A Federal High Court in Lagos has ordered the arraignment of former First Bank of Nigeria Plc Chairman, Oba Otudeko, and former Managing Director, Bisi Onasanya, over an alleged ₦12.3 billion fraud.
Justice Aneke ruled on Monday that the defendants’ plea must be taken before any objections could be heard, citing legal precedents, including Onnoghen v. FRN and Bello v. FRN.
“The issue before the court is whether the processes can proceed before the defendants’ arraignment. Any preliminary objection to the validity of a charge can only be heard after the plea is taken,” the judge stated.
Settlement Talks Underway
Following the ruling, Otudeko’s counsel, Wole Olanipekun (SAN), informed the court that discussions were ongoing for an amicable resolution. He disclosed that all parties, including the prosecution, had met with the Attorney General of the Federation on March 12 to explore settlement options.
Other defense counsels, Kehinde Ogunwumiju (SAN), Yinka Fusika (SAN), and Charles Adeogun-Phillips (SAN), corroborated this position. However, the prosecution, represented by Bilkisu Buhari-Bala, insisted that the case be adjourned either for arraignment or a settlement report.
Justice Aneke adjourned proceedings to May 8 for an update on the settlement talks.
Background of the Case
The Economic and Financial Crimes Commission (EFCC) had, on January 16, 2025, filed a 13-count criminal charge against Otudeko, Onasanya, and two others: former Honeywell Flour Mills Plc board member Soji Akintayo and Anchorage Leisure Ltd, a company linked to Otudeko.
The EFCC alleges that the accused fraudulently obtained ₦12.3 billion from First Bank between 2013 and 2014 through multiple transactions, including sums of ₦5.2 billion, ₦6.2 billion, ₦6.15 billion, ₦1.5 billion, and ₦500 million.
The case continues to unfold as stakeholders await the next court session.
