A Lagos Federal High Court,will next Monday, arraign Oba Otudeko, the Group Chairman of Honeywell Group, and the former Chief Executive Officer/Managing Director of First Bank Plc, Stephen Olabisi Onasanya, over alleged 12.3 billion fraud.
The two accused are to be arraigned before the court presided over by Justice Chukwujekwu Aneke on the alleged fraud by the Economic and Financial Crimes Commission (EFCC).
They will be arraigned alongside a former board member of Honeywell Soji Akintayo and a firm, Anchorage Leisure Limited owned by Otudeko.
The four defendants committed the alleged fraud in tranches of N5.2 billion, N6. 2 billion, N6.150billion, N1.5 billion and N500 million, between 2013 and 2014 in Lagos,
The 13-count charge, filed by an EFCC lawyer, Bilikisu Buhari on January 16, 2025, further alleged that the defendants, made, uttered and forged documents to deceive the First bank.
Otudeko and other were charged on the the count one of the offences for conspiring “to obtain the sum of N12.3 billion 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.”
The second claim alleged that the defendants, on or about 26th day of November, 2013 in Lagos, “obtained the sum of N5.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V Tech Dynamic Links Limited which representation you know to be false.”
According to the third count,the defendants, between 2013 and 2014 in Lagos, obtained N6.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for and disbursed to Stallion Nigeria Limited, which representation you know to be false.”
They were accused of conspiring to spend the N6,15 Billion, out of the monies in the fourth count.
The EFCC alleged that the offences contravened Section 8(a) of Advance Fee Fraud and Other Fraud Related Offences Act 2006 and was punishable under Section 1(3) of the same Act.
In the counts 5 and 6 of the charge,the EFCC said: “That You, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about 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 Pretense 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.
“That you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo, And Anchorage Leisure Limited on or about 17th day of December, 2013 in Lagos, converted to the use of Honeywell Flour Mills Pic the sum of N500 Million Naira Only which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretense and you thereby committed an offence contrary to Section 15(2 (b)) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.””
Other charges read: “That you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo And Anchorage Leisure Limited on or about the 3rd day of September, 2013 in Lagos and within the jurisdiction of this Honourable Court conspired amongst yourselves to commit an offence to wit: uttering a forged document – titled “Letter of Application” with intent that it may be used by the First Bank in the belief that the said document is genuine and emanated from V-Tech Links Dynamic Limited, and you thereby committed an offence contrary to Section 3(6) of the Miscellaneous Offences Act, Cap M17 Laws of the Federation of Nigeria 2004 and punishable under Section 1(2)(c) of same Act.
“That you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo And Anchorage Leisure Limited on or about the 3rd day of September, 2013 in Lagos and within the jurisdiction of this Honourable Court uttered a forged document titled “Letter of Application” with intent that it may be used by the First Bank in the belief that the said document is genuine and emanated from V-Tech Dynamic Links Limited, and you thereby committed an offence contrary to Section 1(2)(c) of the Miscellaneous Offences Act, Cap M17 Laws of the Federation of Nigeria 2004 and punishable under same Act.
“That you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about the 3rd day of September, 2013 in Lagos and within the jurisdiction of this Honourable Court conspired amongst yourselves to commit an offence to wit: making false document titled “Authorization To Issue Investment Certificate To First Bank” with intent that it may be used by First Bank in the belief that the said document is genuine and emanated from V-Tech Links Dynamic Limited, and you thereby committed an offence contrary to Section 3(6) of the Miscellaneous Offences Act, Cap M17 Laws of the Federation of Nigeria 2004 and punishable under Section 1(2)(c) of same Act.
“That you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about the 3rd day of September, 2013 in Lagos and within the jurisdiction of this Honourable Court made a forged document titled “AUTHORIZATION TO ISSUE INVESTMENT CERTIFICATE TO FIRST BANK” with Intent that it may be used by the First Bank in the belief that the said document is genuine and emanated from V-Tech Links Dynamic Limited, and you thereby committed an offence contrary to Section 1(2) (c) of the Miscellaneous Offences Act, Cap M17 Laws of the Federation of Nigeria 2004 and punishable under same Act.
“That you, Chief Oba Otudeko and Stephen Olabisi Onasanya on or about 31st day of October, 2014 in Lagos, within the jurisdiction of this Honourable Court procured Abiodun Olatunji and Raymond Eze to transfer the sum of N6,200,000,000 (Six Billion, Two Hundred Million Naira Only), to Stallion Nigeria Limited’s account number “2015708429” domiciled with First Bank, which sum you reasonably ought to have known formed part of the proceeds of unlawful activities to wit: Fraudulent False Accounting and you thereby committed an offence contrary to Sections 18 (c) and 15(2 (b) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.
“That you, Chief Oba Otudeko and Stephen Olabisi Onasanya on or about 11th day of December, 2013 in Lagos, within the jurisdiction of this Honourable Court procured Abiodun Olatunji and Raymond Eze to transfer the sum of N2, 090, 000,000 (Two Billion, Ninety Million Naira Only), from STALLION NIGERIA LIMITED’s account number “2015708429” domiciled with First bank, to Emmerado Logistics Limited’s account number “0688985010” domiciled with First City Monument Bank, which sum you reasonably ought to have known formed part of the proceeds of unlawful activities to wit: Fraudulent False Accounting and you thereby committed an offence contrary to Sections 18 (c) and 15(2 (b) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.
“That you, Chief Oba Otudeko on or about 3rd day of September, 2013 in Lagos, within the jurisdiction of this Honourable Court whilst being the Chairman of First bank Plc indirectly had personal interest in a loan facility sought for by V Tech Dynamics Links Limited in the sum of N6, 150, 000,000.00 (Six Billion, One Hundred and Fifty Million Naira Only), which interest was not declared to the Bank and you thereby committed an offence contrary to Section 18(1) Banks And Other Financial Institutions Act 2004 and punishable under Section 18(2) of same Act.”
