Conspiracy: EFCC to arraign Otudeko, Onasanya, ex-First Bank CEO, and 2 others for alleged N12.3bn fraud

*The Economic and Financial Crimes Commission, January 20, 2025, will arraign Oba Otudeko, Chairman of Honeywell Group, Olabisi Onasanya, ex-Managing Director and CEO of First Bank of Nigeria Limited, as well as two others before a Federal High Court, in Lagos, over an alleged N12.3 billion fraud

Isola Moses | ConsumerConnect

For purported conspiracy to defraud First Bank of Nigeria (FBN) of N12.3 billion among other infractions, the Economic and Financial Crimes Commission (EFCC) come Monday, January 20, 2025, will arraign Chief Oba Otudeko, Chairman of Honeywell Group, and Mr. Olabisi Onasanya, former Managing Director and Chief Executive Officer (CEO) of First Bank before a Federal High Court, in Lagos, over an alleged N12.3 billion fraud.

Otudeko, a former Chairman of FBN Holdings Plc, and Onasanya are expected to face charges alongside former Honeywell Board member, Soji Akintayo and Anchorage Leisure Limited, a company linked to Otudeko.

The EFCC, in a 13-count charge, alleged that between 2013 and 2014, Otudeko and Onasanya, as defendants, orchestrated fraudulent transactions totalling N12.3 billion, involving amounts of N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million through fraudulent credit facilities.

In the charge sheet Bilikisu Buhari, counsel to EFCC, filed Thursday, January 16, the anti-graft regulatory agency also accused the defendants of forging documents to deceive First Bank.

The duo will be arraigned before Justice Chukwujekwu Aneke for trial under charge number FHC/L/20C/2025.

Key charges against defendants

The charges against Otudeko and Onasanya include conspiracy to defraud First Bank, obtaining loans under false pretences, and money laundering activities involving the diversion and conversion of bank funds for personal use.

The defendants also are accused of forging documents to mislead the bank into believing that companies, such as V-Tech Dynamic Links Limited and Stallion Nigeria Limited, had requested credit facilities from the financial institution.

The alleged offences, stated the EFCC, 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.

The charge sheet noted: “That you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo, and Anchorage Leisure Limited, on or about December 11, 2013, in Lagos, procured Honeywell Flour Mills Plc to retain the sum of N1.5 billion.

“This, you reasonably ought to have known, was part of the proceeds of your unlawful activities, specifically obtaining by false pretenses.

“You thereby committed an offense contrary to Section 18(c) and Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.”

It stated: “That you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo, and Anchorage Leisure Limited, on or about December 17, 2013, in Lagos, converted the sum of N500 million to the use of Honeywell Flour Mills Plc, which you reasonably ought to have known was part of the proceeds of your unlawful activities, specifically obtaining by false pretences.

“You thereby committed an offense 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.”

The charges also read: “That you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo, and Anchorage Leisure Limited, on or about September 3, 2013, in Lagos, conspired to ‘utter’ a forged document titled ‘Letter of Application’ with the intent that it would be used by First Bank, believing the document was genuine and emanated from V-Tech Dynamic Links Limited.

“You thereby committed an offence contrary to Section 3(6) of the Miscellaneous Offenses Act, Cap M17, Laws of the Federation of Nigeria 2004, and punishable under Section 1(2)(c) of the same Act.”

The EFCC wrote: “That you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo, and Anchorage Leisure Limited, on or about September 3, 2013, in Lagos, made a forged document titled ‘Authorisation to Issue Investment Certificate to First Bank,’ intending it to be used by First Bank, believing it to be genuine and originating from V-Tech Dynamic Links Limited. You thereby committed an offense contrary to Section 1(2)(c) of the Miscellaneous Offenses Act, Cap M17, Laws of the Federation of Nigeria 2004, and punishable under the same Act.

“That you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo, and Anchorage Leisure Limited, on or about September 3, 2013, in Lagos, made a forged document titled ‘Authorisation to Issue Investment Certificate to First Bank,’ intending it to be used by First Bank, believing it to be genuine and originating from V-Tech Dynamic Links Limited. You thereby committed an offence contrary to Section 1(2)(c) of the Miscellaneous Offences Act, Cap M17, Laws of the Federation of Nigeria 2004, and punishable under the same Act.”

Part of the charges further said that Otudeko and Onasanya, on or about October 31, 2014, in Lagos, procured Abiodun Olatunji and Raymond Eze to transfer N6.2 billion to Stallion Nigeria Limited’s account (No. 2015708429) domiciled with First Bank.

The charges as well indicated that the accused reasonably ought to have known that the money was part of the proceeds of unlawful activities, specifically fraudulent false accounting, thereby committing 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 charges further read: “That you, Chief Oba Otudeko and Stephen Olabisi Onasanya, on or about December 11, 2013, in Lagos, procured Abiodun Olatunji and Raymond Eze to transfer N2.09 billion from Stallion Nigeria Limited’s account (No. 2015708429) with First Bank to Emmerado Logistics Limited’s account (No. 0688985010) with First City Monument Bank.

“This you reasonably ought to have known was part of the proceeds of unlawful activities, specifically fraudulent false accounting.

“You thereby committed an offense 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.”

Aside from these, the EFCC stated that Otudeko, on or about September 3, 2013, in Lagos, while being Chairman of First Bank Plc, indirectly had a personal interest in a loan facility sought by V-Tech Dynamic Links Limited for N6.15 billion, which interest was not declared to the bank.

The charge document noted: “You thereby committed an offense contrary to Section 18(1) of the Banks and Other Financial Institutions Act, 2004, and punishable under Section 18(2) of the same Act.”

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