Lawyers to businessman, Chief Oba Otudeko and a former Managing Director of First Bank of Nigeria, Olabisi Onasanya, on Monday, told a Federal High Court in Lagos that they were exploring an out-of-court settlement of the fraud case brought against them by the Economic and Financial Crimes Commission (EFCC).
The lawyers, Chief Wole Olanipekun (SAN), Mr Olumide Fusika (SAN), Mr Kehinde Ogunwumiju (SAN), and Dr Charles Adeogun-Philips (SAN), therefore urged the trial judge, Justice Chukwujekwu Aneke to adjourn the case to enable the parties conclude on the negotiations.
The anti-corruption agency is accusing Otudeko, a former Chairman of First Bank of Nigeria Holdings, Onasanya; a former board member of Honeywell Group, Soji Akintayo, and a company, Anchorage Leisure Limited, which is allegedly connected to Otudeko, of fraudulently obtaining the money from the bank.
The anti-graft agency, in the charge filed by one of its prosecutors, Bilikisu Buhari, claimed that the defendants committed fraud in multiple transactions totalling N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million between 2013 and 2014 in Lagos.
The Commission also alleged, in the charge marked FHC/L/20C/2025 dated January 16, 2025, that the defendants created and used forged documents to deceive the bank.
However, the defendants have not entered their pleas due to the non-appearance of Otudeko before the court since the matter started.
His lawyer said he is currently abroad on health grounds.
At the resumed hearing on Monday, Justice Aneke dismissed various applications challenging the court’s jurisdiction to hear the case.
He held that Section 396(2) of the Administration of Criminal Justice Act (ACJA), mandated the defendants to be arraigned before any jurisdictional challenges could be addressed.
The judge also cited legal precedents, including the Court of Appeal’s decision in the case of Yahaya Bello and EFCC, stating that no preliminary objections could be heard before arraignment.
Following this ruling, Chief Olanipekun informed the court that on March 12, 2025, counsel for all parties met with the Attorney General of the Federation to explore an out-of-court settlement.
He claimed that substantial progress was made, and that the AGF has directed all parties to refrain from any actions that could jeopardise the resolution process, including filing additional applications.
Olanipekun disclosed that the next meeting is scheduled for April 9, 2025 at the AGF’s office in Abuja.
He, therefore, urged the court to adjourn the case in order to report on the settlement progress.
However, EFCC prosecutor Mrs Bilikisu Buhari-Bala opposed the adjournment for a settlement report alone, insisting that the next hearing should also include the defendants’ arraignment.
In response, Olanipekun reaffirmed that the AGF actively mediated the settlement.
After listening to the lawyers, Justice Aneke granted the request and adjourned the case to May 8, 2025, for a report on the settlement progress.
