16
Jan
Jan
N12.3BILLION FRAUD: EFCC SET TO ARRAIGN HONEYWELL GROUP CHAIRMAN, OTUDEKO, FORMER FBN MD, ONASANYA, OTHERS
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Nicolas Adekeye / 6 days
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- 2 min read
The Economic and Financial Crimes Commission (EFCC) is set to arraign the Chairman of Honeywell Group, Chief Oba Otudeko, and three others before the Federal High Court sitting in Ikoyi, Lagos, on Monday, January 20, 2025. The others to be arraigned alongside Otudeko are a former First Bank Managing Director, Stephen Onasanya, a former board member of Honeywell, Soji Akintayo, and a firm, Anchorage Leisure Limited, connected to Otudeko. The EFCC has filed a 13-count charge against the defendants, alleging that they conspired to commit fraud and laundered N12.3 billion between 2013 and 2014 in Lagos. The defendants are accused of obtaining the sum of N12.3 billion from First Bank Limited under false pretenses, claiming it represented credit facilities applied for by V-Tech Dynamic Links Limited and Stallion Nigeria Limited. Specifically, Count 1 of the charge alleges that the defendants conspired to obtain the sum of N12.3 billion 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 they knew to be false. Counts 5 and 6 accuse the defendants of procuring Honeywell Flour Mills Plc to retain the sum of N1.5 billion and converting the sum of N500 million to the use of Honeywell Flour Mills Plc, which sums they reasonably ought to have known formed part of the proceeds of their unlawful activities. The EFCC counsel, Bilikisu Buhari, filed the charge on January 16, 2025. The defendants will be brought before Justice Chukwujekwu Aneke, to whom the case has been assigned.