Lifestyle
EFCC Charges Another Popular Billionaire With Advanced Fee Fraud
By Gideon Ayeni
The Economic and Financial Crimes Commission (EFCC) has filed a 13-count charge of fraud against Chief Oba Otudeko, Chairman of Honeywell Group, and a former Managing Director of First Bank, Olabisi Onasanya, over an alleged N12.3 billion fraud involving First Bank.
The arraignment is set for Monday, January 20, 2025, before Justice Chukwuejekwu Aneke of the Federal High Court in Lagos. Also listed as defendants by the EFCC are a former board member of Honeywell Flour Mills, Soji Akintayo, and Anchorage Leisure Ltd, a company linked to Otudeko.
The charges, filed on January 16, 2025, by EFCC prosecutor Bilkisu Buhari-Bala, allege that between 2013 and 2014, the defendants fraudulently obtained funds in tranches of N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million under the pretense of credit facilities for V-Tech Dynamic Links Ltd and Stallion Nigeria Ltd.
The EFCC intends to call several witnesses, including representatives from First Bank, the Central Bank of Nigeria (CBN), Stallion Nigeria Ltd, and V-Tech Dynamics Ltd, to establish the fraudulent misrepresentations. Documents supporting these transactions will also be tendered in court.
The EFCC’s charge sheet outlines multiple violations, citing Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act of 2006 and provisions of the Money Laundering (Prohibition) Act, 2011 (as amended). The offences carry severe penalties under Nigerian law.
One of the counts accuses the defendants of conspiring to obtain N12.3 billion from First Bank by falsely representing the funds as legitimate credit facilities. Other counts detail the fraudulent use and retention of sums linked to proceeds of illegal activities.
The high-profile case, involving prominent business figures and financial institutions, has attracted significant public interest as the EFCC continues its crackdown on economic crimes and money laundering in Nigeria.
GWG.ng reports that the move by the EFCC against Otudeko follows actions against some famed personalities in the country.
(With additional information from Channels TV)
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