PROMINENT BUSINESSMAN Oba Otudeko, former First Bank CEO Bisi Onasanya, and two others are facing a major legal challenge over allegations of advanced fee fraud amounting to ₦12.3 billion. The Federal Republic of Nigeria has filed the case, accusing the defendants of conspiring to obtain fraudulent loans under false pretences.
The Explainer gathered that the case centres on a 13-count charge against Mr Otudeko, 12 against Mr Onasanya, and 10 each against Mr Akintayo and Anchorage Leisure Limited. According to court documents filed at the Federal High Court in Lagos, the defendants allegedly acquired loans between 2013 and 2014 under the guise that companies, including V-Tech Dynamic Links Limited and Stallion Nigeria Limited, had applied for the facilities.
Allegations of Forgery and Diversion
The lawsuit alleges that ₦5.2 billion was fraudulently obtained in November 2013 from First Bank, under the pretext of credit facilities for V-Tech Dynamic Links Limited. Further accusations state that ₦6.2 billion, believed to be proceeds of unlawful activities, was diverted for personal use.
Significantly, The Explainer learned that the funds were used to acquire Honeywell Flour Mills Plc in 2013, with ₦1.5 billion earmarked for the purchase. An additional ₦500 million was channelled to Honeywell Flour Mills, further deepening the accusations.
Court filings also suggest the defendants forged critical documents, including a “Letter of Application” and an “Authorisation to Issue Investment Certificate.”
These documents were allegedly used to deceive First Bank into approving the facilities, creating the illusion of legitimate transactions.
This case surfaces amidst a broader anti-corruption crackdown in Nigeria. The Explainer recalls a recent development involving Alhaji Muhammad Bashir Sa’idu, the former Chief of Staff to ex-Kaduna Governor Nasir El-Rufai. Mr Sa’idu remains in detention after a Kaduna High Court denied him bail in a ₦3.9 billion money laundering case.
