Crime
Court Orders Arraignment Of Ex-First Bank Chairman, Others Over Alleged ₦12.3bn Fraud
A Federal High Court in Lagos has ordered the arraignment of former First Bank of Nigeria Plc chairman, Oba Otudeko, and the bank’s former managing director, Bisi Onasanya, over an alleged ₦12.3 billion fraud.
Justice Aneke, delivering the ruling on Monday, stated that under Nigerian law, a defendant’s plea must be taken before any application or objection can be entertained.
“The issue before the court is whether the processes before the court can be taken before the arraignment of the defendants. 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,” the judge ruled.
READ ALSO: Counsel To Otudeko Protests Alleged N12.3bn Fraud Charges
The prosecution had opposed any attempt to delay the arraignment, with counsel Bilkisu Buhari-Bala insisting that legal proceedings must follow due process.
Following the ruling, Otudeko’s counsel, 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 explore an out-of-court settlement.
He urged the court to allow time for discussions, a request supported by other defense lawyers, Kehinde Ogunwumiju (SAN), Yinka Fusika (SAN), and Charles Adeogun-Phillips (SAN).
However, the prosecution maintained that the case should either proceed to arraignment or be adjourned for a settlement report.
After hearing both sides, Justice Aneke adjourned the case to May 8 for an update on the settlement discussions or the formal arraignment of the defendants.
The Economic and Financial Crimes Commission (EFCC) had filed a 13-count criminal charge against Otudeko, Onasanya, a former board member of Honeywell Flour Mills Plc, Soji Akintayo, and a company linked to Otudeko, Anchorage Leisure Ltd.
The EFCC alleged that between 2013 and 2014, the defendants fraudulently obtained ₦12.3 billion from First Bank through multiple transactions, including payments of ₦5.2 billion, ₦6.2 billion, ₦6.15 billion, ₦1.5 billion, and ₦500 million.
Police Rescue Three Kidnap Victims in Taraba After Sustained Pressure
The Nigeria Police Force has disclosed the rescue of three kidnapped victims in Taraba State following sustained pressure mounted by its rescue teams.
The victims were identified as Otuwe Torhumba, 37; Kenneth Nyiutse, 35; and Michael Emmanuel, 27.
The Force made the disclosure on Saturday, October 3, 2026, in its 24-hour operational update covering security operations recorded across the country on October 2.
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According to the Police, “Due to sustained pressure by Police rescue teams, three of five kidnapped victims — Otuwe Torhumba (37), Kenneth Nyiutse (35) and Michael Emmanuel (27) — were rescued unharmed and reunited with their families.”
The Police said the three victims were rescued unharmed and subsequently reunited with their families.
The Force did not provide further details on the circumstances surrounding the abduction or the whereabouts of the remaining two victims in the operational summary.
The case is currently being investigated by the State Criminal Investigation Department (SCID), Jalingo.
The rescue was among several operational successes recorded by the Nigeria Police Force during the reporting period.
The Nigeria Police Force has disclosed the rescue of an 86-year-old man and his son after they were allegedly detained by suspected members of the Axe Men confraternity in Cross River State.
The victims, identified as Dominic Columbus Udoh, 86, and his son, Emmanuel Columbus Udoh, 40, were rescued by Police operatives on Friday, October 2, 2026.
The Police made the disclosure on Saturday, October 3, in its 24-hour operational update detailing security successes recorded across the country.
SEE ALSO: Benue: Police Repel Bandit Ambush, Recover Locally Fabricated Gun
According to the Force, Police operatives were mobilised to the scene after receiving information that suspected Axe Men confraternity cultists had unlawfully detained the two men.
The Police said the suspected cultists fled from the scene when operatives arrived.
The Force stated that officers, with assistance from neighbours, “forced open the locked apartment,” where the two victims were found.
According to the Police, both victims had sustained facial and chest injuries.
They were subsequently rescued and conveyed to the Police Hospital for medical treatment.
The Police said the incident is currently being investigated by the State Criminal Investigation Department (SCID), Calabar.
The Nigeria Police Force has disclosed that personnel of Operation Zenda Joint Task Force (JTF) repelled an ambush by suspected bandits along the Amaafu-Abaji Road in Benue State.
The incident occurred on Friday, October 2, 2026, during a routine patrol by the security personnel along the road.
The Police made the disclosure on Saturday, in its 24-hour operational update detailing security successes recorded across different states.
SEE MORE: 2027: Ogun Police Begins Early Election Security Preparations, Warns Against Political Violence
According to the Police, “Personnel of Operation Zenda JTF on routine patrol along Amaafu-Abaji Road successfully repelled an ambush by bandits, neutralizing one suspect and recovering his locally fabricated gun.”
The Police added that other members of the group fled into the surrounding bushes following the encounter.
It further stated that “No Police casualty was recorded” during the operation.
The recovered firearm was subsequently taken as part of the evidence from the operation as investigations continue.
The Police said the case has been placed under investigation by the State Criminal Investigation Department (SCID), Makurdi.
The Police Force continues to urge members of the public to provide security agencies with timely and useful information that can assist ongoing operations against criminal elements.
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