BREAKING: Otudeko, others discuss settlement with EFCC under AGF supervision over alleged N12.3bn fraud 

Otudeko’s counsel, Chief Wole Olanipekun, (SAN), informed Justice Chukwujekwu Aneke of the Federal High Court Lagos on Monday that “parties were exploring a settlement”, in the case filed by the Economic and Financial Crimes Commission (EFCC), as reported by NAN.

Naijaonpoint previously reported that the EFCC’s suit is against Otudeko, Onasanya, 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 had 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 previously reported 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.

“That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO, AND ANCHORAGE LEISURE LIMITED, on or about the 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 (Six Billion, One Hundred and Fifty Million Naira Only), which you reasonably ought to have known forms part of proceeds of your unlawful activities, to wit: Obtaining by False Pretence. You thereby committed an offence contrary to Sections 18(a) and 15(2)(C) of the Money Laundering (Prohibition) Act, 2011 (as amended), punishable under Section 15(3) of the same Act.”

“That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO, AND ANCHORAGE LEISURE LIMITED, on or about the 11th day of December 2013 in Lagos, within the jurisdiction of this Honourable Court, procured Honeywell Flour Mills Plc to retain the sum of N1,500,000,000 (One Billion, Five Hundred 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. You thereby committed an offence contrary to Section 18(c) and 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended), punishable under Section 15(3) of the same Act.”

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.

On February 13, 2025, Otudeko failed to appear in court for arraignment.

The defence counsel argued that the court should first determine their preliminary objections before arraignment and the court fixed the date for ruling.

Other defence counsel, including Messrs Kehinde Ogunwumiju (SAN), Olumide Fusika, (SAN), and Charles Adeosun-Phillips (SAN), aligned with the submission of Olanipekun.