Oba Otudeko, the former Chairman of First Bank, has reportedly left Nigeria ahead of his scheduled arraignment on Monday, January 20, 2025, over fraud allegations.
The 81-year-old businessman is facing a 13-count charge filed by the Economic and Financial Crimes Commission (EFCC) related to the alleged looting of N12.3 billion from First Bank. His departure comes amidst mounting legal pressure and financial disputes.
According to TheCable Newspaper, Otudeko left the country through a land border, allegedly crossing into Benin Republic on Thursday evening. Security sources revealed he was dropped off at the Nigeria-Benin border by a family member. Attempts to reach Otudeko and his son, Obafemi Otudeko, for comments have been unsuccessful.
The EFCC alleges that Otudeko, alongside former First Bank Managing Director Stephen Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited, committed the fraud in multiple tranches between 2013 and 2014.
Court documents claim the defendants forged documents to secure fraudulent credit facilities, with the largest single tranche totaling N6.2 billion. The EFCC has filed the charges before Justice Chukwujekwu Aneke of the Federal High Court in Lagos.
Efforts to contact EFCC spokesman Dele Oyewale have so far yielded no response. The case, registered as FHC/L/20C/2025, continues to generate public attention as Nigerians await further developments.
