EFCC Set to Arraign Oba Otudeko and Ex-First Bank MD Onasanya Over Alleged N12.3 Billion Fraud Scandal

 In a development poised to send shockwaves through Nigeria's financial sector, the Economic and Financial Crimes Commission (EFCC) is set to arraign prominent industrialist Chief Oba Otudeko and former First Bank Managing Director Stephen Onasanya on January 20, 2025. The duo, alongside Soji Akintayo—a former board member of Honeywell—and Anchorage Leisure Limited, face allegations of orchestrating a N12.3 billion fraud against First Bank of Nigeria. 



The EFCC's 13-count charge accuses the defendants of obtaining substantial sums under false pretenses between 2013 and 2014. Specific allegations include:


N5.2 billion fraudulently obtained on November 26, 2013, purportedly as credit for V Tech Dynamic Links Limited.


N6.2 billion secured under the guise of a loan to Stallion Nigeria Limited.


N6.15 billion allegedly misappropriated from First Bank funds.


N1.5 billion and N500 million retained and converted through Honeywell Flour Mills Plc in December 2013.


The charges encompass conspiracy, forgery, and money laundering, contravening sections of the Advance Fee Fraud and Other Fraud Related Offences Act 2006 and the Money Laundering (Prohibition) Act 2011. 




This case underscores the EFCC's intensified efforts to combat high-profile financial misconduct, aiming to reinforce accountability within Nigeria's banking industry.


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