Representatives from the Central Bank of Nigeria (CBN) and First Bank of Nigeria (FBN), along with other witnesses, have been listed to testify against the Chairman of Honeywell Group, Chief Oba Otudeko, and a former Managing Director of First Bank, Olabisi Onasanya, in an alleged N12.3bn fraud case filed by the Economic and Financial Crimes Commission (EFCC).
This was revealed in court documents filed in the EFCC’s suit against the duo, a former board member of Honeywell Flour Mills Plc, Soji Akintayo, and a company allegedly linked to Otudeko, Anchorage Leisure Ltd, in the case marked FHC/L/20C/2025.
The EFCC has accused the defendants, in a 13-count criminal charge, of fraudulently obtaining N12.3 billion from First Bank through various transactions between 2013 and 2014.
According to the charges seen by Naijaonpoint, the defendants allegedly secured N6.2 billion in credit facilities from First Bank Limited under the pretext of loans applied for and disbursed to Stallion Nigeria Limited.
The EFCC argued that the representations made by the defendants were false and contravened Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, punishable under Section 1(3) of the same Act.
Some of the charges state:
Another charge alleges:
Additionally, the EFCC alleged that Otudeko, while serving as Chairman of First Bank, had a personal interest in a N6.15bn loan facility sought by V-Tech Dynamics Links Limited.
The Commission alleges the interest was reportedly undeclared to the bank, constituting a violation of Section 18(1) of the Banks and Other Financial Institutions Act 2004, punishable under Section 18(2) of the same Act.
The prosecution intends to call the following witnesses to testify and present evidence: