EFCC to Arraign Honeywell Group Chairman, Chief Oba Otudeko, Ex-First Bank MD

The Federal High Court in Lagos has scheduled January 20, 2025, for the Economic and Financial Crimes Commission (EFCC) to arraign the Chairman of Honeywell Group, Chief Oba Otudeko, and former First Bank Managing Director, Stephen Onasanya, over allegations of misappropriating N12.3 billion from First Bank.

The duo will face charges alongside Soji Akintayo, a former board member of Honeywell, and Anchorage Leisure Limited, a firm linked to Otudeko.

According to the EFCC, the defendants allegedly siphoned the funds in multiple tranches, including N5.2bn, N6.2bn, N6.15bn, N1.5bn, and N500m, between 2013 and 2014.

The 13-count charge, filed by EFCC counsel Mrs. Bilikisu Buhari, accuses the defendants of conspiracy, forgery, and obtaining funds under false pretenses. They are also accused of laundering funds through Honeywell Flour Mills Plc and other entities.

In the first count, the EFCC alleges that the defendants conspired to fraudulently obtain N12.3bn from First Bank under the guise of credit facilities for Tech Dynamic Links Limited and Stallion Nigeria Limited, knowing the claims were false.

The charges also include allegations of forging documents, misrepresenting applications for investment certificates, and converting funds into accounts linked to Honeywell Flour Mills Plc, among other offenses.

The EFCC claims these actions contravene several laws, including the Advance Fee Fraud and Other Related Offences Act, the Money Laundering (Prohibition) Act, and the Banks and Other Financial Institutions Act.

Justice Chukwujekwu Aneke will preside over the case, registered as FHC/L/20C/2025.

The agency alleges that Otudeko, as Chairman of First Bank, failed to declare his personal interest in a N6.15bn loan facility sought by V Tech Dynamics Links Limited, in violation of the Banks and Other Financial Institutions Act.

If convicted, the defendants could face severe penalties, including imprisonment and significant fines, under Nigerian anti-fraud and money laundering laws.