member of Honeywell, Soji Akintayo, and a firm, Anchorage Leisure Limited, allegedly connected to Otudeko.
According to EFCC, the four defendants allegedly committed fraud in tranches of N5.2bn, N6.2bn, N6.150bn, N1.5bn and N500m, between 2013 and 2014 in Lagos.
In the 13 counts, filed by EFCC counsel, Mrs Bilikisu Buhari, on January 16, 2025, EFCC further claimed that the defendants made and uttered and forged documents to deceive the bank.
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.
In count one, the EFCC accused the defendants of conspiring to obtain the sum of N12.3bn 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.
The commission also alleged that on or about November 26, 2013, in Lagos, the defendants obtained the sum of N5.2 bn 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 N6.2bn 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.
In the fourth count, they were accused of conspiring to spend the N6.15bn out of the funds.
According to the commission, 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.
In counts five and six, the EFCC said on or about December, 11, 2013, in Lagos, the four defendants procured Honeywell Flour Mills Plc to retain the sum of N1.5bn, 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 N500m, 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.
In count eight, they 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.
The 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.
The commission also alleged 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.”
In count 12, the 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.
The 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.”
A professor of Political Economy, Pat Utomi, on Friday said he is receiving support from some Nigerians who are planning to mobilise 500 lawyers to defend him against the Department of State Services.
Utomi revealed this in a post on X.
“It’s energising (that) some want to put together 500 lawyers to defend me against the DSS,” he said.
The DSS had sued Utomi over his alleged plan to establish what he calls “a shadow government” in the country.
According to the suit filed at the Federal High Court in Abuja, the DSS prayed the court to declare the move an attack on the Constitution.
The professor of Political Economy, who is the 2007 presidential candidate of the African Democratic Congress (ADC), was sued as the sole defendant.
In the suit filed on May 13 by a Senior Advocate of Nigeria, Akinlolu Kehinde, the agency contended that the move by Utomi was intended to create chaos and destabilise the country.
The DSS had argued that the planned shadow government was not only an aberration but also constituted a grave attack on the Constitution and a threat to the democratically elected government currently in place.
However, Utomi said he was gladened by the solidarity he had received from across the country.
“I am heartened by messages of solidarity from across Nigeria on this shadowy business of chasing shadows of shadow cabinets. Reminds me of the Nigeria I used to know. I want to thank all.”
The planned shadow cabinet was greeted by reactions from several Nigerians, including a former presidential candidate and activist, Omoyele Sowore, who said it was an ineffective symbolic gesture that lacked real-world impact on Nigeria’s pressing challenges.
Speaking during an interview on Inside Sources on Channels TV on Sunday, Sowore argued that the idea of a shadow cabinet was futile in a country where the existing government is itself opaque and largely unaccountable.
He said, “Well, how do you replace a shadow government with another set of shadowy governments? I would not begrudge anybody who thinks of solutions that can bring awareness to the people.
“But I do not think that setting up a government with names of people who call themselves a shadow government makes any difference.”
The Lagos State Police Command has issued an official statement addressing a viral video that sparked concern on social media, showing a large group of young men reportedly arriving in Lagos and gathering near the Dano Company premises in Ibeju-Lekki.
According to the Command, the incident occurred on May 14, 2025, prompting swift deployment of officers to the scene for investigation. The police confirmed that the individuals—eighty-nine in total—had arrived from Katsina State to work as labourers at the Dangote Refinery in Lekki.
A contractor affiliated with the refinery informed the police that he personally recruited the workers for legitimate employment, a statement corroborated by the refinery’s Chief Security Officer (CSO). All individuals were cleared for entry and are expected to reside within the refinery premises.
The police confirmed that thorough checks were conducted, revealing no incriminating materials. The labourers also presented valid National Identification Numbers (NINs), which were successfully verified by the authorities.
Commissioner of Police, CP Olohundare Jimoh, urged the public to refrain from spreading unverified information that could incite panic or tension. He assured residents of the Command’s continued commitment to public safety and swift response to potential threats.
Police Public Relations Officer, CSP Benjamin Hundeyin, signed off on the statement, reaffirming the Command’s dedication to transparency and law enforcement in Lagos State.
Finnish prosecutors on Friday said they had charged a man with inciting terrorism online who a media report identified as Nigerian separatist leader Simon Ekpa.
Finland’s National Prosecution Authority said in a statement that it had charged “a Finnish individual in a case involving suspected public incitement to commit crimes with terrorist intent and participation in the activities of a terrorist group.”
It added that the alleged crimes had been committed in the city of Lahti between 2021 and 2024 and were related to the suspect’s efforts to establish Nigeria’s Biafra region as an independent state.
The prosecution authority did not name the accused but Finnish public broadcaster YLE identified him as separatist leader Simon Ekpa.
Ekpa — who claims to lead the Biafra Republic’s government in exile — was detained in November.
According to the prosecution authority, the accused remained in custody and denied the charges.
Ekpa is known as a self-proclaimed leader of a faction of the Indigenous People of Biafra (IPOB), which is pushing for the independence of Nigeria’s southeast, where a bloody civil war was fought in the late 1960s.
The dual Finnish-Nigerian national has also been a local representative for Finland’s conservative National Coalition Party in the city of Lahti, north of Helsinki, where he has served on a public transport committee.
When Ekpa was arrested, Finnish authorities also requested that four other people be remanded in custody on suspicion of financing Ekpa’s activities.
On Friday, the prosecution authority said the prosecutor had decided to drop charges against four others in the case due to a lack of evidence.
Ekpa has been the subject of several of AFP’s fact checks in recent years over false claims and disinformation he has made in independence campaigning.
AFP
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