Barring any last-minute change of plan, the Economic and Financial Crimes Commission (EFCC) will on Monday, January 20, 2025, arraign Honeywell Group Chairman, Chief Oba Otudeko, and former First Bank Managing Director, Olabisi Onasanya, before a Federal High Court in Lagos over an alleged N12.3 billion fraud.
Otudeko, a former Chairman of First Bank of Nigeria (FBN) Holdings, and Onasanya will face charges alongside former Honeywell board member, Soji Akintayo and Anchorage Leisure Limited, a company linked to Otudeko.
The EFCC alleged that between 2013 and 2014, the defendants orchestrated fraudulent transactions totaling N12.3 billion, involving amounts of N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million through fraudulent credit facilities.
In the 13-count charge filed by EFCC counsel, Bilikisu Buhari, on January 16, 2025, the anti-graft agency also accused the defendants of forging documents to deceive First Bank.
They will be arraigned before Justice Chukwujekwu Aneke for trial under charge number FHC/L/20C/2025.
The charges include conspiracy to defraud First Bank, obtaining loans under false pretences, and money laundering activities involving the diversion and conversion of bank funds for personal use.
They are also accused of forging documents to mislead the bank into believing that companies like V-Tech Dynamic Links Limited and Stallion Nigeria Limited had requested credit facilities.
According to the EFCC, the alleged offences contravene Section 8(a) of the Advance Fee Fraud and Other Fraud-Related Offences Act 2006 and are punishable under Section 1(3) of the same Act.
Some of the charges include: “That you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo, and Anchorage Leisure Limited, on or about December 11, 2013, in Lagos, procured Honeywell Flour Mills Plc to retain the sum of N1.5 billion.
“This, you reasonably ought to have known, was part of the proceeds of your unlawful activities, specifically obtaining by false pretenses. You thereby committed an offense contrary to Section 18(c) and Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.”
“That you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo, and Anchorage Leisure Limited, on or about December 17, 2013, in Lagos, converted the sum of N500 million to the use of Honeywell Flour Mills Plc, which you reasonably ought to have known was part of the proceeds of your unlawful activities, specifically obtaining by false pretences. You thereby committed an offense contrary to Section 15(2)(b) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.”
“That you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo, and Anchorage Leisure Limited, on or about September 3, 2013, in Lagos, conspired to ‘utter’ a forged document titled ‘Letter of Application’ with the intent that it would be used by First Bank, believing the document was genuine and emanated from V-Tech Dynamic Links Limited.
“You thereby committed an offence contrary to Section 3(6) of the Miscellaneous Offenses Act, Cap M17, Laws of the Federation of Nigeria 2004, and punishable under Section 1(2)(c) of the same Act.”
“That you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo, and Anchorage Leisure Limited, on or about September 3, 2013, in Lagos, made a forged document titled ‘Authorisation to Issue Investment Certificate to First Bank,’ intending it to be used by First Bank, believing it to be genuine and originating from V-Tech Dynamic Links Limited. You thereby committed an offense contrary to Section 1(2)(c) of the Miscellaneous Offenses Act, Cap M17, Laws of the Federation of Nigeria 2004, and punishable under the same Act.”
“That you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo, and Anchorage Leisure Limited, on or about September 3, 2013, in Lagos, made a forged document titled ‘Authorisation to Issue Investment Certificate to First Bank,’ intending it to be used by First Bank, believing it to be genuine and originating from V-Tech Dynamic Links Limited. You thereby committed an offense contrary to Section 1(2)(c) of the Miscellaneous Offenses Act, Cap M17, Laws of the Federation of Nigeria 2004, and punishable under the same Act.”
Part of the charges further said that Otudeko and Onasanya, on or about October 31, 2014, in Lagos, procured Abiodun Olatunji and Raymond Eze to transfer N6.2 billion to Stallion Nigeria Limited’s account (No. 2015708429) domiciled with First Bank.
According to the charges, the accused reasonably ought to have known that this money was part of the proceeds of unlawful activities, specifically fraudulent false accounting, thereby committing an offence contrary to Sections 18(c) and 15(2)(b) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.
“That you, Chief Oba Otudeko and Stephen Olabisi Onasanya, on or about December 11, 2013, in Lagos, procured Abiodun Olatunji and Raymond Eze to transfer N2.09 billion from Stallion Nigeria Limited’s account (No. 2015708429) with First Bank to Emmerado Logistics Limited’s account (No. 0688985010) with First City Monument Bank.
“This you reasonably ought to have known was part of the proceeds of unlawful activities, specifically fraudulent false accounting. You thereby committed an offense contrary to Sections 18(c) and 15(2)(b) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.”
Besides, the EFCC said that Otudeko, on or about September 3, 2013, in Lagos, while being Chairman of First Bank Plc, indirectly had a personal interest in a loan facility sought by V-Tech Dynamic Links Limited for N6.15 billion, which interest was not declared to the bank.
“You thereby committed an offense contrary to Section 18(1) of the Banks and Other Financial Institutions Act, 2004, and punishable under Section 18(2) of the same Act,” the document stated.
Wale Igbintade
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