Business tycoon Oba Otudeko, founder of the Honeywell Group and former chairman of First Bank Nigeria, has dismissed allegations of fraud leveled against him by the Economic and Financial Crimes Commission (EFCC).
The EFCC reportedly accused Otudeko, alongside three others, of obtaining substantial loans under false pretences during his tenure as chairman.
In a statement released by the Honeywell Group, Otudeko categorically denied the accusations, asserting that he never served in an executive capacity within FBN Holdings.
The EFCC’s allegations claim that Otudeko and co-defendants, including former FBN Group Managing Director Stephen Olabisi Onasanya, misappropriated loans amounting to billions of naira between 2013 and 2014.
However, Otudeko, through Honeywell’s General Counsel, Olasumbo Abolaji, clarified that his roles as a director and chairman were non-executive, with no operational oversight.
The 81-year-old further disclosed that neither he nor his legal team had received any official summons from the EFCC.