Alleged N12.3bn fraud: EFCC to arraign Otudeko, Onasanya on Monday

The arraignment of former First Bank Plc CEO/Managing Director Stephen Olabisi Onasanya and Group Chairman of Honeywell Group Oba Otudeko on a 12.3 billion fraud charge has been scheduled for Monday, January 20 by a Federal High Court in Lagos.

They are to be arraigned before Justice Chukwujekwu Aneke on the alleged fraud by the Economic and Financial Crimes Commission (EFCC).

Oba Otudeko, who is also a former Chairman of First Bank of Nigeria (FBN) Holdings and Mr Onasanya are to be arraigned alongside a former board member of Honeywell Soji Akintayo and a firm, Anchorage Leisure Limited owned by chief Otudeko.

According to the EFCC, the four defendants committed the alleged fraud in tranches of N5.2 billion, N6. 2 billion, N1.5 billion and N500 million, between 2013 and 2014 in Lagos.

The 13-count charge, filed by EFCC prosecutor, Bilikisu Buhari on January 16, 2025, alleged that the defendants, made, uttered and forged documents to deceive the First bank.

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