EFCC’s Probe Into Otudeko’s Alleged Fraud Triggers Controversy

Embattled former chairman of First Bank of Nigeria (FBN), Oba Otudeko, has reportedly left Nigeria amid ongoing investigations into his alleged fraudulent activities.....KINDLY READ THE FULL STORY HERE▶

Otudeko’s ‘secret’ exit follows his impending arraignment by the Economic and Financial Crimes Commission (EFCC) on a 13-count indictment related to alleged fraud.

The EFCC had filed charges against Otudeko and three others for fraudulent activities, with the defendants accused of obtaining a ₦30 billion loan under false pretenses.

The other defendants include Stephen Olabisi Onasanya, former group managing director of FBN, Soji Akintayo, an ex-board member of Honeywell Flour Mills plc, and another former board member of Honeywell Flour Mills plc and Anchorage Limited, a company linked to Otudeko.

According to a report by TheCable, Otudeko reportedly left the country through a land border, specifically being dropped off at the Nigeria-Benin border on Thursday evening by a family member. Attempts to contact Otudeko were unsuccessful, as his phone was turned off, though messages sent via WhatsApp were delivered with no response.

His son, Obafemi Otudeko, also did not respond to inquiries about his father’s whereabouts.

In his defense, Otudeko, in a statement released by Honeywell Group’s general counsel, Olasumbo Abolaji, denied the allegations, asserting that he has not received any formal invitation regarding the matter.

The statement clarified that Otudeko has never held an executive role within FBN Holdings or its banking subsidiary, First Bank of Nigeria Limited, and therefore bears no operational responsibilities. He also stated that he is not interested in serving in any executive or non-executive capacity in organizations, including a return to FBN Holdings Plc.

“At 81, after five decades of contributions to Nigeria’s economy, Dr. Oba Otudeko is focused on mentoring the next generation of business leaders and contributing to the positive development of society through enterprise,” the statement reads.