The Federal High Court in Lagos has scheduled January 20, 2025, for the arraignment of Chief Oba Otudeko, Chairman of Honeywell Group, and Stephen Onasanya, a former Managing Director of First Bank, on charges of embezzling N12.3 billion. The Economic and Financial Crimes Commission (EFCC) filed a 13-count charge against the duo, alongside Soji Akintayo, a former Honeywell board member, and Anchorage Leisure Limited.
The EFCC alleged that the defendants engaged in fraudulent activities between 2013 and 2014, obtaining funds under false pretenses and using forged documents. Funds were reportedly funneled through companies like Tech Dynamic Links Limited, Stallion Nigeria Limited, and Honeywell Flour Mills Plc, violating provisions of the Money Laundering Act and the Advance Fee Fraud Act.
Prosecutors claimed Otudeko, as Chairman of First Bank, concealed his personal interest in a N6.15 billion loan application, breaching financial regulations. Additionally, billions were allegedly transferred to private accounts under false pretenses, implicating other individuals in the conspiracy.
The EFCC intends to bring the defendants before Justice Chukwujekwu Aneke to face charges including money laundering, forgery, and fraudulent false accounting. The commission seeks to ensure accountability for the alleged financial misconduct, which it says undermined the integrity of Nigeria’s banking sector.
