Dr. Oba Otudeko, Chairman of Honeywell Group, has addressed the ongoing conflict between First Bank of Nigeria (FBN) and General Hydrocarbons Limited (GHL).
Reports indicate that representatives from the Central Bank of Nigeria (CBN) and FBN are expected to testify against Otudeko and former FBN Managing Director, Olabisi Onasanya, in an alleged N12.3 billion fraud case filed by the Economic and Financial Crimes Commission (EFCC).
In response to these reports, Dr. Otudeko firmly refuted the claims regarding his role in FBN Holdings and stated his intention to vigorously defend his reputation.
A statement signed by Olasumbo Abolaji, General Counsel at Honeywell Group, emphasized Dr. Otudeko’s contributions to Nigeria’s business landscape.
“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.”
The statement further clarified, “With regards to the reported claims, Dr. Oba Otudeko would like to clarify that he has never served in an executive capacity within FBN Holdings and its banking subsidiary, First Bank of Nigeria Limited and as such has had no operational responsibility in the organisation.”
Additionally, the statement noted that Dr. Otudeko has not been summoned for questioning by any government agencies and would willingly cooperate if required.
“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.”
The statement also urged the press to verify sensitive information before publication to ensure accuracy and fairness.
Dr. Otudeko, now 81, is focused on mentoring the next generation of business leaders and contributing to societal development through enterprise. He has no interest in serving in an executive capacity in any organization or returning to the board of FBN Holdings Plc.
“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 aside from 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.”
Dr. Otudeko expressed confidence that the truth will prevail and looks forward to addressing these claims in the appropriate forum.
The EFCC has accused the defendants of fraudulently obtaining N12.3 billion from First Bank through various transactions between 2013 and 2014.
According to the charges, the defendants allegedly secured N6.2 billion in credit facilities from First Bank Limited under the pretext of loans applied for and disbursed to Stallion Nigeria Limited.
The EFCC contends that these representations were false and violated Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, punishable under Section 1(3) of the same Act.
