COURT TO RULE ON ARRAIGNMENT OF OTUDEKO, OTHERS OVER ALLEGED N12.3 BILLION FRAUD ON MARCH 17
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By Aishat Momoh. O.
A Federal High Court in Ikoyi, Lagos, presided over by Justice Chukwujekwu Aneke, has adjourned till March 17 to determine whether to proceed with the arraignment of former First Bank Holdings Chairman, Oba Otudeko, and three others over an alleged ₦12.3 billion fraud.
Otudeko, former First Bank Group Managing Director Stephen Olabisi Onasanya, former Honeywell Flour Mills board member Soji Akintayo, and Anchorage Limited, a company linked to Otudeko are facing multiple charges filed by the Economic and Financial Crimes Commission (EFCC).
Otudeko and his co-defendants are challenging the court’s jurisdiction, arguing that the matter is civil rather than criminal. On Thursday, when their arraignment was scheduled, only Onasanya and Akintayo were present. Both Otudeko and Anchorage Limited were absent.
Otudeko’s lead counsel, Wole Olanipekun (SAN), informed the court that his client, aged 82, had traveled to the United Kingdom on January 16 for medical treatment and had not absconded. He also urged the court to first hear and determine their preliminary objection challenging the legality of the charges before requiring Otudeko to enter a plea. He further claimed that First Bank—the complainant in the case—had previously settled the dispute and assured that it would not be revisited.
Similarly, Kehinde Ogunwumiju (SAN), representing the third defendant, asked the court to quash counts 1 to 10 of the charge, arguing that they constituted an abuse of judicial process and lacked a prima facie case. Ade Adedeji (SAN), representing the fourth defendant, also filed an application describing the charges as malicious and an abuse of the court process.
Though Onasanya did not challenge the charges, his lead counsel, Olasupo Shasore (SAN), requested that the court first determine the validity of the other defendants’ applications before proceeding with the trial.
Opposing the defence’s request, EFCC lead prosecutor, Rotimi Oyedepo (SAN), urged the court to dismiss any attempt to delay the trial, emphasizing that criminal proceedings should not be stalled under the Administration of Criminal Justice Act (ACJA) 2015.
Oyedepo stated that the EFCC had followed court directives to serve the defendants through substituted means and insisted that Otudeko must appear in person to face the charges. He maintained that there was no basis for the EFCC to withdraw the case, adding that the court had the jurisdiction to hear and determine the matter.
According to the EFCC, the defendants allegedly defrauded First Bank and its depositors by obtaining ₦12.3 billion in tranches of ₦5.2 billion, ₦6.2 billion, ₦1.5 billion, and ₦500 million between 2013 and 2014 in Lagos. They are also accused of forging and falsifying documents to deceive the bank.
The alleged offences contravene Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, which prescribes penalties under Section 1(3) of the same Act, among other extant laws.
Justice Aneke adjourned the case till March 17 for ruling on whether to proceed with the arraignment, expressing hope that Otudeko would be present in the interest of justice.
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