NEWS
Ex-FBN Manager Exposes How Loans Were Diverted To Companies Linked To Otudeko
A former relationship manager at First Bank of Nigeria (FBN) has alleged that billions of naira in loans were funneled to companies linked to Oba Otudeko, the bank’s former chairman, despite the funds being officially approved for different firms.
Adesuwa Ezenwa, who is currently challenging her dismissal at the National Industrial Court (NIC) in Lagos, claims she was unfairly terminated by FBN in October 2016.
According to court documents, Ezenwa was dismissed over alleged fraudulent loan disbursements, but she maintains that no evidence was provided to implicate her.
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Ezenwa’s case centers on loans granted to Supply and Services Ltd, a subsidiary of Royal Ceramics Group, a major FBN client.
She argues that after her dismissal, she was summoned before a disciplinary committee, which ultimately cleared her of personal involvement but criticized her for not raising concerns about transactions approved by her superiors, including her group head and the bank’s Executive Vice President.
Ezenwa insists her dismissal was unjust, alleging that the loans were diverted under the direction of top executives, including Otudeko.
She described the admonition as unfair and unwarranted, arguing that she was in no position to report her superiors.
According to her, some of the loans under review were unsecured and granted to companies in which the bank’s chairman, Chief Oba Otudeko, and the former Managing Director, Mr. Bisi Onasanya, held significant investments.
“The very individuals I would have reported to were the ones responsible for these questionable activities.
“The impugned facilities were approved and disbursed under the direction and authority of her Group head and executive vice president and camouflaged as loans granted by some other unsuspecting customers,” her court statement reads.
In one instance, she alleged that an “unsecured facility” of about N12 billion was granted to a company in which Oba Otudeko holds significant investments.
She claimed that the loan was disguised as being issued to the Stallion Group of Companies, which later discovered this unauthorized entry in its account statement and raised objections.
An unsecured credit facility refers to a loan provided to businesses without requiring collateral.
In another case, she alleged that in 2012, an “unsecured facility” of N2 billion was granted to Broadwaters Resources Company Nigeria Ltd, which she claimed was merely a front used by Majekodunmi and Onasanya to siphon funds from the bank. According to the court documents, the loan was never repaid.
The court document reads, “Out of the N12 billion camouflaged as lending to the Stallion Group, N8.21 Billion was transferred through various accounts to a final destination account belonging to a company known as V TECH LTD which belongs to the Chairman of FBN Holdings, Oba Otudeko while the sum of N4.45 Billion out of the same fictitious facility was transferred to Ontario Oil and Gas. The facility remains unpaid to date.”
“These were not the only acts of malfeasance by the top management of the Bank but several other transactions were undertaken by other top management staff for which the Plaintiff is being punished.
“Apart from funds camouflaged as loans granted to the Stallion Groups, similar loans were granted over the years by Mr. Olatunji (the Branch Manager) and Mrs. Cecilia Majekodumi to other customers of the Bank amongst which are SUPPLIES AND SERVICES LTD. Supplies and Services Ltd is a subsidiary of ROYAL CERAMICS GROUP OF COMPANIES and several loan approvals were initiated and authored by Mr. Olatunji and Mrs. Majekodunmi.
“The facilities granted to Supplies and Services Ltd was subsequently sublent and disbursed in smaller bits to several customers on more profitable terms to both officers and these customers include Swap Technologies and Telecomms Plc, Netconstruct Nigeria Ltd, Orbit Cargo, High Performance Distributions Ltd etc.
“Some of the transactions undertaken by the Bank are already being investigated by the Economic and Financial Crimes Commission (EFCC). Their investigations/Report will be relied on at the trial.”
Ezenwa argued that, given the magnitude of the loans, the bank’s board “had to be complicit in the transactions, as the amounts exceeded the approval limits of the executive directors, vice-president, and managing director of the bank.”
Hundreds of pensioners in Benue State on Wednesday took to the streets of Makurdi to protest the non-payment of gratuities, pension arrears and the failure of the government to harmonise pension payments, lamenting that many retirees are dying due to hardship and lack of access to healthcare.
The protesters, under the umbrella of the Concerned Pensioners Association of Benue State, staged a peaceful demonstration and threatened to occupy the Benue State Government House if their demands continue to be ignored.
Carrying placards with inscriptions such as “Pay Us Our Pension, Our Members Are Dying” and other messages demanding justice, the retirees expressed frustration over what they described as years of neglect and broken promises.
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Speaking during the protest, the association’s chairman, Akosu Orban, said pensioners had exhausted all avenues of dialogue with the state government without achieving any meaningful result.
“We have exhausted all avenues for dialogue and resolution with the Benue State Government over our demands without success. That is why we have decided to embark on this peaceful protest,” he said.
According to Orban, gratuities dating back to the year 2000 remain unpaid, while pension arrears owed to state retirees stand at 38 months and those owed to local government retirees have accumulated to 62 months.
He also raised concerns over the non-harmonisation of pensions, claiming that some retirees still receive as little as N2,000 monthly despite existing provisions for improved pension payments.
“It may interest you to know that some pensioners who retired many years ago are still being paid N2,000 monthly pension. If pensions were properly harmonised, they should be receiving up to N40,000 per month,” he stated.
The pensioners lamented that the prolonged delay in settling their entitlements has pushed many retirees into extreme poverty.
“Pensioners are dying on a daily basis because they cannot afford drugs and special diets required for age-related ailments. We have become scavengers, beggars and destitute in the land we served diligently,” Orban added.
The association accused the administration of Governor Hyacinth Alia of failing to fulfil promises allegedly made during the 2023 election campaign to clear pension arrears and gratuities within 100 days of assuming office.
The retirees further alleged that they withdrew several court cases against the government after receiving assurances that outstanding payments would be settled on a first-retired, first-paid basis, only for those promises to remain unfulfilled.
Warning that their patience was running out, the protesters vowed to escalate their action if their demands were not addressed.
“We are hungry and angry. If our concerns are not addressed, we will have no option than to occupy the Benue State Government House until justice is done to pensioners,” Orban declared.
Responding to the protest, Benue State Commissioner for Finance, Michael Oglegba, said the current administration inherited pension and gratuity liabilities estimated at N300 billion.
He noted that the government was making efforts to settle the obligations despite limited resources.
“That is what we inherited, but we are doing our very best to pay what we can. They have the right to demonstrate, but government, in its wisdom, is doing its best,” Oglegba said.
The commissioner added that the administration had fully paid gratuities of workers who retired since it assumed office in 2023, while also working to reduce the backlog inherited from previous administrations.
The protest highlights the growing frustration among pensioners in Benue State, many of whom say years of unpaid entitlements have left them struggling to survive.
A total of 268 Nigerians evacuated from South Africa following recent xenophobic attacks are expected to arrive in Lagos today as the Federal Government intensifies efforts to protect its citizens abroad.
The returnees, who form the first batch of those seeking voluntary repatriation, are being transported aboard an Air Peace evacuation flight scheduled to land at the Murtala Muhammed International Airport, Lagos, at about 5:00 a.m.
The Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, is expected to receive the evacuees on behalf of the Federal Government upon their arrival.
This was disclosed in a statement issued by the spokesperson of the Ministry of Foreign Affairs, Kimiebi Imomotimi Ebienfa, who said the Acting High Commissioner of Nigeria in Pretoria, Ambassador Alexander Ajayi, would accompany the returnees and formally hand them over to Nigerian authorities.
The evacuation follows renewed xenophobic attacks in South Africa, which have left many foreign nationals, including Nigerians, fearful for their safety and seeking a return to their home countries.
According to the ministry, the ongoing screening exercise for Nigerians willing to return home voluntarily has been extended until Sunday, June 14, 2026, to enable more affected citizens to participate in the evacuation programme.
The ministry said the extension underscores the Federal Government’s commitment to the welfare, safety and protection of Nigerians living overseas.
It also assured that relevant Ministries, Departments and Agencies (MDAs) have made adequate arrangements for the reception, documentation and support of the returnees upon arrival.
The latest evacuation marks another chapter in the long-standing concerns over xenophobic violence in South Africa, where Nigerians and other African migrants have periodically faced hostility, attacks and displacement.
Federal authorities have reiterated their commitment to safeguarding the interests of Nigerians abroad while continuing diplomatic engagements aimed at addressing the situation and ensuring the safety of affected citizens.
A coalition of civil society organisations, activists, labour groups and youth movements has declared June 12, 2026, a day of nationwide protest against worsening insecurity, economic hardship and deteriorating living conditions across Nigeria.
The protest, scheduled to coincide with the country’s Democracy Day celebration, is being championed by prominent human rights lawyer Femi Falana and popular musician-turned-activist Falz, alongside several civil society leaders and advocacy groups.
In a joint statement released ahead of the demonstration, the coalition expressed concern over what it described as the growing suffering of Nigerians amid rising insecurity, inflation and poverty.
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According to the group, millions of citizens have little reason to celebrate Democracy Day as many communities continue to battle terrorism, banditry, kidnapping and other violent crimes.
The statement was jointly endorsed by Falana, National Chairman of the Alliance on Surviving COVID-19 and Beyond (ASCAB); Hassan Taiwo Soweto of the #EndBadGovernance Movement; Yinka Folarin of the Committee for the Defence of Human Rights (CDHR); Falz and several other civil society advocates.
The coalition lamented that innocent Nigerians are being killed, abducted and displaced while many families continue to live in fear due to the worsening security situation across the country.
“The Nigerian people deserve a government that places the protection of lives and property at the centre of governance,” the coalition stated.
The group further demanded the immediate release of citizens currently being held captive by kidnappers and criminal groups in various parts of the country.
It also criticised what it described as inadequate responses to insecurity despite repeated assurances by authorities that the situation was improving.
According to the coalition, schools remain vulnerable to attacks, farmers face challenges accessing their farmlands and many major highways are still considered unsafe for travellers.
Beyond security concerns, the coalition highlighted the growing economic hardship facing Nigerians, citing rising fuel prices, currency devaluation, increased electricity tariffs and the soaring cost of essential goods and services.
The statement noted that food prices have continued to rise sharply, making it increasingly difficult for families to meet their basic needs.
It added that transportation costs have become unbearable for many citizens, while small and medium-sized businesses are struggling to survive due to high operating costs, unstable electricity supply and declining consumer purchasing power.
The coalition also expressed concern over stagnant wages and persistent inflation, arguing that workers’ incomes can no longer adequately support their households.
Explaining the purpose of the June 12 protest, the organisers said the nationwide action is intended to compel the government to take urgent and practical steps to tackle insecurity and implement policies that will ease the economic burden on citizens.
The coalition called on workers, students, traders, artisans, market women, professionals, unemployed youths, religious organisations and labour unions to mobilise and participate peacefully in the demonstration.
“The time has come for Nigerians to speak with one voice and demand security, dignity and a decent standard of living. Enough of the killings. Enough of the kidnappings. Enough of the hunger. Enough of the suffering,” the statement added.
The organisers described the planned protest as a democratic expression of citizens’ frustrations and a collective demand for a safer and more prosperous Nigeria.
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