The former chairman of First Bank of Nigeria, FBN, Oba Otudeko, has unexpectedly left Nigeria.
His departure follows the news of his imminent arraignment by the Economic and Financial Crimes Commission, EFCC, on 13 charges related to alleged fraud.
The businessman, it was learned, exited the country through one of the land borders.
According to security sources, Otudeko was dropped off at the Nigeria-Benin border on the evening of Thursday, January 16, by a family member.
Earlier on Thursday, the EFCC filed charges against Otudeko and three other individuals at the Federal High Court in Lagos, accusing them of obtaining a N30 billion loan under false pretenses. The anti-graft agency stated that the defendants are scheduled to be arraigned on Monday, January 20.
The other three defendants include Stephen Olabisi Onasanya, former group managing director of FBN; Soji Akintayo, a former board member of Honeywell Flour Mills plc; and Anchorage Limited, a company connected to Otudeko.
In the charge sheet, the EFCC accused Otudeko and the others of fraudulently obtaining several loans; N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion, from First Bank under the guise that the funds were being obtained by various firms.
The loans, it was gathered, were secured between 2013 and 2014.
In a statement released on Thursday by Olasumbo Abolaji, General Counsel of Honeywell Group, Otudeko denied the allegations, asserting that he had not received any official notice regarding the charges.
Otudeko further clarified that he has never held an executive position within FBN Holdings or its banking arm, First Bank of Nigeria Limited, and therefore had no operational responsibilities within the organization.
The statement reads, “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.
“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.”
