Drama Unfolds: Oba Otudeko Allegedly Sneaks Out Of Nigeria Amid Fraud Probe

Drama Unfolds: Oba Otudeko Allegedly Sneaks Out Of Nigeria Amid Fraud Probe

Renowned businessman and former First Bank of Nigeria (FBN) chairman, Oba Otudeko, has reportedly left Nigeria under the radar as the Economic and Financial Crimes Commission (EFCC) ramps up its investigation into alleged fraudulent…Drama Unfolds: Oba Otudeko Allegedly Sneaks Out Of Nigeria Amid Fraud Probe

activities.

Naija News has learned that Otudeko’s discreet exit coincides with his impending arraignment on a 13-count charge of fraud. The charges, leveled by the EFCC, also implicate three other high-profile individuals, including Stephen Olabisi Onasanya, a former Group Managing Director of FBN, and two ex-board members of Honeywell Flour Mills Plc.

The Allegations

The EFCC accuses the defendants of obtaining a ₦30 billion loan under false pretenses, with funds reportedly acquired in tranches between 2013 and 2014.

Despite the allegations, Otudeko has firmly denied any wrongdoing. In a statement issued through Honeywell Group’s General Counsel, Olasumbo Abolaji, he emphasized that he has not received any official summons from the authorities and remains ready to cooperate fully.

A Silent Departure

According to sources, Otudeko allegedly crossed the Nigeria-Benin border on Thursday evening, aided by a family member. Attempts to reach him have proven futile, with his phone switched off and messages left unanswered. Even his son, Obafemi Otudeko, declined to comment on his father’s location or destination.

Otudeko’s Defense

In his defense, Otudeko has reiterated his long-standing reputation as a builder of Nigeria’s economy and institutions. “At 81, after five decades of contributing to Nigeria’s growth, I remain focused on mentoring the next generation of leaders,” he said in his statement.

He also dismissed claims of holding any executive responsibilities at FBN Holdings or its subsidiaries, asserting that he is not interested in returning to the company in any capacity.

What’s Next?

The EFCC maintains that Otudeko and the other defendants must face justice, with arraignment proceedings scheduled at the Federal High Court in Lagos.

As the investigation deepens, Nigerians and stakeholders will be watching closely to see how this high-profile case unfolds.

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