Toba Owojaiye reporting
Abuja, Nigeria
Oba Otudeko, a prominent Nigerian businessman and former chairman of First Bank of Nigeria (FBN), has abruptly left the country amidst a mounting legal storm. This follows his imminent arraignment by the Economic and Financial Crimes Commission (EFCC) on serious charges of fraud involving a N30 billion loan.
Truth Live News reports that Otudeko, a key figure in Nigeria’s financial and industrial sectors, left the country through one of Nigeria’s land borders, reportedly dropped off by a family member at the Benin border on Thursday evening. His sudden departure has fueled speculation about the businessman’s intentions as he faces accusations of obtaining substantial loans under false pretenses.
The EFCC has filed charges against Otudeko and three others in connection with the fraudulent loan acquisition. According to the anti-graft agency, Otudeko and his co-defendants — former FBN Group Managing Director Stephen Olabisi Onasanya, ex-Honeywell Flour Mills board member Soji Akintayo, and Anchorage Limited, a company linked to Otudeko — are accused of obtaining loans from First Bank between 2013 and 2014, under the false pretext of these funds being secured for legitimate business operations.
The loans in question, which amount to N30 billion, were disbursed in multiple tranches, including N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion. The EFCC has stated that these funds were not used for the purposes they were intended for, thus constituting a clear case of fraud.
In a statement released by Olasumbo Abolaji, General Counsel for Honeywell Group, Otudeko vehemently denied the charges, asserting that he had never served in an executive capacity at FBN Holdings or its subsidiary, First Bank of Nigeria Limited. He further stated that he had no operational role within the organization, a claim that complicates the EFCC’s case, as the charges center on his alleged involvement in operational banking decisions related to the loan facilities.
Otudeko’s legal team emphasized that he has not received any official summons or invitation from the authorities. They expressed confidence that the businessman would be able to clear his name once the truth is revealed. At 81 years old, Otudeko is now focusing on mentoring the next generation of business leaders and contributing to Nigeria’s economic development through his enterprise.
Despite his legal troubles, Otudeko’s legacy remains significant. He played an instrumental role in transforming FBN from a traditional bank into a leading pan-African financial services company. However, his sudden departure has raised questions regarding his intentions and whether he is attempting to avoid prosecution.
The EFCC, which had already filed the charges in the Federal High Court in Lagos, is set to proceed with the case in Otudeko’s absence. Sources close to the investigation have said that Otudeko’s legal team has been actively engaged with the EFCC, and it is unclear at this point when he will return to Nigeria to face the charges. However, his flight raises further concerns about the integrity of the investigation and the transparency of his business dealings.
The charges are part of a wider crackdown by the EFCC on high-profile figures involved in financial crimes. This case comes at a time when Nigeria is striving to address issues of corruption and financial mismanagement that have plagued its economy for years.
Otudeko’s sudden departure from Nigeria, combined with the serious nature of the charges against him, is likely to be a major development in the ongoing battle against corruption in the country. As the case unfolds, many are watching closely to see how it will impact both the legal landscape and Otudeko’s business empire.
With his alleged departure, many questions remain about the broader implications of this case for Nigeria’s banking and business sectors. As the EFCC continues its investigation, the eyes of the nation are focused on the resolution of these serious allegations and the potential ramifications for one of the country’s most influential businessmen.