Sahara Reporters has revealed via its official X (formerly Twitter) handle that the Economic and Financial Crimes Commission (EFCC) is set to arraign the Chairman of Honeywell Group, Chief Oba Otudeko, alongside the former Managing Director of First Bank, Stephen Olabisi Onasanya, over an alleged N12.3 billion fraud. The high-profile arraignment is scheduled for Monday, January 20, 2025, at the Federal High Court in Lagos.
The case, which has sent shockwaves through Nigeria’s financial and corporate sectors, involves allegations that Otudeko and Onasanya conspired with a former board member of Honeywell, Soji Akintayo, and a company linked to Otudeko, Anchorage Leisure Limited, to siphon billions of naira from First Bank between 2013 and 2014.
The EFCC’s 13-count charge, filed on January 16, 2025, by prosecuting counsel Bilikisu Buhari, details how the defendants allegedly orchestrated fraudulent transactions in tranches of N5.2 billion, N6.2 billion, N6.150 billion, N1.5 billion, and N500 million. These illicit transfers were reportedly carried out in Lagos and were supported by forged documents aimed at deceiving the financial institution.
Chief Oba Otudeko, a prominent figure in Nigeria’s business landscape and a former Chairman of First Bank Holdings, faces significant legal jeopardy alongside Onasanya, whose tenure as Managing Director of the bank was previously viewed as a symbol of leadership excellence. The inclusion of Honeywell’s former board member, Akintayo, and the firm Anchorage Leisure Limited, underscores the breadth of the alleged conspiracy, which has now drawn the full investigative attention of Nigeria’s anti-graft agency.
The case is being closely monitored, as it raises critical questions about corporate governance, accountability, and the prevalence of financial crimes in Nigeria’s banking industry. Observers argue that the arraignment of such prominent figures sends a strong message about the EFCC’s commitment to curbing financial misconduct at the highest levels of power.
Monday’s court proceedings are expected to mark a turning point in what is shaping up to be one of the most high-profile financial crime cases in recent memory. The EFCC has vowed to prosecute the matter to its logical conclusion, with assurances of uncovering the full extent of the fraud.
As the court date approaches, the public, financial analysts, and corporate stakeholders await further revelations from what promises to be a gripping legal battle. Will this case lead to a deeper reckoning within Nigeria’s financial system, or will it fade into the annals of unfulfilled prosecutions? Time will tell.
PIONEER NEWS 