EFCC Set to Arraign Former FBN Chairman, three others Over Alleged N12.3bn Fraud

EFCC Set to Arraign Former FBN Chairman, three others Over Alleged N12.3bn Fraud

The Economic and Financial Crimes Commission (EFCC) has announced that it will arraign the former chairman of First Bank of Nigeria (FBN), Oba Otudeko, alongside three other individuals on Thursday, February 13, 2025, over allegations of a N12.3 billion fraud.

Otudeko, along with three others, will face charges before the Federal High Court in Lagos. The case involves accusations of obtaining a N30 billion loan under false pretenses.

The other defendants include Stephen Olabisi Onasanya, the 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.

The EFCC disclosed the impending arraignment via its official Instagram page on Monday. However, sources have reported that Otudeko may have fled the country ahead of the court proceedings.

According to security sources, Otudeko reportedly left Nigeria via one of the country’s land borders on the evening of Thursday, January 17, 2025. A family member is said to have dropped him off at the Nigeria-Benin border.

The charges against Otudeko and his co-defendants include allegations of financial mismanagement and fraudulent activities, which the EFCC claims were carried out in relation to the N30 billion loan they obtained.

The arraignment is part of the EFCC’s ongoing efforts to tackle corruption and financial crimes in the country.