Nigeria – A Federal High Court in Lagos has set March 17, 2025, to rule on multiple applications challenging its jurisdiction in a 13-count fraud case involving Oba Otudeko, the former chairman of First Bank Nigeria (FBN), and three others.
During Thursday’s hearing, Otudeko was absent, while former FBN Group Managing Director Stephen Onasanya and ex-Honeywell Flour Mills board member Soji Akintayo were present in court.
The court fixed the date after listening to arguments from both the Economic and Financial Crimes Commission (EFCC) and the defense counsel.
Otudeko’s Absence and Jurisdictional Challenge
Otudeko’s lead counsel, Chief Wole Olanipekun (SAN), informed the court that his client had lawfully travelled to the United Kingdom on January 16, 2025, for medical treatment and had not absconded.
The defence had filed an application on January 28 explaining his absence.
Meanwhile, the defence team comprising Olanipekun, Oladipo Shasore (SAN), Kehinde Ogunwumiju (SAN), and Ade Adedeji (SAN) argued that the court should first determine its jurisdiction before proceeding with the case.
Ogunwumiju, in a motion filed on February 10, 2025, urged the court to dismiss or decline jurisdiction over counts 1 to 10, citing abuse of judicial process and insufficient evidence.
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He also requested an order preventing the EFCC from arresting or harassing the third defendant pending a ruling on the application.
EFCC’s Position
EFCC prosecutor Rotimi Oyedepo (SAN) countered the arguments, asserting that the charges were backed by a thorough investigation.
He maintained that Otudeko and his co-defendants fraudulently obtained multiple loans from First Bank, diverting depositors’ funds for their benefit.
Oyedepo argued that the charges were properly filed under the Administration of Criminal Justice Act (ACJA) 2015 and that no additional affidavit of investigation completion was required before filing the case.
Following the submissions, Justice Aneke adjourned the matter until March 17 for a ruling.
Background to the Case
The EFCC has accused Otudeko, Onasanya, Akintayo, and Anchorage Limited of obtaining loans totalling billions of naira from First Bank between 2013 and 2014 under false pretences.
According to the charge sheet, the defendants secured loans of ₦12.3 billion, ₦5.2 billion, ₦6.2 billion, ₦6.1 billion, and ₦1.5 billion, allegedly under the guise of financing firms.
The anti-graft agency insists that these transactions were fraudulent and violated financial regulations.
The ruling on March 17 will determine whether the case proceeds or if jurisdictional objections halt the trial.
