Alleged N6.2b Fraud: Court to rule on Otudeko’s appearance, jurisdiction on March 17

Justice Chukwujek Aneke of a Federal Court in Lagos has fixed March 17, 2025, to rule on various applications challenging its jurisdiction to hear a 13-count charge filed against the former Chairman of First Bank Nigeria (FBN), Oba Otudeko, and three others over alleged fraud.
The court fixed March 17 to decide on the application after listening to submissions and arguments from counsel representing the Economic and Financial Crimes Commission (EFCC) and the defendants.
While Otudeko was absent from the court, Stephen Olabisi Onasanya, the former Group Managing Director of FBN, and Soji Akintayo, a former Board Member of Honeywell Flour Mills PLC, were present.
Mr Rotimi Oyedepo (SAN) announced his appearance for the prosecution, while Chief Wole Olanipekun (SAN), Olasupo Shasore (SAN), Kehinde Ogunwumiju (SAN), and Ade Adedeji (SAN) appeared for the 1st to 4th defendants. Also, Mr. Jide Koku (SAN) announced his appearance for the nominal complainant.
Olanipekun told the court that Otudeko had filed an application, dated January 28, 2025, explaining his absence.
The application stated that Otudeko left Nigeria on January 16, 2025, for medical treatment in the United Kingdom, arriving at Heathrow Airport the same day.
Olanipekun stressed that Otudeko had left the country lawfully and did not abscond.
However, EFCC counsel Oyedepo reminded the court that the matter had been adjourned for the arraignment of the defendants and that the prosecution had followed the court’s directive to serve the defendants by substituted means.
Counsel for the 2nd, 3rd, and 4th defendants, including Ogunwumiju, Adedeji, and Shasore, argued that the court should first hear their application challenging its jurisdiction before proceeding with the case.
Ogunwumiju (SAN) told the court that his application, dated February 10, 2025, requested the court to quash or decline jurisdiction over counts 1 to 10, alleging abuse of judicial process and a lack of prima facie evidence.
He prayed for an order to restrain the EFCC or its agents, officials, staff, officers, or any person howsoever described from arresting, inviting, detaining, harassing, and molesting the 3rd defendant/applicant on account of this charge pending the determination of this Motion on Notice.
The application also seeks an order striking out the name of the 3rd defendant from the charge, as the proof of evidence does not disclose anything linking him to the offenses mentioned in the charge.
However, Oyedepo objected to his submission, stating that the allegations in the 13-count stemmed from a detailed investigation, revealing that the 1st and 2nd defendants colluded to defraud First Bank.
He said the charge was filed in accordance with the provisions of the Administration of Criminal Justice Act, 2015, and that there was no requirement for the prosecution to file an affidavit of investigation completion before filing charges.
He maintained that the court has the requisite jurisdiction to hear and determine the instant charge preferred against the defendants.
He said, “My Lord, the facts and circumstances of this case reveal that the depositors’ funds in First Bank were fraudulently converted for use by the defendants.”
He further submitted that the court has the power and requisite jurisdiction to hear and determine each of the counts contained in the instant criminal charge.
He added, “The current charge was filed in accordance with the provisions of the Administration of Criminal Justice Act, 2015.
“The Administration of Criminal Justice Act, 2015, did not impose on the prosecution the additional obligation of filing an affidavit of completion of investigation before filing a criminal charge.”
After hearing the counsel’s submissions, the judge subsequently adjourned the ruling to March 17, 2025.
It would be recalled that the EFCC filed the 13-count charge against Oba Otudeko, Onasanya, Akintayo, and Anchorage Limited for allegedly obtaining loans totalling billions of naira from First Bank under false pretences between 2013 and 2014.
The EFCC, therefore, filed a 13-count against them before the court, alleging that Otudeko and the other defendants obtained tranches of loans of N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion from First Bank under the pretense that the funds were obtained by some firms.
The anti-graft agency said the credit facilities were obtained between 2013 and 2014.
-The Guardian