A Federal High Court in Lagos has ordered the arraignment of former First Bank chairman, Oba Otudeko, and ex-Managing Director, Bisi Onasanya, over an alleged ₦12.3 billion fraud.
Justice Aneke, who gave the ruling on Monday, said that under the law, a defendant’s plea must be taken before any other application can be heard.
The judge relied on past legal decisions, stating, “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.”
Following the ruling, Otudeko’s lawyer, Wole Olanipekun (SAN), informed the court that all parties, including the prosecution, had met with the Attorney General of the Federation on March 12 to discuss a possible settlement.
He requested an adjournment to allow the parties to finalize the negotiations.
Other defence lawyers, Kehinde Ogunwumiju (SAN), Yinka Fusika (SAN), and Charles Adeogun-Phillips (SAN), also supported the request.
However, EFCC’s lawyer, Bilkisu Buhari-Bala, asked the court to adjourn for either arraignment or a report on the settlement talks.
After hearing both sides, Justice Aneke adjourned the case to May 8, 2025, for a settlement report.
The Economic and Financial Crimes Commission filed a 13-count charge against Otudeko and Onasanya, accusing them of fraudulently obtaining ₦12.3 billion from First Bank.
The charges also include a former Honeywell Flour Mills Plc board member, Soji Akintayo, and a company linked to Otudeko, Anchorage Leisure Ltd.
According to the EFCC, the fraud occurred in multiple transactions between 2013 and 2014 in Lagos, involving amounts of ₦5.2 billion, ₦6.2 billion, ₦6.15 billion, ₦1.5 billion, and ₦500 million.
The case will continue in May, with the court expecting a settlement update or arraignment of the defendants.
