EFCC withdraws fraud case against Oba Otudeko
The Economic and Financial Crimes Commission (EFCC) has withdrawn the 13-count fraud charge filed against Oba Otudeko, former chairman of First Bank of Nigeria (FBN), leading the Federal High Court in Lagos to strike out the case.
Justice Chukwujekwu Aneke struck out the suit on Wednesday after EFCC counsel Rotimi Oyedepo formally applied for its withdrawal.
In January, EFCC had accused Otudeko and three others of obtaining over N30 billion in loans under false pretences between 2013 and 2014. The co-defendants were Stephen Olabisi Onasanya, former group managing director of FBN; Soji Akintayo, a former Honeywell Flour Mills board member; and Anchorage Limited, a company linked to Otudeko.
According to the commission, the defendants secured multiple tranches of loans from FBN — N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion — by presenting the funds as being obtained by different firms.
However, the trial had faced delays due to Otudeko’s absence in court. The anti-graft agency and the defence eventually agreed to explore alternative resolutions.
“Subsequently, the defence team of Otudeko and the anti-graft agency explored an out-of-court settlement over the alleged loan fraud trial,” a detail from court proceedings revealed.
Justice Aneke, upon the EFCC’s application, ruled in favour of striking out the case, officially bringing the matter to a close.
