EFCC to Arraign Oba Otudeko, Others Over Alleged N12.3bn Fraud on February 13

The Economic and Financial Crimes Commission (EFCC) is set to arraign the former chairman of First Bank of Nigeria (FBN), Oba Otudeko, alongside three others on Thursday, February 13, 2025, over allegations of N12.3 billion fraud.

The EFCC disclosed this development through its verified X (formerly Twitter) account on Monday, confirming that Otudeko and his co-defendants would face charges before the Federal High Court in Lagos.

According to court filings, the anti-graft agency has leveled a 13-count charge against the defendants, accusing them of obtaining a N30 billion loan under false pretenses. The other defendants include Stephen Olabisi Onasanya, a former Group Managing Director of First Bank; Soji Akintayo, a former board member of Honeywell Flour Mills Plc; and Anchorage Limited, a company linked to Otudeko.

However, sources reveal that Otudeko allegedly left Nigeria shortly before the scheduled arraignment. Security operatives claim he exited the country through a land border on Thursday evening last week. It was further disclosed that a family member accompanied him to the Nigeria-Benin border.

Speaking on the case, the EFCC stated, “We are committed to ensuring accountability and justice, regardless of status or position. This arraignment is part of our ongoing effort to recover funds obtained through fraudulent means.”