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N12.3bn fraud: EFCC to arraign Otudeko, ex-First Bank MD Monday

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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.

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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.

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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.

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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.”

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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.”

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Biden sets record, grants clemency to 2,500 people

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By Francesca Hangeior.

 

President Joe Biden on Friday commuted the sentences of nearly 2,500 people convicted of non-violent drug offences in what the White House called the largest single-day act of clemency in US history.

Those whose sentences were commuted were serving “disproportionately long sentences” compared to what they would receive today, Biden said in a statement.

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He called the move “an important step toward righting historic wrongs, correcting sentencing disparities, and providing deserving individuals the opportunity to return to their families.”

“With this action, I have now issued more individual pardons and commutations than any president in US history,” Biden said, adding that he may issue further commutations or pardons before he hands over power to President-elect Donald Trump on Monday.

Biden commuted the sentences of nearly 1,500 people and pardoned 39 others last month.

Among those pardoned in December was Biden’s son Hunter, who was facing a possible prison sentence after being convicted of gun and tax crimes.

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Biden has meanwhile reportedly been debating whether to issue blanket pardons for some allies and former officials amid fears they could be targeted for what Trump has previously called “retribution.”

In December, Biden also commuted the death sentences of 37 of the 40 inmates on federal death row.

Three men were excluded from the move: one of the 2013 Boston Marathon bombers, a gunman who murdered 11 Jewish worshippers in 2018 and a white supremacist who killed nine Black churchgoers in 2015.

Trump has indicated that he will resume federal executions, which were paused while Biden was in office.

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Police bust illegal weapons factory, arrest cultist, two murder suspects

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By Francesca Hangeior.

 

The Nigeria Police Force has recorded significant successes in its ongoing efforts to combat crime across the country, with the recent busting of an illegal weapons manufacturing factory in Benue State, the arrest of a notorious cultist in Delta State, and the apprehension of two murder suspects in Kebbi State.

In a statement released Friday, Force Public Relations Officer, ACP Olumuyiwa Adejobi, detailed the recent police operations.

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He said in the statement that on January 11, 2025, police operatives in Benue State raided a weapons manufacturing factory in Tse Akamabe Area of Kwande LGA, arresting two suspects: Friday Aduduakambe and Iorwashima Iornyume, also known as “AK.”

“Upon a coordinated search of the factory, the following items were recovered: 9 locally fabricated pistols, 1 locally fabricated AK47 riffle (unfinished), 2 gas cylinders, 4 vise machines, 1 filing machine and numerous other weapons manufacturing tools,” the statement revealed.

In another operation, police in Delta State, acting on credible intelligence, raided the apartment of a notorious Eiye confraternity member, Prosper Akeni, in DSC. Akeni, identified as a hitman for the cult group, was arrested, and a cache of weapons was recovered from his residence, including 1 English revolver pistol, 1 berretta pistol, 2 locally made double barrel guns, 2 locally made single barrel guns, 1 locally made revolver pistol, 1 locally made single barrel pistol, and 25 rounds of ammunition.

“The suspect confessed the guns recovered belonged to his cult group and he was in custody of them as the number one man in the group,” the statement added.

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Furthermore, the police in Kebbi State arrested two suspects for separate murder cases. On December 31, 2024, Yunusa Haruna was apprehended for the fatal stabbing of his elder brother, Isiyaku Haruna, in Shanga Local Government Area. In a separate incident on January 8, 2025, Abubakar Ummar was arrested in Zuru Village for the stabbing death of Mohammed Bala during an argument.

Inspector-General of Police, Kayode Adeolu Egbetokun, has commended the operatives for these successful operations and has urged them to intensify efforts in ensuring the sanctity of law and order across the nation.

“The IGP further encouraged members of the public to remain vigilant at all times and share useful information to the Police in order to have a community-based policing system,” the statement concluded.

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Dangote raises petrol prices to N955 from N899/litre for bulk buyers

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By Francesca Hangeior.

 

Sequel to a consistent surge in the price of Brent, the global benchmark for crude, the Dangote Petroleum Refinery has communicated an upward adjustment in the price of Premium Motor Spirit, also known as petrol, to its customers.

In an email statement obtained by our Correspondent on Friday, the refinery announced that its refined products would now be priced at N955 per litre at the loading gantry, marking an adjustment in its pricing structure.

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It noted that marketers buying between 2 million – 4.99 million litres will now buy at N955 per litre while 5 million litres & above will buy at N950 per litre.

The amount marks an increase of N55.5 or 6.17 per cent from N899.50 per litre announced as a holiday discount for Nigerians last year December.

This adjustment applies to all stock balances yet to be lifted by the stated time while pending stock as of the effective time will also be repriced at the updated rates.

The statement added that the new price regime will take effect from 5:30 PM, today.

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The notice titled, “Communication on PMS Price Review” read, “Dear Esteemed Customer, Trust this email finds you well.

“Kindly be advised that effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit.

“We shall communicate with customers on their revised volumes based on the reviewed prices, in due course.”

The price increase is expected to have widespread effects on the downstream petroleum sector, particularly private depots and retail markets.

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An oil and gas expert, Olatide Jeremiah, said depots are poised to increase the loading price of refined petroleum products because of the heavy influence of the refinery.

Jeremiah, who is the Chief Executive Officer of petroleum price.ng, said, “Dangote Refinery’s influence on Fuel price has become unmatched; private depots, Major marketers, and independent Marketers will compete with this new price. Therefore, Nigerians should expect an increase in Petrol Pump Price.

Brent Crude oil as of today is $81.84, highest in 2025, its one major factor for the increase.”

On Thursday, the Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, disclosed that the price of crude oil in the international market remains a major force in driving the fluctuations in the pump prices of petrol.

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He said the downstream sector is now fully deregulated with the government no longer involved in setting prices.

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