Oba Otudeko, multi billionaire & former First Bank chairman runs away from Nigeria over N22.3 billion fraud
Oba Otudeko, a former chairman of the First Bank of Nigeria (FBN), has quietly left Nigeria for a yet-to-be ascertained country.
Otudeko’s departure comes on the heels of his imminent arraignment by the Economic and Financial Crimes Commission (EFCC) on a 13-count charge of alleged fraud, reports Daily Crucible.
The businessman stealthily left the country via one of the the nation’s porous land borders.
Sources said he was dropped off at the Nigeria-Benin border on Thursday evening by a family member.
The sources added that Otudeko and close family members were not willing to talk about his present location, deeming it a matter of personal privacy.
The EFCC had on Thursday filed charges against Otudeko and three others at the federal high court in Lagos for allegedly obtaining a N30billion loan under false pretences.
The commission said the defendants would be arraigned on Monday.
The other defendants are Stephen Olabisi Onasanya, an ex–Group Managing Director of FBN; Soji Akintayo, a former board member of Honeywell Flour Mills PLC; and Anchorage Limited, a company said to be linked to Otudeko.
According to the EFCC, Otudeko and the other defendants allegedly obtained the loan facility in tranches —N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion—from First Bank.
The anti–graft agency claimed that the defendants got the loans under the pretence that the funds were obtained by some firms.
The anti-graft agency added that the credit facilities were obtained between 2013 and 2014.
…Otudeko Refutes Allegations
Bur Otudeko — in a statement issued on Thursday by Olasumbo Abolaji, general counsel of Honeywell Group — debunked the allegations made against him.
He said he was yet to receive any official invitation pertaining to the matter.
The statement reads, “In light of recent news reports, Dr. Oba Otudeko categorically refutes the claims concerning his role in FBN Holdings and will aggressively defend his reputation,” the statement reads.
“Dr Oba Otudeko is a builder and one of Nigeria’s foremost investors and industrialists. He has built directly from scratch and has worked with others to build many of Nigeria’s most successful companies. This includes FBNHoldings, where he served as a director (then Chairman) from 1997 to 2021 and was instrumental in supporting the transformation of the bank from an old generation bank to its current leadership role as a pan-African financial services holding company.
“As of this moment, he has received no official summons, neither has his legal team received any official invitation from relevant authorities. As he has done in the past, Dr Oba Otudeko is always ready and available to assist any government agency with appropriate oversight in the execution of their duties, with the expectation that these affairs will be conducted with the highest standard of professionalism.
“At 81, after 5 decades of contributions to the growth of Nigeria’s economy, Dr Oba Otudeko is now focused on mentoring the next generation of business leaders and contributing to the positive development of society through enterprise.
“He is not interested in serving in an executive capacity in any organization in Nigeria or elsewhere, neither is he interested in serving in a non-executive capacity on any board asides those he currently sits on. This includes any possibility of returning to the board of FBN Holdings Plc, which appears to be the focus of the recent unfortunate news barrage. FBN Holdings, a legacy institution built over 130 years, holds a special place in Dr. Otudeko’s heart. He trusts this strong foundation to guide the institution into the next era of success.
“Dr. Oba Otudeko is confident that the truth will prevail in due course and looks forward to addressing these claims in the appropriate forum.”
