By Ghazali Ibrahim 
The Federal High Court in Lagos has adjourned the N12.3 billion fraud case involving Oba Otudeko, the former chairman of First Bank Nigeria, and three others until May 8, 2025.
Presided over by Justice Chukwujekwu Aneke, the adjournment was granted to allow the Minister of Justice and Attorney-General of the Federation (AGF), Lateef Fagbemi, to mediate and facilitate an amicable resolution of the matter.
During the proceedings on Monday, the case was called by the Court’s registrar, and Mrs. Bilikisu Buhari appeared for the prosecution. Chief Wole Olanipekun (SAN), Mr. Olumide Fusika (SAN), Mr. Kehinde Ogunwumiju (SAN), and Dr. Charles Adeogun-Philips (SAN) represented the four defendants. Mr. Babajide Koku (SAN) watched brief for First Bank as the nominal complainant.
Ruling on earlier various applications challenging the jurisdiction of the court to entertain the charge, Justice Aneke held that under Section 396(2) of the Administration of Criminal Justice Act (ACJA), the defendants must be arraigned before any applications challenging the court’s jurisdiction can be entertained.
Citing legal precedents, including the Court of Appeal’s decision in the Yahaya Bello vs. EFCC case, Justice Aneke held that no preliminary objections could be heard before arraignment.
Chief Olanipekun informed the court that on March 12, 2025, counsel for all parties met with the AGF to explore an out-of-court settlement.
He stated that substantial progress was made, and the AGF directed all parties to refrain from actions that could jeopardize the resolution process, including filing further applications.
He also disclosed that the next meeting with the AGF is scheduled for April 9, 2025, at the AGF’s office in Abuja, hence he urged the court to adjourn the case for a settlement report.
The EFCC prosecutor, Mrs. Bilikisu Buhari, opposed the adjournment solely for a settlement report, insisting that the next hearing should also include the defendants’ arraignment.
Responding to the Prosecution, Chief Olanipekun reaffirmed that the AGF was actively mediating the settlement.
Counsel to the defendants, Ogunwumiju (SAN), Fusika (SAN), Adeogun-Philips (SAN), as well as First Bank’s counsel, Babajide Koku (SAN), confirmed their participation in the settlement meeting and supported the adjournment.
Considering their submissions, Justice Aneke granted the request and adjourned the matter to May 8, 2025, for a report on the settlement progress.
The Economic and Financial Crimes Commission (EFCC) had filed a 13-count charge against Oba Otudeko, former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Ltd., alleging that they fraudulently obtained N12.3 billion from First Bank by creating and uttering forged documents to deceive the bank.
