“A targeted attack with curious timing” -Dr Oba Otudeko reacts to FBN loan allegations
Dr Oba Otudeko has issued a statement refuting what he describes as “false allegations” made public in connection to a commercial transaction at First Bank over a decade ago.
The business mogul and former chairman of FBN Holdings further questioned the timing of the allegations and the media trial he has been put through since the allegations went public.
In a statement signed by Olasumbo Abolaji, his General Counsel, and seen by Neusroom, he pledged to defend his reputation vigorously.
Yesterday, January 20, 2025, a Federal High Court sitting in Ikoyi, Lagos, confirmed that Dr Otudeko had not been formally notified of any filings related to the case.
“These false allegations were deliberately made public, leading to an unfortunate media trial prior to being properly notified,” Dr Oba Otudeko stated. “I look forward to addressing this matter comprehensively and appropriately in due course.”
The allegations centre on a transaction that reportedly occurred over 12 years ago and was investigated by the Economic and Financial Crimes Commission (EFCC) and resolved eight years ago.
“It is surprising that a commercial transaction, resolved years ago, has resurfaced in 2025,” the statement noted.
A Coordinated Campaign?
Dr Oba Otudeko also pointed to what he described as a “targeted negative campaign” aimed at distracting from governance concerns at FBN Holdings Plc. He criticized the initiation of a private placement by the board of the financial institution before the conclusion of a successful rights offering.
His statement questioned the timing of the allegations, suggesting they were coordinated to undermine ongoing shareholder concerns. “We note the curious timing of this attack and the targeted negative campaign that has followed,” the statement reads.
“This decision seeks to disenfranchise over 1.2 million shareholders of FBN Holdings,” he said.
A Legacy of Integrity and Service
With a professional career spanning six decades, Dr Otudeko emphasized his dedication to Nigeria, citing his contributions to job creation, investment, and national development.
“Dr. Otudeko has devoted 60 years of his professional career to Nigeria, a country he loves, creating jobs, driving investments, and positively impacting countless lives,” said Olasumbo Abolaji, General Counsel.
The statement also highlighted Dr. Otudeko’s “unblemished record of integrity and service,” underscoring his commitment to defending his name against the allegations.
As the case moves through the courts, Dr. Otudeko reiterated his confidence in the judicial process and his determination to clear his name. “His unblemished record of integrity and service stands firm against these false allegations, and he will steadfastly defend his reputation,” the statement concluded.
