By Abiola Olawale
The move to arraign Chief Oba Otudeko, a former Chairman of Honeywell Group and First Bank of Nigeria Holdings(FBN), along with Bisi Onasanya, a former Managing Director of First Bank, and others on charges of an alleged N12.3 billion fraud has again hit stonewall.
This is as Otudeko was absent at the Federal High Court in Lagos State when the lawsuit came up on Thursday.
The New Diplomat reports that Oba Otudeko, Onasanya and others were initially scheduled to be arraigned before the Federal High Court in Lagos State on January 20, 2025, however, their absence has led to a pause in the process.
Following the development, the court adjourned the arraignment to February 13, 2025. Meanwhile, during court proceedings on Thursday, Otudeko was absent.
His co-defendant, a former Managing Director of First Bank, Olabisi Onasanya and a former member of the board member of Honeywell Flour Mills PLC, Soji Akintayo, was however, present. The fourth defendant in the case is a company linked to Otudeko, named Anchorage Leisure Ltd.
Otudeko’s legal counsel, Wole Olanipekun (SAN), explained to the court that his client had filed an application dated January 28, 2025, explaining his absence.
According to him, Otudeko, in the application revealed that he left Nigeria on January 16, 2025, for medical treatment in the United Kingdom, arriving at Heathrow Airport the same day.
Olanipekun also emphasised that Otudeko had left the country lawfully and did not abscond.
In his response, Counsel to the Economic and Financial Crimes Commission (EFCC), Rotimi Oyedepo (SAN) reminded the court that the matter had been adjourned for the arraignment of the defendants, and the prosecution had followed the court’s directive to serve the defendants by substituted means.
He asked for an undertaking from the first defendant, Otudeko on when he will be back in the country for his arraignment.
However, counsel for the 2nd, 3rd, and 4th defendants, Olasupo Shasore (SAN), Kehinde Ogunwumiju (SAN) and Ade Adedeji (SAN), in their submissions, argued that their various applications challenging the court’s jurisdiction should first be heard and determined before arraignment.
Shasore specifically told the court that the absence of the first defendant could not delay the hearing of the application challenging the jurisdiction of the court. He noted that it is within the discretion of the court to hear the application.
Adedeji, in his submission, informed the court there are so many authorities to the effect that the application challenging jurisdiction can be taken now, and it will amount to injustice if such an application is not taken before arraignment.
In response, Oyedepo asked the court to discount the arguments and instead give precedence to arraignment.
He referred the court to the case of Yahaya Bello and Sec 396(2) of the Administration of Criminal Justice Act (ACJA) 2015, which provides that any preliminary objection to the validity of the charge can only be heard after the plea has been taken.
After hearing arguments from all parties, Justice Aneke adjourned until March 17 to rule on whether to hear the arguments challenging the jurisdiction of the court.
It would be recalled that the EFCC had accused Otudeko and other defendants of fraudulently obtaining credit facilities from First Bank under pretences between 2013 and 2014.
These charges include obtaining humongous sums in various tranches totalling N12.3 billion through V-Tech Dynamic Links Limited and Stallion Nigeria Limited, as well as presenting alleged forged documents to misrepresent transactions.
This comes amid endless legal tussle and battle for the soul of FBN Holdings. It would be recalled that internal tension and unease bedevilling Nigeria’s oldest financial institution, the First Bank, have continued to escalate as there has been a reported move among shareholders of First Bank of Nigeria Holdings Plc (FBN Holdings) to trigger a shake-up in the leadership of the company’s Board.
This is as shareholders of First Bank Holdings Plc are said to be currently pushing for an extraordinary general meeting (EGM) to accomplish that goal.
The New Diplomat’s checks reveal that most stakeholders declared that the demand for the EGM is in line with section 2615 (1) of CAMA, in which case they have just days to call the EGM.
It was gathered that the key focus of the upcoming meeting is to discuss and explore likely ways for the potential ousting of Femi Otedola from his position as chairman, along with the removal of one Julius B. Omodayo-Owotuga from his role as a non-executive director.
