By Abiola Olawale
A Federal High Court in Lagos has issued a directive for prominent businessman and former Chairman of First Bank of Nigeria, Oba Otudeko, to appear in court over allegations of N12.3 billion fraud.
The order, delivered by Justice Chukwujekwu Aneke on Monday, comes amidst ongoing legal proceedings involving Otudeko and several associates, who are facing a 13-count charge filed by the Economic and Financial Crimes Commission (EFCC).
The New Diplomat reports that the case centres on accusations that Otudeko and his co-defendants, Olabisi Onasanya, a former Managing Director of First Bank; Soji Akintayo, a former Honeywell board member; and Anchorage Leisure Ltd, allegedly obtained multiple loan tranches totalling N12.3 billion under pretences.
The EFCC also alleged that the funds were secured from First Bank for fictitious firms, constituting a breach of trust and financial misconduct.
During court proceedings on Monday, Justice Aneke issued the order to Otudeko to appear before the court following repeated delays in the arraignment process.
Earlier during the court session, the prosecution, led by Rotimi Oyedepo, argued that the arraignment should take precedence over any jurisdictional challenges raised by the defence.
Otudeko’s counsel, Bode Olanipekun, countered that the court must first resolve questions of jurisdiction, asserting that the matter may be civil rather than criminal and thus outside the EFCC’s prosecutorial purview.
Other defence counsel, including Olasupo Shashore for Onasanya and Kehinde Ogunwumiju for Akintayo, echoed similar sentiments, urging the court to dismiss the charges on procedural grounds.
Justice Aneke, however, emphasized the need for Otudeko’s presence, stating: “The court will not proceed in the absence of the lead defendant. He must appear to answer the charges against him.”
The judge adjourned the case to May 8 for further hearings. 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, respectively.
These charges include allegedly 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.
