In a dramatic twist, Oba Otudeko, a prominent businessman and former chairman of First Bank of Nigeria, has reportedly left Nigeria ahead of his scheduled court appearance on charges of financial fraud.
According to thecable, the departure, reportedly via the Nigeria-Benin border, comes amidst allegations of embezzling N12.3 billion from First Bank in collaboration with other high-profile individuals. Sources claim Otudeko, 81, was escorted to the border by a family member last Thursday evening.
The fraud case, filed by the Economic and Financial Crimes Commission (EFCC), accuses Otudeko and three others—former First Bank Managing Director Stephen Olabisi Onasanya, ex-Honeywell board member Soji Akintayo, and Anchorage Leisure Limited—of orchestrating a series of financial irregularities between 2013 and 2014.
According to court filings, the defendants allegedly secured massive sums under false pretenses, presenting fraudulent documents to obtain credit facilities from First Bank. The funds, totaling N12.3 billion, were allegedly siphoned in tranches ranging from N500 million to N6.2 billion.
The EFCC described the actions as a calculated scheme to defraud the bank. One count of the 13-count charge reads: “You conspired to obtain the sum of N12.3 billion on the false pretense that it was a legitimate credit facility applied for by V-Tech Dynamic Links Limited and Stallion Nigeria Limited.”
Attempts to clarify Otudeko’s whereabouts have been met with silence. His phone remains switched off, and although messages to his WhatsApp were delivered, they went unanswered. Similarly, his son, Obafemi Otudeko, declined to comment despite multiple inquiries.
The case, registered as FHC/L/20C/2025, was set to be heard by Justice Chukwujekwu Aneke at the Federal High Court in Lagos. However, Otudeko’s apparent evasion has cast doubt on the proceedings, sparking criticism of Nigeria’s ability to hold powerful figures accountable.
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This development has reignited debates over the challenges of prosecuting high-profile financial crimes in Nigeria. Critics argue that Otudeko’s departure reflects systemic flaws in monitoring individuals facing legal scrutiny.
As public interest in the case grows, calls for stronger safeguards and stricter enforcement mechanisms have intensified. Many see this as a litmus test for the EFCC’s commitment to combating corruption and restoring integrity in the financial sector.
The case’s outcome could set a critical precedent, not only for financial accountability but also for Nigeria’s broader fight against corruption.
