Nigerian Businessman Oba Otudeko Summoned To Court Over 24 Million Fraud
- Nigerian businessman Oba Otudeko faces a 13-count charge over an alleged N30 billion loan fraud, with his arraignment set for May 8.
- A former First Bank staff accused Otudeko of financial misconduct, claiming she was wrongfully dismissed after facilitating N12 billion in loans.
- The Supreme Court upheld N13.5 billion 17.1 million debt repayment order against Otudeko, intensifying his financial and legal troubles.
Nigerian businessman Oba Otudeko has been summoned by a Lagos Federal High Court over a 13-count charge filed by the Economic and Financial Crimes Commission EFCC related to an alleged N30 billion 24 million loan fraud.
The case adds to his growing legal troubles, marking another chapter in the challenges facing the former FBN Holdings chairman and founder of Honeywell Group.
Court orders arraignment before jurisdiction challengeAt Mondays hearing, the judge ruled that Otudeko must be arraigned before the court can consider any jurisdictional challenge. Any filing by a defendant in a criminal case can only be addressed after a plea is entered, the judge stated, emphasizing that legal arguments must follow due process.
Otudeko is facing the charges alongside former First Bank CEO Stephen Onasanya, ex-Honeywell Flour Mills board member Soji Akintayo, and Anchorage Limited. The EFCC alleges they fraudulently secured N31.3 billion in loans between 2013 and 2014, disguising transactions through various firms.
The court has scheduled the case for May 8, with 12 witnessesincluding representatives from the Central Bank of Nigeria CBN and First Bankset to testify.