‘N30bn fraud’ trial: Jude orders Oba Otudeko to appear in court before challenging jurisdiction

Justice Chukwujekwu Aneke of the Federal High Court in Lagos has ruled that business mogul Oba Otudeko must take his plea before any challenge to the court’s jurisdiction can be entertained in the ongoing N30 billion loan fraud case.

The Economic and Financial Crimes Commission (EFCC) has filed a 13-count charge against Otudeko and three others over an alleged scheme involving fraudulent loans.

During Monday’s hearing, Justice Aneke dismissed attempts to delay the process, stating that under Nigerian law, no pretrial motions from the defendants can be considered before they are formally arraigned.

“Whatsoever is filed by the defendant or defendants in a criminal charge can only be taken after a plea,” the judge ruled, reinforcing that the case must proceed accordingly.

With this decision, the court has adjourned the matter until May 8 for Otudeko’s arraignment.

The case stems from revelations made in August 2024 when Adesuwa Ezenwa, a former relationship manager at First Bank, testified before the National Industrial Court that massive loans were funnelled to companies linked to Otudeko—despite being granted in the name of other firms.

By January 2025, the EFCC formally filed charges against Otudeko and his co-defendants:

Stephen Olabisi Onasanya – Former Group Managing Director of First Bank,Soji Akintayo – Ex-board member of Honeywell Flour Mills Plc, Anchorage Limited – A company reportedly tied to Otudeko

According to the EFCC, the defendants fraudulently secured multiple loans between 2013 and 2014, including sums of N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion under false pretences.

The EFCC has lined up 12 witnesses for the trial, including: EFCC investigators, Representatives from First Bank, Central Bank of Nigeria (CBN), Stallion Nigeria, and V-Tech Dynamics Limited