LAGOS — In a dramatic turn of events, the Federal High Court in Lagos on Monday directed substituted service of charges on Honeywell Group Chairman, Oba Otudeko, and former First Bank Managing Director, Stephen Onasanya. The duo, along with two others, face a 13-count charge linked to alleged fraudulent transactions totaling N12.3 billion.
The arraignment, scheduled before Justice C.J. Aneke, could not proceed as none of the defendants were present in court, citing non-service of the charges by the Economic and Financial Crimes Commission (EFCC). The EFCC alleges that the defendants, between 2013 and 2014, conspired to obtain funds under false pretenses from First Bank of Nigeria Limited.
Legal Tussle Over Service of Charges
Counsel for the defendants, including notable Senior Advocates of Nigeria, protested that their clients were yet to be served the charges. Mr. Bode Olanipekun (SAN), representing Otudeko, stated he appeared solely in protest as the EFCC had failed to serve his client. Similarly, Mr. Adeyinka Olumide-Fusika (SAN), appearing for Onasanya, claimed his client had only accessed a printed copy of the charges.
Mr. Kehinde Ogunwumiju (SAN), representing former Honeywell board member Soji Akintayo, and Dr. Charles Adeogun-Philips (SAN), counsel for Anchorage Leisure Limited, also echoed these grievances, arguing that the EFCC’s publicizing of the charges in national dailies without formal service was unfair to their clients.
In response, EFCC prosecutor, Mr. Rotimi Oyedepo (SAN), defended the commission’s actions, asserting that multiple attempts to serve the charges had been unsuccessful. He applied for substituted service, allowing the EFCC to serve the defendants through alternative means. Justice Aneke granted the request.
Despite their protests, Onasanya’s lawyer accepted the service of the charges in court, noting he had already obtained a printed copy.
Allegations of Fraud
According to the EFCC, the defendants allegedly obtained the N12.3 billion in multiple tranches by misrepresenting the funds as credit facilities applied for by companies including Tech Dynamic Links Limited and Stallion Nigeria Limited. The funds were allegedly disbursed between 2013 and 2014.
One of the charges states that on November 26, 2013, in Lagos, the defendants obtained N5.2 billion from First Bank under false pretenses. Additional tranches of N6.2 billion, N6.15 billion, N1.5 billion, and N500 million were also allegedly obtained using similar misrepresentations.
The EFCC further accused the defendants of conspiring to spend N6.15 billion of the funds. These offenses, according to the commission, contravene Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006 and are punishable under Section 1(3) of the same Act.
Adjournment and Next Steps
Justice Aneke adjourned the case to February 13, 2025, for the arraignment of the defendants. The EFCC expressed its commitment to ensuring the case proceeds, emphasizing the importance of accountability and justice in tackling financial crimes of this magnitude.
This case, monitored by Hobnob News, continues to draw significant public and legal attention as it involves high-profile figures and allegations of substantial financial misappropriation. Stay tuned for updates on this developing story.
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