Oba Otudeko Faces EFCC Over Alleged ₦12.3bn Fraud Amid Reports of Sudden Exit

The Economic and Financial Crimes Commission (EFCC) has initiated proceedings to arraign Oba Otudeko, former Chairman of First Bank, alongside ex-Managing Director Bisi Onasanya and two others, over an alleged ₦12.3 billion fraud. The case, which involves purported financial mismanagement, has sparked widespread attention due to Otudeko’s prominent status in Nigeria’s financial sector.

According to the EFCC, the charges stem from allegations of fraud and irregularities linked to the accused persons’ roles in transactions conducted within their professional capacities. Reports indicate that investigations have been ongoing for several months, with the commission gathering evidence to substantiate the charges.

However, the case took an unexpected twist as reports emerged that the 81-year-old Otudeko left Nigeria abruptly through a land border. Sources close to the investigation revealed that his departure occurred as the EFCC intensified efforts to bring him to trial. This development has led to public speculation about the reasons for his exit and its potential impact on the case.

In a statement released by his legal representatives, Otudeko denied the allegations, stating that he never served in any executive capacity within FBN Holdings or directly handled funds linked to the fraud case. The statement further emphasized his commitment to cooperating with the authorities to clear his name.

The EFCC has yet to confirm Otudeko’s current whereabouts or any formal declaration regarding his absence. Meanwhile, Bisi Onasanya and the other accused individuals have reportedly assured authorities of their willingness to appear in court for their arraignment.

Legal experts suggest that Otudeko’s sudden departure could complicate proceedings and raise questions about the enforcement of accountability for high-profile cases in Nigeria. Some have called for swift action to ensure that justice is served, emphasizing the need for transparency in the handling of the case.

This high-stakes legal battle has captured public attention, given Otudeko’s influence in the corporate world and the significant sum involved. The EFCC has reiterated its resolve to pursue the case to its conclusion, underscoring its commitment to combating financial crimes and promoting accountability in Nigeria’s financial institutions.

As the case unfolds, stakeholders and the public await further developments, particularly concerning Otudeko’s potential return and the outcome of the legal proceedings.