Rita Odafe
Dr. Oba Otudeko, the founder of Honeywell Group and former chairman of First Bank of Nigeria (FBN), has reportedly left the country as investigations into his suspected fraudulent activities continue.
This ‘hidden’ departure coincided with announcements regarding his upcoming arraignment by the Economic and Financial Crimes Commission (EFCC) concerning a 13-count indictment tied to alleged fraud.
The EFCC has charged Otudeko along with three other individuals for their involvement in the alleged scheme.
The three co-defendants include Stephen Olabisi Onasanya, former group MD of FBN, and other past board members of Honeywell Flour Mills, Soji Akintayo and another individual linked to Otudeko.
The anti-corruption agency has stated that the defendants are due for arraignment at the federal high court in Lagos, facing accusations of fraudulently securing a ₦30 billion loan.
Reports from TheCable indicated that Otudeko exited Nigeria through a land border, being dropped off at the Nigeria-Benin border on Thursday evening by a family member.
Attempts to reach Otudeko were unsuccessful; his phone was turned off and, while messages sent via WhatsApp were delivered, he did not respond. His son, Obafemi Otudeko, also did not reply to inquiries about his father’s whereabouts.
Details from the EFCC’s charge sheet indicate that Otudeko and the others allegedly obtained loans in several installments—₦12.3 billion, ₦5.2 billion, ₦6.2 billion, ₦6.1 billion, and ₦1.5 billion—from FBN under the assumption that certain firms were the recipients of the funds.
According to the EFCC, these loans were acquired between 2013 and 2014.
In a statement from Honeywell Group’s general counsel, Olasumbo Abolaji, Otudeko denies the allegations, claiming he has not received any formal communication regarding the investigation.
Otudeko also emphasized that he has never held an executive position at FBN Holdings or First Bank of Nigeria and bears no operational responsibility within these organizations.
“Dr. Oba Otudeko vehemently denies claims regarding his association with FBN Holdings and is prepared to defend his reputation vigorously,” the statement asserted.
“As an accomplished builder and one of Nigeria’s leading investors, he has significantly contributed to the country’s economic landscape, including his tenure as a director and chairman of FBN Holdings from 1997 to 2021, helping transform the bank into a leading pan-African financial services organization.”
“Currently, he has not received any formal summons, nor has his legal team been approached by authorities. Dr. Otudeko remains ready to cooperate with any government agency, expecting professionalism in these proceedings.”
“Now at 81, after five decades of significant contributions to Nigeria’s growth, his focus is on mentoring future business leaders and fostering societal development through enterprise.”
“He does not seek to serve in any executive roles in Nigeria or globally and has no intention of joining any boards beyond his current engagements. FBN Holdings, a legacy organization of over 130 years, holds a special significance for him, and he trusts its strong foundation for future success.”
“Dr. Oba Otudeko is confident that the truth will emerge in due time and looks forward to addressing these allegations appropriately.”
