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EFCC to Arraign Oba Otudeko, Onasanya, Others for Alleged N12.3bn Fraud

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The Economic and Financial Crimes Commission (EFCC) has filed a 13-count criminal charge against the Chairman, Honeywell Group, Oba Otudeko and a former Managing Director of First Bank, Olabisi Onasanya for allegedly obtaining the sum of N12.3billion from First Bank.

They are to be arraigned on Monday, January 20, 2025, before Justice Chukwuejekwu Aneke of the Federal High Court, Lagos.

They will be arraigned alongside, a former member of the board of directors of Honeywell Flour Mills Plc, Soji Akintayo and a company linked to Otudeko, named Anchorage Leisure Ltd.

All four were listed as defendants in the suit filed by an EFCC prosecutor, Bilkisu Buhari-Bala on January 16, 2025.

According to the EFCC, the four committed the fraud in tranches of N5.2billion, N6.2billion, N6.150billion, N1.5billion and N500million, between 2013 and 2014 in Lagos.

In proof of the charge against the defendants, the EFCC intends to call representatives of First Bank including Cecelia Majekodunmi, Ola Michael Aderogba, Abiodun Olatunji, Raymond Eze, Abiodun Odunbola and Adeeyo David all of whom are expected to give evidence of the fraudulent misrepresentation of the Defendants and tender relevant documents.

The EFCC will also rely on the testimonies of representatives of Central Bank of Nigeria, representatives of Stallion Nigeria Limited and representatives of V-tech Dynamics Ltd.

Also included in the EFCC’s list of witnesses are one Farida Abubakar and Adaeze Nwakoby.

According to the Commission, the offences contravene Section 8(a) of Advance Fee Fraud and Other Fraud Related Offences Act 2006 and were punishable under Section 1 (3) of the same Act.

Count 1 of the charge says that Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited between 2013 and 2014 in Lagos, within the jurisdiction of this Honourable Court conspired amongst  yourselves to obtain the sum of N12,300,000,000.00 (Twelve Billion, Three Hundred Million Naira Only),from First Bank Limited on the pretence that the said sum represented credit facilities applied * for by V- Tech Dynamic Links Limited and Stallion Nigeria Limited, which representation you know to be false, and you thereby committed an offence contrary to Section 8(a) of Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under Section 1(3) of the same Act.

In Count 2, it was alleged that the defendants, on or about 26th day of November, 2013 in Lagos, “obtained the sum of N5.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V Tech Dynamic Links Limited which representation you know to be false.”

The 3rd count claims that the defendants, between 2013 and 2014 in Lagos, obtained N6.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for and disbursed to Stallion Nigeria Limited, which representation you know to be false.”

County 4 reads, that you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about 26th day of November 2013 in Lagos, within the jurisdiction of this Honourable Court conspired amongst yourselves to use the total sum of N6,150,000,000,.00 (Six Billion, One Hundred and Fifty Million Naira Only.), which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretence and you thereby committed an offence contrary to Sections 18(a), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.

Count 5 accuses Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about 11th day of December, 2013 in Lagos, procured Honeywell Flour Mills Plc to retain the sum of N1.5 billion, which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretence and you thereby committed an offence contrary to Section 18(c), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.

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Tinubu Approves Fresh Salary Increase for Military

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President Bola Tinubu has approved salary increases of between 30 and 80 per cent for personnel of the Nigerian Armed Forces, with about 250,000 officers and men set to benefit from the enhanced remuneration package aimed at boosting troop welfare and morale.

The new salary structure, which takes effect from September 1, will see officers above the rank of Colonel receive a 30 per cent salary increase, while personnel from the rank of Colonel down to Warrant Officer will enjoy a 50 per cent increment. Soldiers from the rank of Private to Staff Sergeant will receive the highest increase of 80 per cent.

The approval will raise the annual salary bill for the Armed Forces from N660 billion to N924 billion.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the salary review underscores the Tinubu administration’s commitment to improving the welfare of military personnel in recognition of their sacrifices in safeguarding the country.

The President noted that members of the Armed Forces have continued to display courage and dedication in confronting banditry, kidnapping, terrorism and other security threats across the country.

“The men and women who help to keep us safe in our homes must be supported and appreciated in the course of their duties to our nation,” Tinubu said.

He assured that his administration would continue to prioritise troop welfare while strengthening the operational capacity of the military through improved equipment and technology.

“Our administration will continue to prioritise troop welfare and modernise the armed forces by providing the weapons and technological tools needed to discharge their duties,” the President stated.

Tinubu stressed that security remains central to national development, saying no country can attain sustainable progress without guaranteeing the safety of its citizens.

“Our administration believes that no nation can achieve greatness without security. We therefore remain resolute in mobilising all military and law enforcement assets to eliminate security threats and protect the lives and property of all Nigerians,” he said.

The President urged military personnel to see the enhanced remuneration as a demonstration of the nation’s appreciation for their service and commitment.

“I urge our servicemen to take our gesture as a sign of our deep appreciation of the services they render to our fatherland. Together we shall prevail over the enemies intent on destroying the fabric of our nation,” Tinubu added.

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Oyedepo Knocks Tinubu over Worsening Insecurity, Economic Hardship

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General Overseer of Living Faith Church Worldwide aka Winners Chapel, Bishop David Oyedepo, has taken a swipe at President Bola Tinubu over the worsening insecurity and economic hardship in Nigeria.

In a viral video shared online, Oyedepo alleged that the Tinubu administration was failing to take decisive action to address the challenges bedeviling the Nigerian people.

The cleric expressed anger over the persistent attacks and killings across the country, issuing a note of warning that Nigerians who have endured the situation for a long time may no longer remain silent.

The General Overseer, however, condemned those behind the attacks and killing of unarmed Nigerians, stating that victims should not be expected to show sympathy towards the perpetrators of the heinous crime.

“The president needs to act now and stop pretending. You can’t slaughter members of my family and expect me to pray for you. I will pray against you and your household.

“The government is pretending like they don’t know what to do. I have been quiet for a long time, but the bubble is about to burst,” he fumed.

He equally accused the government of appearing unaware of the severity of the security crisis, saying leaders had failed to demonstrate the urgency required to protect citizens and restore confidence.

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2027: Tinubu Not Qualified to Contest Election, Says ADC

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The African Democratic Congress (ADC) has argued that President Bola Tinubu is not qualified to contest the 2027 presidential election, citing his alleged failure to present his primary and secondary school certificates to the public.

Tinubu, in the form he submitted to the Independent National Electoral Commission (INEC) for next year’s election, reportedly left blank the sections designated for his primary and secondary school education, raising concerns among some Nigerians, particularly members of the opposition.

A lawyer and ADC chieftain, Kalu Kalu, alleged that the President committed forgery by previously presenting certificates he did not possess, an act he claimed automatically disqualifies him from contesting for the nation’s highest office. He cited Section 137(1)(j) of the 1999 Constitution, which states that a person is not qualified to run for the office of President if they have presented a forged certificate to the Independent National Electoral Commission (INEC).

He alleged that the primary and secondary schools Tinubu claimed to have attended either did not exist at the time or were falsely represented. Kalu further claimed that although Tinubu presented those certificates during the 2023 election, the due diligence carried out by the ADC’s presidential candidate, Atiku Abubakar, who was the Peoples Democratic Party (PDP) presidential candidate in the last general election, had prompted the President to remain silent about his primary and secondary school education in his latest submission to INEC.

Kalu also questioned the authenticity of President Tinubu’s Chicago State University certificate, saying it had been subjected to scrutiny in a United States court.

The ADC stalwart said: “Atiku Abubakar went for the discovery of the academic records of Bola Ahmed Tinubu and the US court directed Chicago State University to release those academic records of Bola Ahmed Tinubu. And when they were released, it was found that Bola Ahmed Tinubu made a very dangerous false entry that he attended Government College, Lagos and graduated in 1970, whereas Government College, Lagos, was not even in existence in 1970; it was established in 1974. That’s one.

Speaking on whether the matter could be relitigated, Kalu said: “The challenge is that the Supreme Court’s position on pre-election matters is that only an aspirant can challenge another aspirant in the race. Now Tinubu has emerged, and nobody from the APC is challenging him. But the issue now is Section 29 of the Electoral Act. Is the Electoral Act superior to the Constitution? The answer is no. If the Constitution says, under Section 137(1)(j), that you are not qualified to contest an election if you have presented a forged certificate to INEC.

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