Honeywell Chairman Oba Otudeko has reportedly left Nigeria, according to TheCable, following the impending legal proceedings by the Economic and Financial Crimes Commission (EFCC) on a 13-count charge of alleged fraud.
Reports indicate that Otudeko, the former chairman of First Bank of Nigeria (FBN), exited the country via a land border, being dropped off at the Nigeria-Benin border on Thursday evening by a family member.
Earlier the same day, 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 defendants are scheduled to be arraigned on Monday.
The other defendants include Stephen Olabisi Onasanya, a former group managing director of FBN; Soji Akintayo, an ex-board member of Honeywell Flour Mills Plc; and Anchorage Limited, a company associated with Otudeko.
Allegations
The EFCC alleges that Otudeko and the other defendants secured multiple tranches of loans—amounting to N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion—from First Bank between 2013 and 2014, under the guise of obtaining funds for various firms.
In response to the allegations, Otudeko, through Olasumbo Abolaji, the general counsel of Honeywell Group, refuted the claims, stating he had not received any official invitation regarding the matter.
Dr. Otudeko stated he has never served in an executive capacity within FBN Holdings or its banking subsidiary, First Bank of Nigeria Limited, and thus had no operational responsibility in 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.
What you should know
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 FBN Holdings, 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.”
- He added that at 81, Dr. Otudeko is focused on mentoring the next generation of business leaders and contributing to societal development.
- Abolaji said he is not seeking to serve in any executive or non-executive capacity beyond his current roles and has no interest in returning to the board of FBN Holdings Plc, despite the recent media attention.
This development can be linked to the ongoing legal conflict between First Bank of Nigeria and General Hydrocarbons Limited (GHL).
