WATCH THE VIDEO HERE A Federal High Court in Lagos has ordered the arraignment of Oba Otudeko, the former chairman of First Bank of Nigeria, and Bisi Onasanya, its former managing director, in connection with an alleged ₦12.3 billion fraud. Delivering the ruling on Monday, Justice Aneke stated that it is now well-established law that a defendant’s plea must be taken before any other application or objection. The court referred to prior legal authorities such as Onnoghen V FRN and Bello v FRN, asserting that arraignment must precede any preliminary objections. “The issue before the court is whether processes can be considered before the defendants’ arraignment. Any preliminary objection to the validity of the charge can only be heard after the plea has been taken. This is a legal requirement, and this court is bound by the decision,” the judge said. Justice Aneke expressed agreement with the prosecution’s counsel, stating, “No preliminary objection can be addressed without the defendants first being arraigned.” Counsel for the defense, Olanipekun, informed the court that the parties were exploring the possibility of a settlement and requested an adjournment for a settlement report. However, the prosecution’s lawyer, Bilkisu Buhari-Bala, responded by thanking the court for its ruling and urged an adjournment for either the arraignment or a settlement update. Despite defense arguments suggesting the case should be adjourned for a settlement report, Buhari-Bala insisted that the matter should proceed with either the arraignment or the settlement report. The case has been adjourned to May 8 for a settlement report. In the charges, the EFCC alleged that the defendants conspired to obtain the sum of N12.3bn from First Bank Limited “on the pretence that the said sum represented credit facilities applied for by Tech Dynamic Links Limited and Stallion Nigeria Limited, a representation they knew was false.” According to the EFCC, they obtained the money in four tranches of N5.2bn, N6.2bn, N6.150bn, N1.5bn and N500m, between 2013 and 2014 in Lagos. The commission also alleged that on or about November 26, 2013, in Lagos, the defendants obtained the sum of N5.2 bn from First Bank on the pretence that the said sum represented credit facilities applied for by V Tech Dynamic Links Limited, a representation they knew was false. The anti-graft agency claimed that the defendants, between 2013 and 2014 in Lagos, obtained N6.2bn from First Bank Limited on the pretence that the said sum represented credit facilities applied for and disbursed to Stallion Nigeria Limited, a representation they knew was false. In the fourth count, they were accused of conspiring to spend the N6.15bn out of the funds. According to the commission, the offences contravened Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006 and are punishable under Section 1(3) of the same Act.