Oba Otudeko Denies Fraud Allegations, Seeks Settlement In EFCC Case

Former Chairman of First Bank of Nigeria, FBN Holdings, Oba Otudeko, has denied allegations of financial mismanagement during his tenure.

The Economic and Financial Crimes Commission (EFCC) had accused him of mishandling funds, violating banking regulations, and engaging in irregular transactions that allegedly impacted the bank’s credibility and stakeholder confidence.

Oba Otudeko, a prominent Nigerian businessman, is facing legal proceedings over fraud allegations linked to his tenure at FBN Holdings.

The EFCC has charged him and other former executives with fraudulently obtaining loans totaling ₦12.3 billion from the Bank.

In a separate case, he and three others were previously accused of a ₦30 billion loan fraud, with a 13-count charge filed against them.

At a Federal High Court in Lagos on Monday 17th of March, 2025, Otudeko’s defense lawyer, Wole Olanipekun, informed the court that settlement discussions were ongoing. He referenced a meeting held on March 12, attended by representatives from the Attorney-General’s office and the EFCC’s legal team, to explore a possible resolution.

During the proceedings, Justice Chukwuekwu Aneke ruled that Otudeko must enter a formal plea before any jurisdictional arguments could be considered.

Olanipekun then requested a delay in further proceedings to allow time for settlement discussions, arguing that setting an arraignment date while negotiations were ongoing could affect the fairness of the process. The judge granted the request and adjourned the case until May 8 for an update on the settlement talks.

These allegations have sparked concerns within Nigeria’s financial sector, given Otudeko’s influential role in the industry.

The outcome of this case could have significant implications for corporate governance and financial regulations in the country.