March 17, (THEWILL) – The Federal High Court in Lagos has ordered the Chairman of Honeywell Group, Oba Otudeko, to appear before it for arraignment in the N30 billion fraud case filed against him by the Economic and Financial Crimes Commission (EFCC).
Justice Chukwujekwu Aneke issued the order on Monday while ruling on an application challenging the court’s jurisdiction over the case. The judge held that Otudeko must first appear in court and take his plea before raising any objections to the court’s jurisdiction.
The case was adjourned to May 8, 2025.
Otudeko is facing a 13-count charge of N12.3 billion fraud alongside Stephen Olabisi Onasanya, former Managing Director of First Bank of Nigeria (FBN); Soji Akintayo, a former board member of Honeywell; and Anchorage Leisure Limited, a company linked to him.
The EFCC alleges that between 2013 and 2014, the defendants orchestrated a fraudulent scheme that diverted funds from First Bank.
The charges include obtaining funds through multiple transactions—N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million—under the false pretence of credit facilities for V-Tech Dynamic Links Limited and Stallion Nigeria Limited.
One of the charges states that the defendants conspired to fraudulently obtain N12.3 billion from First Bank, misrepresenting the funds as credit facilities for V-Tech Dynamic Links Limited and Stallion Nigeria Limited.
Another charge alleges that on November 26, 2013, they fraudulently obtained N5.2 billion from First Bank under false pretences. Similarly, between 2013 and 2014, they allegedly obtained N6.2 billion from the bank, falsely claiming it was for Stallion Nigeria Limited.
The EFCC further accused the defendants of forging documents, including a “Letter of Application” and an “Authorization to Issue Investment Certificate to First Bank,” to deceive the financial institution.
Additionally, the commission claims the defendants facilitated the transfer of N6.2 billion from Stallion Nigeria Limited’s account at First Bank to conceal fraudulent activities.
On December 11, 2013, they allegedly transferred N2.09 billion from Stallion Nigeria Limited’s account to Emmerado Logistics Limited as part of the scheme.
Otudeko is also accused of failing to declare a personal interest in a N6.15 billion loan facility sought by V-Tech Dynamic Links Limited, in violation of banking regulations.
The charges are based on alleged violations of the Advance Fee Fraud and Other Related Offences Act, the Miscellaneous Offences Act, the Money Laundering (Prohibition) Act, and the Banks and Other Financial Institutions Act.
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