Connect with us

General

EFCC to Arraign Oba Otudeko, Bisi Onasanya, Others Over Alleged N12.3bn Fraud

Published

on

Oba Otudeko Bisi Onasanya

By Adedapo Adesanya

The Economic and Financial Crimes Commission (EFCC) will arraign the Chairman of Honeywell Group, Mr Oba Otudeko, and three other defendants on Monday, January 20, 2025, over an alleged fraud worth about N12.3 billion.

The anti-graft agency on Thursday filed a 13-count criminal charge against the respected businessman and others. They will be brought before Justice Chukwujekwu Aneke of the Federal High Court, Lagos next week.

Mr Otudeko will be arraigned alongside a former Managing Director of First Bank, Mr Olabisi Onasanya; a former member of the board of directors of Honeywell Flour Mills Plc, Mr Soji Akintayo; and a company linked to Mr Otudeko, Anchorage Leisure Ltd.

All four were listed as defendants in the suit filed by an EFCC prosecutor, Mrs Bilkisu Buhari-Bala, on January 16, 2025.

The EFCC alleged the four committed fraud in tranches of N5.2 billion, N6.2 billion, N6.150 billion, N1.5 billion and N500 million, between 2013 and 2014 in Lagos.

In proof of the charge against the defendants, the EFCC intends to call representatives of First Bank, including Mrs Cecelia Majekodunmi, Mr Ola Michael Aderogba, Mr Abiodun Olatunji, Mr Raymond Eze, Mr Abiodun Odunbola and Mr Adeeyo David, all of whom are expected to give evidence of the fraudulent misrepresentation of the defendants and tender relevant documents.

The agency will also rely on the testimonies of representatives of the Central Bank of Nigeria (CBN), Stallion Nigeria Limited, and V-tech Dynamics Ltd.

Also included in the EFCC’s list of witnesses are one Ms Farida Abubakar and Ms Adaeze Nwakobi.

Some of the Counts

According to the commission, the offences contravene Section 8(a) of Advance Fee Fraud and Other Fraud Related Offences Act 2006 and were punishable under Section 1 (3) of the same Act.

Count 1 of the charge says that Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited between 2013 and 2014 in Lagos, within the jurisdiction of this Honourable Court conspired amongst yourselves to obtain the sum of N12,300,000,000.00 (Twelve Billion, Three Hundred Million Naira Only), from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V- Tech Dynamic Links Limited and Stallion Nigeria Limited, which representation you know to be false, and you thereby committed an offence contrary to Section 8(a) of Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under Section 1(3) of the same Act.

In Count 2, it was alleged that the defendants, on or about 26th day of November, 2013 in Lagos, “obtained the sum of N5.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V Tech Dynamic Links Limited which representation you know to be false.”

The 3rd count claims that the defendants, between 2013 and 2014 in Lagos, obtained N6.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for and disbursed to Stallion Nigeria Limited, which representation you know to be false.”

Count 4 reads, that you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about 26th day of November 2013 in Lagos, within the jurisdiction of this Honourable Court conspired amongst yourselves to use the total sum of N6,150,000,000,.00 (Six Billion, One Hundred and Fifty Million Naira Only.), which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretence and you thereby committed an offence contrary to Sections 18(a), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.

Count 5 accuses Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about 11th day of December, 2013 in Lagos, procured Honeywell Flour Mills Plc to retain the sum of N1.5 billion, which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretence and you thereby committed an offence contrary to Section 18(c), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Click to comment

Leave a Reply

General

FG Pledges to Revive Atlantic Refinery Project

Published

on

Atlantic Refinery Project

By Adedapo Adesanya

The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has expressed dismay over the abandonment of the Atlantic Refinery project in Brass Local Government Area of Bayelsa State, promising to rejuvenate it.

Mr Lokpobiri made this commitment during an inspection visit to Ewa-ama Road, which leads to the Brass Petroleum Products Terminal (BPPT), where he engaged with key community stakeholders.

He assured stakeholders that the federal government would review the project to ensure its eventual completion.

“The federal government remains committed to completing critical infrastructure projects that drive economic growth and improve livelihoods. This project will be thoroughly reviewed to ensure its eventual completion,” he pledged.

The Minister commended the people of Brass for their peaceful disposition despite the challenges posed by the refinery’s abandonment, urging them to sustain the peace.

“Stability is crucial for attracting further investments and development to the region,” he emphasised.

Reaffirming President Bola Tinubu’s commitment to delivering on key development projects, Mr Lokpobiri reiterated that the government remains dedicated to advancing initiatives that will benefit the Niger Delta.

The Minister was accompanied on the visit by Mr Farouk Ahmed, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), as part of efforts to assess and fast-track key projects in the region.

Continue Reading

General

Obi Urges Transparency, Accountability as 2025 Budget Swells 9%

Published

on

Peter Obi Prioritize Economic Recovery

By Adedapo Adesanya

The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has called for transparency and accountability as a result of the recent increase in the 2025 budget by 9.1 per cent to N54.2 trillion.

Mr Obi, in a message on X, the social media platform formerly known as Twitter, said while the sources of revenue were detailed, there was no corresponding breakdown of expenditures to justify the budget increase.

President Bola Tinubu on Wednesday raised the proposed budget by 9 per cent from N49.7 trillion to N54.2 trillion, citing additional revenues generated by key government agencies such as the Federal Inland Revenue Service (FIRS), the Nigeria Customs Service (NCS), and other government-owned agencies.

Mr Obi, in his message, stressed the need for Nigerians to be informed on how public funds are allocated and spent.

“For transparency and accountability sake, Nigerians need to know how the resources generated from them are being allocated to ensure that they are judiciously spent on the country’s development and the well-being of the people,” Mr Obi said.

He added that budgetary expenditures should be directed toward critical areas of development, including education, healthcare, security, and poverty alleviation, to ensure meaningful impact on citizens’ lives.

“Yesterday, I read about the increase in the Budget of Restoration to ₦54 trillion due to increased revenue.

“While the sources of this revenue were detailed, there is no corresponding breakdown of expenditures to justify the increase. For transparency and accountability sake,” part of the statement read.

He said Nigerians are still waiting for a detailed account of the execution and expenditures of the Renewed Hope budget, which was passed in December 2023, calling on the National Assembly to seize this opportunity to obtain and make public the full details of the 2024 budget of Renewed Hope budget.

He also called on lawmakers and government officials to prioritise openness and accountability to safeguard public trust as preparations begin for the 2025 Budget of Restoration.

“Transparency in this regard is crucial for ensuring accountability, learning from past budgets, and making informed decisions for the nation’s progress.

“As we work towards passing the Budget of Restoration for 2025, let us uphold openness, accountability, and the welfare of the Nigerian people. We owe it to ourselves, our children, and the future of our great nation,” he stated.

Continue Reading

General

Fidelity Bank MD Lauds Soludo’s Prudent Spending of Anambra Funds

Published

on

Nneka Onyali-Ikpe fidelity bank md charles soludo

By Modupe Gbadeyanka

Governor Charles Soludo of Anambra State has been applauded by the chief executive of Fidelity Bank Plc, Mrs Nneka Onyali-Ikpe, for the infrastructural development in the state.

The banker said she was marvelled at the avalanche of projects in the state and how the Governor has managed the scarce funds of the state without borrowing.

“I am very impressed with the quality, size, and finishing of the projects being executed in this state without borrowing from financial institutions,” Mrs Onyali-Ikpe said during a tour of projects in Anambra State on Wednesday.

“I’m blown away by the size of infrastructure that I’m seeing today; the contemporary architecture, the finishing, and the size of it. It is intimidating. I’m excited that we finally have something that befits our state, Anambra.

“I’m interested in knowing how Soludo is building the infrastructure without borrowing money,” the Fidelity Bank chief said.

During the tour, the banking executive, accompanied by the Deputy Chief of Staff and Chief of Protocol to Governor Soludo, also visited the ongoing Anambra State government house and lodge with Amphitheatre, the Solution Fun City, a centre for funfair and celebrations, amongst others.

Continue Reading

Trending