‘N12.3bn fraud’: Otudeko, Akintayo’s lawyers seek dismissal of EFCC charges
The former chairman of the First Bank Nigeria (FBN) Holdings Plc, Dr Oba Otudeko, and former board member of Honeywell Flour Mills, Soji Akintayo, have asked a Federal High Court in Lagos to dismiss the charges brought against them. The Economic and Financial Crimes Commission (EFCC) had filed a 13-count charge against Otudeko, First Bank […]
The former chairman of the First Bank Nigeria (FBN) Holdings Plc, Dr Oba Otudeko, and former board member of Honeywell Flour Mills, Soji Akintayo, have asked a Federal High Court in Lagos to dismiss the charges brought against them.
The Economic and Financial Crimes Commission (EFCC) had filed a 13-count charge against Otudeko, First Bank Plc’s former Managing Director, Stephen Onasanya, Akintayo and Anchorage Leisure Limited alleging that they falsely presented loans worth N12.3 billion as credit facilities for V-Tech Dynamic Links Limited and Stallion Nigeria Limited.
The anti-graft agency also alleged that the defendants conspired to launder part of the facility through Honeywell Flour Mills Plc with the loans disbursed in multiple tranches.
According to the EFCC, the charges violated Section 8(a) of the Advanced Fee Fraud and other Fraud Related Offences Act 2006 and Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011.
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However, at the resumed hearing on Thursday, both Otudeko and Anchorage were absent for the arraignment while Onasanya and Akintayo were present.
Explaining Otudeko’s absence, his lawyers led by Wole Olanipekun (SAN), informed the court that his 82-year-old client had lawfully travelled to the UK for medical treatment on January 16, 2025, adding that he had not absconded from the trial as speculated.
While arguing their preliminary objection, Olanipekun urged the court to dismiss the charges brought against his client because the matter was civil and not criminal, having arisen from issues that had been resolved eight years ago with EFCC involved in the process.
Similarly, counsel to Akintayo, Kehinde Ogunwumiju (SAN), asserted that a civil banker-customer relationship should not be reclassified as criminal while seeking the quashing of counts 1 to 10 of the charges for being “an abuse of judicial process” and lacking “prima facie evidence.”
Counsel to Onasanya, Olasupo Shasore (SAN), who did not file any objection, requested the court to rule on the applications of the other defendants before proceeding with the trial.
In the same vein, counsel to Anchorage, Ade Adedeji (SAN), submitted that the charges were malicious and an abuse of court process.
In response, EFCC counsel, Rotimi Oyedepo (SAN), described the applications as an attempt to delay the trial, citing the Administration of Criminal Justice Act (ACJA), which discourages delaying the criminal proceedings.
After listening to the arguments of lawyers, Justice Chukwujekwu Aneke fixed March 17 for ruling on the preliminary objections.