Fraud Allegations: EFCC withdraws fraud charges against Otudeko, Onasanya

— Oba Otudeko, Olabisi Onasanya

By St. Johnson Adegboyega

Justice Chukwujekwu Aneke of the Federal High Court in Lagos on Wednesday struck out fraud charges filed against prominent businessman, Chief Oba Otudeko, and former Managing Director of First Bank of Nigeria, Olabisi Onasanya, by the Economic and Financial Crimes Commission (EFCC).

The 13-count charge was dismissed after the EFCC formally withdrew it, following an out-of-court settlement between all parties involved.

Counsel to the EFCC, Rotimi Oyedepo, informed the court that the disputed funds had been fully repaid to the nominal complainant, First Bank Plc. Defence lawyers—Bode Olanipekun (SAN), Kehinde Ogunwumiju (SAN), and Adeyinka Olumide-Fusika (SAN)—confirmed the development and raised no objections to the withdrawal.

The EFCC had initially charged Otudeko, Onasanya, former Honeywell board member Soji Akintayo, and a company, Anchorage Leisure Ltd, over alleged fraudulent transactions amounting to N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million, carried out between 2013 and 2014 in Lagos.

During the resumed hearing, Oyedepo stated that the dispute had been resolved amicably and that the resolution had been communicated to the Attorney General of the Federation, Lateef Fagbemi (SAN), with supporting documentation, confirming that Otudeko had fully repaid the funds in question.