Representatives from the Central Bank of Nigeria (CBN) and First Bank of Nigeria (FBN), along with other witnesses, have been listed to testify against the Chairman of Honeywell Group, Chief Oba Otudeko, and a former Managing Director of First Bank, Olabisi Onasanya, in an alleged N12.3bn fraud case filed by the Economic and Financial Crimes Commission (EFCC).

This was revealed in court documents filed in the EFCC’s suit against the duo, 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 has 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 seen by Nairametrics, 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.”

Another charge alleges:

“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.

The prosecution intends to call the following witnesses to testify and present evidence:

• The court will determine the merits of the charges in due course.