The embattled former chairman of First Bank of Nigeria (FBN), Oba Otudeko, has reportedly left Nigeria amid pending investigation about his alleged fraudulent activity.
Naija News reports that Otudeko’s ‘secret’ exit from Nigeria follows the announcement of his impending arraignment by the Economic and Financial Crimes Commission (EFCC) on a 13-count indictment related to alleged fraud.
The anti-graft agency had filed a 13-count charge against Otudeko, and three others over the alleged fraud.
The three other defendants are former group managing director of FBN, Stephen Olabisi Onasanya, an ex-board member of Honeywell Flour Mills plc, Soji Akintayo, and an ex-board member of Honeywell Flour Mills plc and Anchorage Limited, a company linked to Otudeko.
The EFCC had announced that the defendants are scheduled to be arraigned on Monday at the federal high court in Lagos, insisting they fraudulently obtained a ₦30 billion loan.
However, in a publication on Friday, TheCable claimed to have gathered from sources that Otudeko departed the country through one of the land borders, specifically being dropped off at the Nigeria-Benin border on Thursday evening by a family member.
The media platform reported that attempts to contact Otudeko were unsuccessful, as his phone was turned off. Although messages sent via WhatsApp were delivered, there was no reply.
His son, Obafemi Otudeko, also did not respond to calls or messages seeking information about his father’s location and destination.
Charges Against Otudeko, Others
In the charge sheet, the EFCC accused Otudeko and the other defendants of obtaining tranches of loans—₦12.3 billion, ₦5.2 billion, ₦6.2 billion, ₦6.1 billion, and ₦1.5 billion—from First Bank under the pretence that some firms obtained the funds.
The anti-graft agency said the credit facilities were obtained between 2013 and 2014.
Otudeko, in a statement released on Thursday by the general counsel of Honeywell Group, Olasumbo Abolaji, denied the allegations levelled against him, noting that he has not yet received any formal invitation regarding the matter.
He further asserted that he has never held an executive position within FBN Holdings or its banking subsidiary, First Bank of Nigeria Limited, and therefore bears no operational responsibilities within the organization.
“In light of recent news reports, Dr. Oba Otudeko categorically refutes the claims concerning his role in FBN Holdings and will aggressively defend his reputation,” the statement reads.
“Dr Oba Otudeko is a builder and one of Nigeria’s foremost investors and industrialists. He has built directly from scratch and has worked with others to build many of Nigeria’s most successful companies. This includes FBNHoldings, where he served as a director (then Chairman) from 1997 to 2021 and was instrumental in supporting the transformation of the bank from an old-generation bank to its current leadership role as a pan-African financial services holding company.
“As of this moment, he has received no official summons, neither has his legal team received any official invitation from relevant authorities. As he has done in the past, Dr Oba Otudeko is always ready and available to assist any government agency with appropriate oversight in the execution of their duties, with the expectation that these affairs will be conducted with the highest standard of professionalism.
“At 81, after 5 decades of contributions to the growth of Nigeria’s economy, Dr Oba Otudeko is now focused on mentoring the next generation of business leaders and contributing to the positive development of society through enterprise.
“He is not interested in serving in an executive capacity in any organization in Nigeria or elsewhere, neither is he interested in serving in a non-executive capacity on any board asides those he currently sits on. This includes any possibility of returning to the board of FBN Holdings Plc, which appears to be the focus of the recent unfortunate news barrage. FBN Holdings, a legacy institution built over 130 years, holds a special place in Dr. Otudeko’s heart. He trusts this strong foundation to guide the institution into the next era of success.
“Dr. Oba Otudeko is confident that the truth will prevail in due course and looks forward to addressing these claims in the appropriate forum.”