The Federal High Court in Lagos has set January 20, 2025, for the arraignment of Chief Oba Otudeko, Chairman of Honeywell Group, and Stephen Onasanya, a former Managing Director of First Bank, over allegations of embezzling N12.3 billion.
The Economic and Financial Crimes Commission (EFCC) also named Soji Akintayo, a former Honeywell board member, and Anchorage Leisure Limited, a company allegedly tied to Otudeko, as co-defendants in the case.
The EFCC alleges that the defendants orchestrated fraudulent transactions involving amounts ranging from N500 million to N6.2 billion between 2013 and 2014 in Lagos. The anti-graft agency claims the funds were misrepresented as credit facilities for Tech Dynamic Links Limited and Stallion Nigeria Limited, among others.
Filed by EFCC counsel Bilikisu Buhari, the 13-count charge accuses the defendants of conspiracy, forgery, and making false representations to secure the funds.
The case, assigned to Justice Chukwujekwu Aneke, pinpoints a series of alleged financial crimes that could expose deeper lapses in corporate governance within the banking and private sectors.
As the court proceedings unfold, the spotlight will remain on the high-profile defendants, who face serious charges that could reshape their public image and the institutions they represent.