On Monday, the Economic and Financial Crimes Commission will arraign Chief Oba Otudeko, the Chairman of the Honeywell Group, for suspected N12.3 billion fraud.
Additionally named as defendants in the lawsuit are Anchorage Leisure Ltd., a former Honeywell board member, Soji Akintayo, and Olabisi Onasanya, a former managing director of First Bank.
The Federal High Court in Lagos received 13 allegations from the anti-graft agency against the defendants in a case with the filing number FHC/L/20C/2025. The counts included forgery and fraud, among other things.
The defendants allegedly obtained N12.3 billion from First Bank Limited between 2013 and 2014 under the guise that the money represented credit facilities filed for by Stallion Nigeria Limited and V-tech Dynamic Links Limited, according to the EFCC.
Additionally, they allegedly obtained N6.2 billion from First Bank Limited under false pretenses that the money represented credit facilities applied for and delivered to Stallion Nigeria Limited in Lagos between 2013 and 2014.
According to Count 8, “On or around September 3, 2013, in Lagos and within the jurisdiction of this Honorable Court, you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo, and Anchorage Leisure Limited, uttered a forged document titled “Letter of Application” with the intent that the First Bank may use it with the belief that it is genuine and emanated from V-Tech Dynamic Links Limited. As a result, you committed an offense against Section 1(2)(c) of the Miscellaneous Offenses Act, Cap M17 Laws of the Federation of Nigeria 2004 and are subject to the same Act.”
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According to COUNT 13, “On or around September 3, 2013, in Lagos, within the jurisdiction of this Honorable Court, you, Chief Oba Otudeko, as Chairman of First Bank Plc, indirectly had a personal interest in a loan facility sought by V Tech Dynamics Links Limited in the amount of N6,150,000,000.00 (six billion, one hundred and fifty million naira only).” This interest was not disclosed to the Bank, and as a result, you committed an offense against Section 18(1) of the Banks and other Financial Institutions Acts of 2004.”
