Alleged N12.3bn Fraud: EFCC To Arraign Oba Otudeko, 3 Others February 13

Barring last-minute change, the Economic and Financial Crimes Commission (EFCC) will arraign a former chairman of First Bank of Nigeria (FBN), Oba Otudeko, over alleged N12.3bn fraud, on Thursday, February 13, 2025.

Otudeko will be arraigned before the Fderal High Court in Lagos alongside three others.

This was disclosed by the EFCC on its verified X (formerly Twitter) handle on Monday.

LEADERSHIP reports that Oba Otudeko reportedly left Nigeria ahead of his scheduled arraignment by EFCC.

According to sources familiar with the matter, Otudeko exited the country via one of Nigeria’s land borders on Thursday evening last week. Security operatives disclosed that he was dropped off at the Nigeria-Benin border by a family member.

The development came just hours after the EFCC filed a 13-count charge against Otudeko and three others at the Federal High Court in Lagos. The anti-graft agency accused them of obtaining a N30 billion loan under false pretenses.

The other defendants in the case include Stephen Olabisi Onasanya, a former Group Managing Director of First Bank; Soji Akintayo, a former board member of Honeywell Flour Mills Plc; and Anchorage Limited, a company linked to Otudeko.