Lawyers for businessman Chief Oba Otudeko and former Managing Director of First Bank of Nigeria Olabisi Onasanya told a Federal High Court in Lagos on Monday that they are 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 so that they could conclude the negotiations.
The EFCC 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.
In the charge marked FHC/L/20C/2025 dated January 16, 2025, the Commission also alleged that the defendants created and used forged documents to deceive the bank.
However, the defendants have not entered their pleas because Otudeko has not appeared before the court since the matter started. His lawyer said he is abroad on health grounds.
At Monday‘s resumed hearing of the case, Justice Aneke dismissed various applications challenging the court‘s jurisdiction to hear the case.
In his ruling, he held that under Section 396(2) of the Administration of Criminal Justice Act (ACJA), the defendants must be arraigned before any jurisdictional challenges can 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 AGF to explore an out-of-court settlement.
He claimed that substantial progress was made, and the AGF directed all parties to refrain from any actions that could jeopardise the resolution process, including filing additional applications.
Chief Olanipekun disclosed that the next meeting with the AGF is scheduled for April 9, 2025, at the AGF’s office in Abuja.
He, therefore, urged the court to adjourn the case 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 include the defendants‘ arraignment.
In response, Chief Olanipekun reaffirmed that the AGF actively mediated the settlement.
Other defence attorneys, including Ogunwumiju (SAN), Fusika (SAN), Adeogun-Phillips (SAN), and First Bank’s counsel, Babajide Koku (SAN), confirmed their participation in the settlement meeting and supported the adjournment.
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.
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