Crime
EFCC To Arraign Honeywell Chairman, Ex-First Bank MD, Others Over Alleged N12.3bn Fraud
The Economic and Financial Crimes Commission (EFCC) has filed a 13-count criminal charge against the Chairman of Honeywell Group, Chief Oba Otudeko, and the former Managing Director of First Bank, Olabisi Onasanya.
The charges involve allegations of obtaining N12.3 billion from First Bank under false pretenses.
The case also names Soji Akintayo, a former board member of Honeywell Flour Mills Plc, and Anchorage Leisure Ltd., a company linked to Otudeko, as co-defendants.
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The arraignment of all four defendants is scheduled for Monday, January 20, 2025, before Justice Chukwujekwu Aneke of the Federal High Court in Lagos.
Details of Alleged Fraud
According to the EFCC, the alleged fraud occurred between 2013 and 2014 in Lagos.
The Commission claims the defendants conspired to obtain the sum in tranches of N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million.
The funds were allegedly obtained under the guise of credit facilities for V-Tech Dynamics Links Ltd. and Stallion Nigeria Ltd., representations the EFCC says the defendants knew to be false.
Count 1 of the charge states:
“Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited, between 2013 and 2014 in Lagos, within the jurisdiction of this Honourable Court, conspired amongst yourselves to obtain the sum of N12,300,000,000.00 (Twelve Billion, Three Hundred Million Naira Only) from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V-Tech Dynamic Links Limited and Stallion Nigeria Limited, which representation you know to be false, and you thereby committed an offence contrary to Section 8(a) of Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under Section 1(3) of the same Act.”
Additional Counts
The charges include: Allegations that the defendants obtained N5.2 billion on November 26, 2013, under false pretenses.
Allegations that N6.2 billion was fraudulently obtained in the same period for Stallion Nigeria Ltd.
Conspiracy to launder N6.15 billion, an amount the EFCC claims the defendants reasonably ought to have known was derived from unlawful activities.
Count 5 further alleges:
“That you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited, on or about the 11th day of December, 2013, in Lagos, procured Honeywell Flour Mills Plc to retain the sum of N1.5 billion, which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretence 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.”
Witnesses and Evidence
In support of its case, the EFCC has listed several witnesses, including representatives of First Bank, the Central Bank of Nigeria, Stallion Nigeria Ltd., and V-Tech Dynamics Ltd.
Named witnesses include Cecelia Majekodunmi, Ola Michael Aderogba, Abiodun Olatunji, Raymond Eze, Abiodun Odunbola, and Adeeyo David.
The EFCC’s list of witnesses also includes Farida Abubakar and Adaeze Nwakoby. The Commission intends to tender documentary evidence and call witnesses to testify about the alleged fraudulent misrepresentation by the defendants.
The EFCC stated that the offences contravene Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006 and are punishable under Section 1(3) of the same Act. Other charges are linked to violations of Sections 18(a) and 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended).
The Lagos State Police Command has arrested a man for allegedly stabbing his 38-year-old wife to death in Oke-Ira, Ilogbo Eremi, Badagry.
Confirming the incident on Thursday, the command’s spokesperson, CSP Benjamin Hundeyin, said the crime took place on Wednesday.
According to Hundeyin, detectives from the Morogbo Division received a tip-off about the incident and immediately moved to the scene.
“A team of detectives, while on surveillance township monitoring patrol at Oke-Ira, Ilogbo Eremi, got information that the suspect had stabbed his wife to death. The team swiftly raced to the scene and apprehended the suspect,” he said.
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The police recovered a blood-stained kitchen knife from the suspect, who reportedly confessed to the crime during interrogation.
The victim’s remains have been deposited at the Badagry General Hospital morgue, while the case has been transferred to the State Criminal Investigation Department (SCID) in Yaba for further investigation.
Authorities assured the public that the suspect would face the full weight of the law.
The Economic and Financial Crimes Commission (EFCC), Kano State Zonal Directorate, has arrested popular TikTok influencer Murja Kunya for allegedly abusing the Nigerian currency.
According to a statement released on Monday by EFCC spokesperson Dele Oyewale, Kunya was taken into custody for spraying naira notes for fun during her stay at Tahir Guest Palace, a hotel in Kano State.
Her latest arrest follows a dramatic attempt to evade justice after she allegedly jumped administrative bail earlier granted by the commission.
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Kunya was initially arrested in January 2025 for violating the Central Bank of Nigeria (CBN) Act, which prohibits the abuse and mutilation of the national currency.
Although she was granted bail pending her arraignment before the Federal High Court in Kano, she failed to appear in court and instead went into hiding.
“After weeks of intensive investigation and surveillance, EFCC operatives successfully re-arrested the TikTok Influencer on Sunday, March 16, 2025,” the statement read.
Kunya is now in custody at the Kano Zonal Directorate of the EFCC, where she is awaiting arraignment.
The commission reiterated its commitment to enforcing laws protecting the integrity of the naira and issued a warning against all forms of naira abuse, including spraying, stamping, or mutilating the currency at social events.
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.
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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.
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