By Ayo Kehinde
The Chairman of Honeywell Group, Oba Otudeko, and the Economic and Financial Crimes Commission (EFCC), have disclosed plans to reach an Out-of-Court settlement over an alleged N30 billion fraud case.
Wole Olanipekun, Counsel to Oba Otudeko, disclosed this on Monday, at the Federal High court in Lagos.
Otudeko is facing a 13-count charge of N12.3 billion fraud alongside Stephen Olabisi Onasanya, the former Managing Director of First Bank of Nigeria (FBN). Also charged with them are Soji Akintayo, a former board member of Honeywell and Anchorage Leisure Limited, a company linked to Otudeko.
They are accused of orchestrating a fraudulent scheme involving the diversion of N12.3 billion from First Bank, with the fraudulent activities allegedly occurring between 2013 and 2014.
The charges include claims that they unlawfully obtained funds in multiple transactions, including N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion and N500 million. The funds were allegedly obtained under the false pretence of credit facilities for V-Tech Dynamic Links Limited and Stallion Nigeria Limited.
In the first charge, the defendants were accused of conspiring to fraudulently obtain N12.3 billion from First Bank, misrepresenting that it was for V-Tech Dynamic Links Limited and Stallion Nigeria Limited, despite knowing the information to be false.
In the second charge, they allegedly obtained N5.2 billion from First Bank on November 26, 2013, by falsely claiming it was for V-Tech Dynamic Links Limited.
Between 2013 and 2014, the defendants are accused of obtaining N6.2 billion from First Bank, falsely claiming it was for Stallion Nigeria Limited.
The EFCC also alleged that on or about September 3, 2013, the defendants forged documents, including a “Letter of Application” to deceive First Bank into believing that the documents were from V-Tech Dynamic Links Limited.
In a similar manner, they were accused of forging a document titled “Authorisation to Issue Investment Certificate to First Bank” with the intent to mislead the bank
Additionally, the charges also alleged that the defendants procured the transfer of N6.2 billion from Stallion Nigeria Limited’s account at First Bank to conceal fraudulent activities.
On December 11, 2013, the defendants allegedly facilitated a transfer of N2.09 billion from Stallion Nigeria Limited’s account to Emmerado Logistics Limited as part of the fraudulent scheme.
Finally, Chief Otudeko is accused of failing to declare a personal interest in a loan facility of N6.15 billion sought by V-Tech Dynamic Links Limited, in breach of banking regulations.
The charges are based on violations of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, the Miscellaneous Offences Act, the Money Laundering (Prohibition) Act 2011 and the Banks and Other Financial Institutions Act 2004.
Justice Chukwuekwu Aneke had on February 13, adjourned its ruling on the application by Otudeko challenging the jurisdiction of the court to hear the case.
However, ruling on Monday, the court held that the defendant (Otudeko) must first appear to take his plea before challenging the jurisdiction of the court.
Following the ruling, Olanipekun informed the court that settlement discussions were ongoing.
He told the court that a meeting was held on March 12 involving all parties under the supervision of the office of the attorney-general of the federation (AGF).
Disclosing that the prosecution team (EFCC) was also present at the settlement meeting, Olanipekun requested an adjournment for a report on the settlement.
Justice Aneke granted the defence’s request and adjourned the case until May 8 for a report on the settlement.
