By Abiola Olawale
Billionaire business mogul and one of Nigeria’s most legendary investors, Oba Otudeko’s whereabouts has remained uncertain amid rising tensions surrounding an impending legal battle over First Bank of Nigeria.
This report is coming amid reported moves by the Economic and Financial Crimes Commission (EFCC) to bring charges against Oba Otudeko, before the Federal High Court in Lagos State next Monday,
A report by two separate online newspapers, Intelregion and Cable claimed that Otudeko, the former chairman of the First Bank of Nigeria (FBN), reportedly left the country via one of the land borders.
According to the reports, he reportedly left Nigeria through the Nigeria-Benin border.
However, The New Diplomat’s checks reveal that there is uncertainty over the exact whereabouts of the billionaire business guru and legendary investor.
This comes as the EFCC is preparing charges against Otudeko alongside others on charges involving an alleged N12.3 billion fraud scheme.
Recall that the EFCC had filed a 13-count charge at the Federal High Court in Lagos, accusing Otudeko and his associates of allegedly fraudulently obtaining funds under pretenses from First Bank between 2013 and 2014.
The charges include claims of misrepresentation and forgery related to credit facilities supposedly applied for by V-Tech Dynamic Links Limited and Stallion Nigeria Limited.
The three other defendants are Stephen Olabisi Onasanya, a former group managing director of FBN; Soji Akintayo, an ex-board member of Honeywell Flour Mills plc; and Anchorage Limited, a company linked to Otudeko.
In the detailed charge sheet presented by the EFCC, Oba Otudeko and co-defendants were accused of orchestrating a scheme to misappropriate substantial loans from First Bank.
The amounts in question were said to be staggering, including N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion. The defendants were alleged to have secured these funds by deceitfully claiming that they were intended for various firms.
The anti-graft agency said the credit facilities were obtained between 2013 and 2014.
However, in a statement released on Thursday by Olasumbo Abolaji, the general counsel of Honeywell Group, Otudeko strongly denied the allegations leveled against him. He emphasized that he has not received any official invitation regarding these claims.
Otudeko further clarified his position by stating that he has never held an executive role within FBN Holdings or its banking subsidiary, First Bank of Nigeria Limited. As a result, he asserted that he bears no operational responsibilities within the organization.
The statement reads in part: “In light of recent news reports, Dr. Oba Otudeko categorically refutes the claims concerning his role in FBN Holdings and will aggressively defend his reputation.
“Dr Oba Otudeko is a builder and one of Nigeria’s foremost investors and industrialists. He has built directly from scratch and has worked with others to build many of Nigeria’s most successful companies. This includes FBNHoldings, where he served as a director (then Chairman) from 1997 to 2021 and was instrumental in supporting the transformation of the bank from an old-generation bank to its current leadership role as a pan-African financial services holding company.
“As of this moment, he has received no official summons, neither has his legal team received any official invitation from relevant authorities. As he has done in the past, Dr. Oba Otudeko is always ready and available to assist any government agency with appropriate oversight in the execution of their duties, with the expectation that these affairs will be conducted with the highest standard of professionalism.
“At 81, after 5 decades of contributions to the growth of Nigeria’s economy, Dr Oba Otudeko is now focused on mentoring the next generation of business leaders and contributing to the positive development of society through enterprise.
“He is not interested in serving in an executive capacity in any organization in Nigeria or elsewhere, neither is he interested in serving in a non-executive capacity on any board aside from those he currently sits on. This includes any possibility of returning to the board of FBN Holdings Plc, which appears to be the focus of the recent unfortunate news barrage. FBN Holdings, a legacy institution built over 130 years, holds a special place in Dr. Otudeko’s heart. He trusts this strong foundation to guide the institution into the next era of success.”
He added: “Dr. Oba Otudeko is confident that the truth will prevail in due course and looks forward to addressing these claims in the appropriate forum.”
