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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.”
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Just in: Tinubu’s son Seyi, Tops Controversial List As Lagos Guber Race Ignites Political Wahala

By Kayode Sanni-Arewa
The race to succeed Governor Babajide Sanwo-Olu in 2027 is gradually gaining momentum, with political stakeholders and groups across Lagos State already rooting for their preferred candidates.
Among those generating buzz is Femi Gbajabiamila, Chief of Staff to President Bola Ahmed Tinubu and former Speaker of the House of Representatives.
A growing number of party faithful and influential figures are backing him, with popular Nollywood actor and lawmaker, Desmond Elliot, reportedly leading a ‘silent’ push for Gbajabiamila to emerge as the APC flagbearer in the next gubernatorial election.
Supporters are said to be banking on his close ties to the President and long-standing political experience, which they believe make him a strong contender.
“Gbajabiamila is not just a seasoned legislator. Now as Chief of Staff to the President, he has added executive experience.
“That’s the kind of leadership Lagos needs,” said Famous Oloyede, an APC chieftain from Surulere.
However, some party members believe that by 2027, Gbajabiamila, who will be 64, may be too old to govern a complex and fast-moving state like Lagos.
“He should stay back in Abuja and continue supporting the President. Lagos needs someone younger; and besides, it’s time another administrative district takes the seat,” a senior party source revealed.
Lagos State is organised into five administrative districts, collectively called IBILE, namely Ikorodu, Badagry, Ikeja, Lagos Island, and Epe.
Notably, the last four governors of the state, Bola Tinubu, Babatunde Fashola, Akinwunmi Ambode and Babajide Sanwo-Olu, have all hailed from either Lagos Island or Epe.
Even Alhaji Lateef Jakande, the state’s first civilian governor, identified as a native of Lagos Island.
The clamour for 2027 is not one-sided. Stakeholders from Epe, a region that once produced former governor Akinwunmi Ambode, are also pressing for political rebalancing.
Following Ambode’s fallout with the APC leadership, many indigenes believe Epe has been marginalised in the state’s power structure.
As a result, attention has shifted to the current Minister of State for Health and Social Welfare, Dr Maruf Tunji Alausa, who hails from Epe. Many locals view him as a competent and loyal figure capable of restoring Epe’s influence in Lagos politics.
“Epe has been marginalised for years,” said Olugbede Adekalu, a strong APC member.
“Ambode was not allowed to complete his second term, unlike others before him. It’s time to correct that injustice,” he said.
Speaker of the Lagos State House of Assembly, Rt Hon Mudashiru Obasa, is also being quietly touted by political and religious circles.
A notable Islamic cleric recently expressed support for Obasa’s candidacy, citing his legislative experience and grassroots popularity.
While Obasa has yet to make a formal declaration, he recently made a subtle remark that has further fueled speculations.
Speaking during a public engagement, the Speaker said, “Also, becoming governor is secondary; it is something that I have not given serious consideration. Nevertheless, that does not mean I am too young or lack experience to run; whereas, those who have been before me are not better off.”
Observers believe Obasa’s statement was a calculated message to signal openness to the race without making an outright announcement.
Also making the rounds is the name of Seyi Tinubu, son of President Bola Tinubu.
While he has not publicly declared interest, speculations are rife, with several diaspora groups reportedly rooting for him.
This development has placed the party and the Governance Advisory Council (GAC), the highest decision-making body of the APC in Lagos, in a dilemma, especially as President Tinubu has remained silent despite the growing clamour for his son’s potential candidacy.
In addition to the growing field of aspirants, fresh agitations are emerging from Ikorodu, one of Lagos State’s largest administrative districts under the IBILE structure.
Despite the fact that the current Deputy Governor, Obafemi Hamzat, hails from Iga Egbe, a traditional compound within the Ikorodu Division, many stakeholders are insisting the district is yet to be adequately represented at the top.
According to party insiders, there is mounting support for either Rep Babajimi Benson or Hamzat himself to emerge as the next governor.
However, should neither of them clinch the ticket, strong lobbying is ongoing for Hon Abike Dabiri-Erewa, former House of Representatives member and current Chairman of the Nigerians in Diaspora Commission, to be considered for the position of deputy governor, especially if the governorship goes to another district.
“Ikorodu deserves a real shot at the governorship. It’s one of the most loyal and populated zones in Lagos, yet we’ve never truly had our turn,” said a party source.
While some argued that Ikorodu had a brief taste of power through Abiodun Ogunleye, who served as deputy governor during Tinubu’s administration, a party member countered that Ogunleye’s tenure, just 14 days between May 15 and May 29, 2007, was too short to be considered meaningful representation.
A party insider from Ogolonto, a community in Ikorodu, stated:
“Ogunleye’s 14-day tenure was purely symbolic. You can’t call that real representation. That’s not power-sharing, it was a token gesture. Ikorodu deserves more than a fleeting appointment.
“Serving just 14 days as deputy governor hardly qualifies as meaningful leadership. Ikorodu deserves more than a fleeting appointment.”
Reflecting growing calls for more equitable power rotation across Lagos, some party members have maintained that adjoining districts long overlooked deserve a turn in the executive seat.
“Power should shift to Badagry now. They’ve never produced either a governor since 1999,” another party member told DAILY POST.
Another name quietly gaining traction within APC circles is that of Senator Mukhail Adetokunbo (Tokunbo) Abiru, who currently represents Lagos East Senatorial District in the National Assembly.
This district encompasses the local government areas of Epe, Ibeju-Lekki, Ikorodu, Kosofe and Somolu
With many zones clamouring for recognition and no clear frontrunner emerging yet, one thing is clear: the contest for the soul of Lagos in 2027 will be one of the most keenly watched and hotly contested in the state’s recent political history.
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Just in: FG receives Wigwe’s helicopter crash report from NTSB

By Kayode Sanni-Arewa
The Director-General of the Nigeria Safety and Investigation Bureau (NSIB), Alex Badeh, has confirmed that the United States National Transportation Safety Board (NTSB) shared the final report on the helicopter crash that claimed the lives of former Group Chief Executive Officer of Access Holdings Plc, Herbert Wigwe, his wife Doreen, their son Chizi, former NGX Group Chairman Abimbola Ogunbanjo, and two pilots.
Recall that the tragic crash occurred on February 9, 2024, when an Airbus EC130B4 helicopter operated by Orbic Air, LLC crashed near Halloran Springs, California.
The NTSB’s final report outlined the primary causes of the crash, identifying “pilot disorientation” and a violation of flight protocols as key contributors to the tragedy.
Specifically, the report pointed to the decision to proceed under visual flight rules in instrument meteorological conditions as a significant factor in the crash.
Badeh stated, “The NTSB shared the report directly with the NSIB as we are interested parties and in accordance with ICAO Annex 13 protocols.
“We do not necessarily comment on accident reports as they are not meant to apportion blame but to improve safety and prevent reoccurrence.”
When asked if the NSIB was satisfied with the findings in the NTSB report, Badeh emphasised that the NSIB does not engage in commenting on accident reports.
He clarified that the primary purpose of such reports is not to assign blame but to ensure that measures are put in place to enhance safety in the aviation sector.
“The report’s essence is to improve safety across the sector. The NSIB is not the head of aviation in Nigeria,” Badeh reiterated.
Badeh further confirmed that the family of the deceased had been in communication with the NTSB throughout the investigation process, from the time of the crash until the final report was released.
“The family of the deceased has been in contact with the NTSB at the time of the accident till the close of the investigation,” Badeh stated.
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Insecurity!Six Terrorists Silenced, Camps Destroyed as Troops Sweep Sokoto, Zamfara Forests

By Kayode Sanni-Arewa
In a daring continuation of Operation of Troops FANSAN YANMA Phase V, the troops have penetrated deep into terrorist strongholds across parts of Sokoto and Zamfara States, dismantling layers of insurgent infrastructure and recovering weapons.
The multi-day operation, which began with swift assaults on identified camps, saw troops advancing through highly hostile territory, including Gidan Madi, Tsamiya Village, Tudun Ruwa, Alela, and several forested areas notorious for harbouring terrorist cells.
Security sources told Akelicious that the troops encountered multiple ambushes laid by fighters of the Lakurawa terror faction, a splinter group known for its entrenched operations in the North West region.
Despite the resistance, the troops pressed forward, clearing key hideouts beyond Alela village, including the Areo general area, Damoria, Tumuna Village, and the densely wooded Goboro Forest.
“These locations have been long used by terrorists as logistics hubs and operational bases for launching attacks on civilian communities and security convoys,” a senior military source familiar with the operation said.
The military offensive did not come without cost. One soldier was wounded in action (WIA) during the series of engagements, while a vigilante supporting the operation paid the ultimate price. The wounded soldier was promptly evacuated to the 8 Division Military Hospital (8 DMSH) in Sokoto for treatment.
Troops also neutralised six terrorists affiliated with the Lakeurawa faction during the operation. Several others escaped with varying degrees of gunshot wounds, fleeing into the surrounding forest areas
Among the arms recovered from the cleared camps were various weapons, magazines, two handheld radios, and motorcycles which were some of the items believed to have been used for communications and mobility within the camps
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