In a new twist to the ongoing legal saga involving Nigerian businessman Oba Otudeko, a former employee of First Bank of Nigeria Holdings Plc (FBN Holdings Plc), Adesuwa Ezenwa, has filed a lawsuit accusing Otudeko of fraud during his tenure as chairman of FBN Holdings Plc.
This lawsuit further complicates the ongoing controversies surrounding Otudeko, who remains one of Nigeria's wealthiest individuals and founder of Honeywell Group. Ezenwa, who served as a relationship manager at FBN Holdings from May 2002 until her dismissal in 2016, claims she was wrongfully terminated after being implicated in a scandal involving unsecured loans.
Ezenwa claims that she oversaw the disbursement of N12 billion ($7.6 million) in loans to firms tied to Otudeko. She alleges these funds, intended for Stallion Group, were rerouted to V-TECH LTD and Ontario Oil and Gas. Ezenwa is suing for N500 million ($320,000) in damages and N25 million ($15,600) in legal fees, asserting that her dismissal was unfair due to her limited loan approval authority.
Supreme court backs debt repaymentThe accusations come on the heels of several financial disputes involving Otudeko. In 2021, Otudeko was ousted as the largest shareholder and chairman of FBN Holdings. In July 2023, Ecobank Transnational Incorporated (Ecobank) took action to seize his shares in FBN Holdings due to an outstanding debt of over N13.5 billion ($17.1 million).
