Oba Otudeko, the former Chairman of First Bank, has reportedly left Nigeria just days before his scheduled court arraignment on fraud charges. The 81-year-old businessman’s sudden departure has raised eyebrows, especially as he faces a string of financial allegations and legal battles.
According to TheCable, Otudeko fled the country through one of Nigeria’s land borders, allegedly to evade mounting legal pressures. Security sources revealed that he was dropped off at the Nigeria-Benin border last Thursday evening by a family member.
Efforts to reach Otudeko for comments have proven futile. His phone remains switched off, though messages sent to his WhatsApp were delivered but went unanswered. Similarly, his son, Obafemi Otudeko, has not responded to calls or messages seeking information about his father’s location or destination.
Chronicles Reporters earlier reported that the Economic and Financial Crimes Commission (EFCC) had scheduled Otudeko’s arraignment for Monday, January 20, 2025. He, along with a former First Bank Managing Director, Stephen Olabisi Onasanya, and two others, is accused of misappropriating N12.3 billion from First Bank.
The case, which also implicates Soji Akintayo, a former board member of Honeywell, and a company linked to Otudeko, Anchorage Leisure Limited, revolves around allegations of fraudulent transactions conducted between 2013 and 2014.
The EFCC claims that the defendants executed the fraud in multiple tranches, including N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million. These transactions were allegedly facilitated using forged documents to deceive the bank.
The charges, filed on January 16, 2025, by EFCC counsel Bilikisu Buhari, include 13 counts. Count 1 accuses the defendants of conspiring to fraudulently obtain N12.3 billion under the pretense of credit facilities for companies V-Tech Dynamic Links Limited and Stallion Nigeria Limited. Similarly, Count 2 alleges the fraudulent acquisition of N5.2 billion under similar pretenses on November 26, 2013.
Justice Chukwujekwu Aneke of the Federal High Court in Lagos is set to preside over the case, registered as FHC/L/20C/2025.
Efforts to contact EFCC spokesperson Dele Oyewale for comments on Otudeko’s escape were unsuccessful. Multiple calls to his official phone line on Friday went unanswered, with the line reportedly switched off.
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