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, over allegations of misappropriating N12.3 billion from First Bank.

Otudeko, a former Chairman of First Bank of Nigeria Holdings, and Onasanya will be arraigned alongside a former Honeywell board member, Soji Akintayo, and a company, Anchorage Leisure Limited, reportedly linked to Otudeko.

According to the Economic and Financial Crimes Commission (EFCC), the defendants allegedly committed fraud in multiple transactions involving sums of N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million between 2013 and 2014 in Lagos.

The 13-count charge, filed by EFCC counsel Mrs. Bilikisu Buhari on January 16, 2025, accuses the defendants of falsifying and using forged documents to deceive First Bank into approving fraudulent credit facilities. The case, registered as FHC/L/20C/2025, has been assigned to Justice Chukwujekwu Aneke.

In one charge, the EFCC alleges the defendants conspired to fraudulently obtain N12.3 billion by falsely presenting the funds as credit facilities for Tech Dynamic Links Limited and Stallion Nigeria Limited.

Other charges include obtaining N5.2 billion in November 2013 and N6.2 billion between 2013 and 2014 under similar false pretenses. Additionally, the defendants are accused of conspiring to misappropriate N6.15 billion of these funds.

The EFCC claims these actions violate provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, the Money Laundering (Prohibition) Act, and the Miscellaneous Offences Act.

Further charges state that on December 11, 2013, the defendants procured Honeywell Flour Mills Plc to retain N1.5 billion, funds allegedly derived from unlawful activities. On December 17, 2013, they allegedly transferred N500 million to Honeywell Flour Mills Plc under similar circumstances.

The EFCC also alleges that in September 2013, the defendants forged a document titled “Letter of Application” to mislead First Bank into believing it was genuine. The defendants are further accused of transferring N6.2 billion to Stallion Nigeria Limited and N2.09 billion to Emmerado Logistics Limited as part of fraudulent activities.

One specific allegation against Otudeko claims that, while serving as Chairman of First Bank Plc, he indirectly benefited from a N6.15 billion loan facility sought by V Tech Dynamic Links Limited, failing to disclose his personal interest to the bank.

The EFCC asserts these offenses contravene laws governing financial institutions, advance fee fraud, money laundering, and forgery, carrying penalties under the respective Acts.