Alleged N12.3 Billion Fraud: Otudeko, Onasanya Meet EFCC, AGF; To Settle Out Of Court

Otudeko, others discuss settlement with EFCC under AGF supervision over alleged N12.3bn fraud 

The Chairman of Honeywell Group, Chief Oba Otudeko, a former Managing Director of First Bank, Olabisi Onasanya and others are discussing “settlement”  in an alleged N12.3 billion fraud case under the supervision of the Office of the Attorney General of the Federation.

Otudeko’s counsel, Chief Wole Olanipekun, (SAN), informed Justice Chukwujekwu Aneke of the Federal High Court Lagos on Monday that “parties were exploring a settlement”, in the case filed by the Economic and Financial Crimes Commission (EFCC), as reported by NAN.

Nairametrics previously reported that the EFCC’s suit is against Otudeko, Onasanya, a former board member of Honeywell Flour Mills Plc, Soji Akintayo, and a company allegedly linked to Otudeko, Anchorage Leisure Ltd, in the case marked FHC/L/20C/2025.

EFCC Allegations   

The EFCC had accused the defendants, in a 13-count criminal charge, of fraudulently obtaining N12.3 billion from First Bank through various transactions between 2013 and 2014.

According to the charges previously reported by Nairametrics, the defendants allegedly secured N6.2 billion in credit facilities from First Bank Limited under the pretext of loans applied for and disbursed to Stallion Nigeria Limited.

The EFCC argued that the representations made by the defendants were false and contravened Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, punishable under Section 1(3) of the same Act.Some of the charges state:  

 “That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO, AND ANCHORAGE LEISURE LIMITED, on or about the 26th day of November 2013 in Lagos, within the jurisdiction of this Honourable Court, conspired amongst yourselves to use the total sum of N6,150,000,000 (Six Billion,One Hundred and Fifty Million Naira Only), which you reasonably ought to have known forms part of proceeds of your unlawful activities, to wit: Obtaining by False Pretence. You thereby committed an offence contrary to Sections 18(a) and 15(2)(C) of the Money Laundering (Prohibition) Act, 2011 (as amended), punishable under Section 15(3) of the same Act.”

Another charge alleges:“That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO, AND ANCHORAGE LEISURE LIMITED, on or about the 11th day of December 2013 in Lagos, within the jurisdiction of this Honourable Court, procured Honeywell Flour Mills Plc to retain the sum of N1,500,000,000 (One Billion, Five Hundred Million Naira Only), which sum youreasonably ought to have known forms part of proceeds of your unlawful activities, to wit: Obtaining by False Pretence. You thereby committed an offence contrary to Section 18(c) and 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended), punishable under Section 15(3) of the same Act.”