New Telegraph

Alleged N12.3bn Fraud: EFCC To Arraign Otudeko, Ex-First Bank MD Onasanya Monday

The Economic and Financial Crimes Commission (EFCC) is expected to arraign Honeywell Group Chairman Chief Oba Otudeko and ex-First Bank Managing Director Stephen Onasanya at the Federal High Court Lagos on Monday for allegedly looting N12.3billion from First Bank.

Erstwhile First Bank of Nigeria (FBN) Holdings Chairman Otudeko and Onasanya are to be arraigned alongside former Honeywell board member Soji Akintayo and Anchorage Leisure Limited, connected to Otudeko before Justice Chukwujekwu Aneke.

According to the EFCC, they allegedly committed the said fraud in tranches of N5.2 billion, N6.2 billion, N6.150 billion, N1.5 billion and N500 million, between 2013 and 2014 in Lagos.

The 13 counts filed by the EFCC’s lawyer Bilikisu Buhari yesterday further claimed that the defendants made and uttered forged documents to deceive the bank.

Count 1 accused the defendants of conspiring “to obtain the sum of N12.3 billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V-Tech Dynamic Links Limited and Stallion Nigeria Limited, which representation you know to be false”.

In count 2, it was alleged that the defendants, on or about 26th day of November, 2013 in Lagos, “obtained the sum of N5.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V-Tech Dynamic Links Limited which representation you know to be false.”

The 3rd count claimed that the defendants, between 2013 and 2014 in Lagos, obtained N6.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for and disbursed to Stallion Nigeria Limited, which representation you know to be false.”

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