The Federal High Court in Lagos has scheduled January 20 for the arraignment of Chief Oba Otudeko, Chairman of Honeywell Group, and Stephen Olabisi Onasanya, former Managing Director of First Bank of Nigeria, over alleged N12.3 billion fraud.
The Economic and Financial Crimes Commission accused the defendants of financial misconduct involving multiple transactions between 2013 and 2014. The EFCC stated that Otudeko, Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited, a firm linked to Otudeko, are to face a 13-count charge.
According to EFCC counsel Bilikisu Buhari, the alleged fraud was carried out in tranches of N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million. The defendants are also accused of forging documents to deceive First Bank of Nigeria.
One of the charges reads, “That you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo, and Anchorage Leisure Limited on or about December 11, 2013, in Lagos procured Honeywell Flour Mills Plc to retain N1.5 billion, which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: obtaining by false pretense, and you thereby committed an offence contrary to Section 18(c), 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.”
The defendants will appear before Justice Chukwujekwu Aneke for arraignment.
The EFCC alleges the fraud was part of a series of questionable financial activities orchestrated to defraud the bank and retain unlawful funds.
Further developments in the case are expected to unfold during the court proceedings.
