BREAKING: Otudeko ‘Secretly’ Leaves Nigeria Amid EFCC Probe On Alleged Fraud

Dr. Oba Otudeko, the founder of Honeywell Group and former chairman of First Bank of Nigeria (FBN), has reportedly left Nigeria amid a pending investigation into alleged fraudulent activities. His covert exit from the country coincides with the announcement of his impending arraignment by the Economic and Financial Crimes Commission (EFCC) on a 13-count indictment related to the alleged fraud.

The EFCC has filed charges against Otudeko and three others over claims of fraud. The other defendants include Stephen Olabisi Onasanya, the former group managing director of FBN; Soji Akintayo, an ex-board member of Honeywell Flour Mills plc; and another ex-board member of Honeywell Flour Mills and Anchorage Limited, a company associated with Otudeko.

According to the EFCC, the defendants are scheduled to be arraigned on Monday at the Federal High Court in Lagos. The agency alleges they fraudulently obtained a ₦30 billion loan. Recent reports from TheCable indicate that Otudeko left the country through one of the land borders, specifically being dropped off at the Nigeria-Benin border on Thursday evening by a family member.

Attempts to contact Otudeko have been unsuccessful, as his phone appears to be turned off. While messages sent via WhatsApp were delivered, there has been no response. His son, Obafemi Otudeko, also did not respond to calls or messages regarding his father’s whereabouts.

In the charge sheet, the EFCC accuses Otudeko and the other defendants of obtaining various loans—₦12.3 billion, ₦5.2 billion, ₦6.2 billion, ₦6.1 billion, and ₦1.5 billion—from First Bank under the pretense that certain firms would utilize the funds. The agency asserts that these credit facilities were acquired between 2013 and 2014.

In a statement released on Thursday by the general counsel of Honeywell Group, Olasumbo Abolaji, Otudeko denied the allegations against him, stating that he has not yet received any formal invitation regarding the matter. He emphasized that he has never held an executive position within FBN Holdings or its banking subsidiary, First Bank of Nigeria Limited, and therefore bears no operational responsibilities within the organization.

“Dr. Oba Otudeko categorically refutes the claims concerning his role in FBN Holdings and will aggressively defend his reputation,” the statement reads. “He is a builder and one of Nigeria’s foremost investors and industrialists, having constructed many of Nigeria’s most successful companies, including FBN Holdings, where he served as a director and later chairman from 1997 to 2021. He played a pivotal role in transforming the bank from a traditional institution to a leading pan-African financial services holding company.”