Justice Chukwujekwu Aneke of the Federal High Court in Lagos has scheduled May 8, 2025, for a status report on the settlement discussions in the fraud case involving Oba Otudeko, former chairman of First Bank Nigeria (FBN), and three others.
The adjournment follows an agreement among all parties to allow the Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, to mediate in the dispute and facilitate an amicable resolution.
During Monday’s proceedings, the court’s registrar called the case, with Mrs. Bilikisu Buhari representing the prosecution. Chief Wole Olanipekun (SAN), Mr. Olumide Fusika (SAN), Mr. Kehinde Ogunwumiju (SAN), and Dr. Charles Adeogun-Philips (SAN) appeared for the four defendants, while Mr. Babajide Koku (SAN) represented First Bank as the nominal complainant.
In ruling on various applications challenging the court’s jurisdiction, Justice Aneke held that, under Section 396(2) of the Administration of Criminal Justice Act (ACJA), defendants must be arraigned before any jurisdictional objections can be heard. Citing the Court of Appeal’s decision in Yahaya Bello v. EFCC, the judge reaffirmed that preliminary objections cannot be entertained before arraignment.
Chief Olanipekun informed the court that on March 12, 2025, legal representatives of all parties met with the AGF to explore an out-of-court settlement.
He noted that significant progress had been made, and the AGF directed all parties to refrain from any actions that could hinder the resolution process, including filing further applications.
A follow-up meeting has been scheduled for April 9, 2025, at the AGF’s office in Abuja.
While the EFCC prosecutor opposed an adjournment solely for a settlement update, insisting that the defendants should also be arraigned at the next hearing, Olanipekun reaffirmed the AGF’s commitment to resolving the matter.
Other defense counsels, including Ogunwumiju (SAN), Fusika (SAN), Adeogun-Philips (SAN), and First Bank’s counsel, Koku (SAN), confirmed their involvement in the mediation and supported the adjournment.
Considering the submissions, Justice Aneke granted the request and adjourned the matter to May 8, 2025, for a settlement report.
EFCC’s Allegations
The EFCC has filed a 13-count charge against Otudeko, former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Ltd., accusing them of fraudulently obtaining N12.3 billion from First Bank.
According to the charge sheet marked FHC/L/20C/2025, the defendants allegedly used forged documents to secure credit facilities under false pretenses.
•Count 1 alleges that the defendants conspired to obtain N12.3 billion from First Bank under the pretext that the funds were credit facilities applied for by V-TECH Dynamic Links Limited and Stallion Nigeria Limited.
•Count 2 claims that on November 26, 2013, they fraudulently obtained N5.2 billion from First Bank, purporting it to be a credit facility for V-TECH Dynamic Links Limited.
•Count 3 states that between 2013 and 2014, they secured N6.2 billion under the guise of a loan disbursed to Stallion Nigeria Limited.
•Count 4 accuses the defendants of conspiring to spend N6.15 billion from the allegedly fraudulently obtained funds.
The EFCC maintains that the charges stem from deliberate misrepresentation and financial misconduct.
The next hearing will determine whether the case proceeds to trial or is resolved through mediation.
