Otudeko, Onasanya, Others Seek Out-of-Court Settlement Over N30Bn Alleged Fraud Case Lawyers to businessman, Chief Oba Otudeko and a former Managing Director of First Bank of Nigeria, Olabisi Onasanya, on Monday, informed a Federal High Court in Lagos that they were exploring an out-of-court settlement of the fraud case brought against them by the Economic and Financial Crimes Commission (EFCC).
The lawyers, Chief Wole Olanipekun (SAN), Mr Olumide Fusika (SAN), Mr Kehinde Ogunwumiju (SAN), and Dr Charles Adeogun-Philips (SAN), therefore implored the trial judge, Justice Chukwujekwu Aneke to adjourn the case to enable the parties conclude on the negotiations.
The anti-corruption agency is alleging Otudeko, a former Chairman of First Bank of Nigeria Holdings, Onasanya; a former board member of Honeywell Group, Soji Akintayo, and a company, Anchorage Leisure Limited, which is allegedly conjoined to Otudeko, of fraudulently obtaining the money from the bank.
The anti-graft agency, in the charge filed by one of its prosecutors, Bilikisu Buhari, suggested that the defendants committed fraud in multiple transactions totalling N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million between 2013 and 2014 in Lagos.
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The Commission likewise claimed, in the charge marked FHC/L/20C/2025 dated January 16, 2025, that the defendants created and applied forged documents to deceive the bank.
However, the defendants have not entered their pleas due to the non-appearance of Otudeko before the court since the matter began.
His lawyer disclosed he is currently abroad on health grounds.
At the resumed hearing on Monday, Justice Aneke rejected various applications opposing the court’s jurisdiction to hear the case.
He held that Section 396(2) of the Administration of Criminal Justice Act (ACJA), mandated the defendants to be incriminated before any jurisdictional challenges could be addressed.
The judge furthermore cited legal precedents, containing the Court of Appeal’s decision in the case of Yahaya Bello and EFCC, revealing that no preliminary objections could be heard before arraignment.
Following this governing, Chief Olanipekun told the court that on March 12, 2025, warn for all parties met with the Attorney General of the Federation to explore an out-of-court settlement.
He suggested that tangible improvement was made, and that the AGF has directed all parties to refrain from any actions that could jeopardise the resolution process, containing filing extra applications.
Olanipekun stated that the next meeting is scheduled for April 9, 2025 at the AGF’s office in Abuja.
He, therefore, adviced the court to adjourn the case in order to reveal on the settlement improvement.
However, EFCC prosecutor Mrs Bilikisu Buhari-Bala disputed the adjournment for a settlement say alone, insisting that the next hearing should likewise contain the defendants’ arraignment.
In response, Olanipekun reaffirmed that the AGF actively negotiated the settlement.
After listening to the lawyers, Justice Aneke granted the request and adjourned the case to May 8, 2025, for a report on the settlement improvement.
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Tag: Otudeko Onasanya Others Seek OutofCourt Settlement Over N30Bn Alleged Fraud Case
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Published 3/17/2025