N12.3bn Loan: Court Orders Otudeko Arraignment, Adjourns till May 8

Mr Otudeko is expected answer questions raised by the Economic and Financial Crimes Commission (EFCC) over a loan controversy involving N12.3 billion, believed to have been taken from First Bank.

At the court on Monday, Justice Chukwujekwu Aneke noted that no preliminary objections would be considered until the businessman responds to the charges against.

The judge ruled that Mr Otudeko must be arraigned before the court considers any arguments about its authority to handle the case, referencing previous legal rulings, specifically the cases of Onnoghen v. FRN and Bello v. FRN, to support this decision, reinforcing the principle that a defendant’s plea must be addressed before any other applications can be heard.

“The issue before the court is whether the processes can be taken before the arraignment of the defendants. Any preliminary objection to the validity of a charge can only be heard after the plea is taken. This is now a condition precedent, and this court is bound by the decision.

“I agree with the learned counsel for the prosecution—no preliminary objection can be taken without the arraignment of the defendants. This is my view,” Justice Aneke said.

At a hearing on February 13, Mr Otudeko’s lawyers had argued that their objections should be heard before they take their plea, but the court has now ruled against that request.

Despite the ruling, Mr Otudeko’s lead lawyer, Chief Wole Olanipekun (SAN), told the court that efforts are being made to settle the matter out of court, noting that a meeting was held on March 12 with key parties, especially the first defendant and the prosecution.

Other defence lawyers, Kehinde Ogunwumiju (SAN), Adeyinka Olumide-Fusika (SAN), and Charles Adeosun-Phillips (SAN), supported Olanipekun’s request for the case to be postponed so that settlement talks could continue without disruption.

However, the prosecuting counsel, Bilkisu Buhari-Bala, requested an adjournment for either an arraignment or a settlement report.

Despite the defence’s insistence on a settlement report, Buhari-Bala maintained that proceedings should continue with either an arraignment or an update on settlement efforts.

In response, the court granted the defence’s request and adjourned the case until May 8, 2025, for a report on the settlement efforts.