- EFCC to Arraign Otudeko, Onasanya, and Two Others for N12.3bn fraud charges.
- Defendants accused of obtaining funds from First Bank under false pretenses.
- EFCC to call key witnesses from First Bank, Central Bank, and other firms.
EKO HOT BLOG reports that the duo are scheduled to be arraigned on Monday, January 20, before Justice Chukwuejekwu Aneke of the Federal High Court, Lagos.
They will be arraigned alongside a former member of the board of directors of Honeywell Flour Mills Plc, Soji Akintayo, and a company linked to Otudeko, named Anchorage Leisure Ltd.
All four individuals were listed as defendants in the suit filed by an EFCC prosecutor, Bilkisu Buhari-Bala, on January 16, 2025.
According to the EFCC, the defendants committed the alleged fraud in tranches of N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million between 2013 and 2014 in Lagos.
To support its case, the EFCC plans to call representatives of First Bank, including Cecelia Majekodunmi, Ola Michael Aderogba, Abiodun Olatunji, Raymond Eze, Abiodun Odunbola, and Adeeyo David. These witnesses are expected to provide evidence of the defendants’ fraudulent misrepresentation and tender relevant documents.
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The EFCC will also rely on testimonies from representatives of the Central Bank of Nigeria, Stallion Nigeria Limited, and V-Tech Dynamics Ltd. Additionally, Farida Abubakar and Adaeze Nwakoby are listed as witnesses for the prosecution.
The Commission stated that the alleged offences contravene Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and are punishable under Section 1(3) of the same Act.
Count 1 of the charge says Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo, and Anchorage Leisure Limited, between 2013 and 2014 in Lagos, conspired to obtain N12,300,000,000.00 (Twelve Billion, Three Hundred Million Naira) from First Bank Limited on the pretense that the sum represented credit facilities applied for by V-Tech Dynamics Links Limited and Stallion Nigeria Limited. This representation was allegedly false, constituting an offence contrary to Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and punishable under Section 1(3) of the same Act.
In Count 2, on or about November 26, 2013, it was alleged that the defendants obtained N5.2 billion from First Bank Limited under the pretense that the amount represented credit facilities applied for by V-Tech Dynamics Links Limited, a representation they allegedly knew was false.
Count 3 claims that Between 2013 and 2014, the defendants allegedly obtained N6.2 billion from First Bank Limited, falsely claiming it represented credit facilities applied for and disbursed to Stallion Nigeria Limited.
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Count 4 reads that, on or about November 26, 2013, the defendants allegedly conspired to use N6,150,000,000.00 (Six Billion, One Hundred and Fifty Million Naira) which they reasonably ought to have known formed part of proceeds from their unlawful activities. This contravenes Sections 18(a) and 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended), and is punishable under Section 15(3) of the same Act.
Count 5 said on or about December 11, 2013, the defendants allegedly procured Honeywell Flour Mills Plc to retain N1.5 billion, knowing it formed part of the proceeds of unlawful activities. This act also contravenes Sections 18(c) and 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended), and is punishable under Section 15(3) of the same Act.
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