Latest Headlines
Loan Controversy: Otudeko, Onasanya’s Counsels Condemn Media Trial

•Arraignment stalls as defendants not served with charges
•Case adjourned to February 13
Wale Igbintade
The much-anticipated arraignment of Honeywell Group Chairman, Oba Otudeko, and former First Bank Managing Director, Stephen Onasanya, was stalled yesterday as their lawyers announced appearance in protest, claiming their clients have not been served as required by law.
The Economic and Financial Crimes Commission (EFCC) filed a 13-count charge against Otudeko, former First Bank Plc Managing Director, Onasanya, former Honeywell board member, Soji Akintayo, and the company Anchorage Leisure Limited. The case was marked FHC/L/20C/2025.
The defendants were accused of allegedly obtaining N12.3 billion from First Bank under false pretences.
At the start of the hearing, Mr. Bode Olanipekun (SAN), representing Otudeko, informed the court that he was appearing “in protest” because his client had not been served the charge.
Similarly, Mr. Olumide Fusika (SAN), announced his appearance for Onasanya, stating that his client was not served but that he was able to print a copy of the charge.
Fusika condemned the media trial his client had been subjected to, saying his client is not formally invited by EFCC or served a notice of the charge.
He expressed surprise at seeing news stories in major newspapers linking Onasanya to a trial on loan controversy during his time as First Bank Group Managing Director without prior notification.
“My Lord, it is concerning that my client has been unduly exposed to media trial without being formally served. This is a procedural anomaly that undermines his right to a fair hearing and personal dignity,” Fusika said.
Mr. Kehinde Ogunwumiju (SAN) appeared for Akintayo, while Mr. Charles Adeogun-Philips (SAN) represented Anchorage Leisure Ltd. and also protested, confirming that his client had not been served.
Consequently, Justice Chukwujekwu Aneke questioned how all defense counsels could appear in court if the defendants had not been served.
In response, Olanipekun, counsel to Otudeko, pointed out that despite the media reporting on January 17 about the defendants’ impending arraignment, no charge had been formally served on his client.
He presented some national newspapers clippings to support this claim.
In response, EFCC prosecutor, Mr. Rotimi Oyedepo (SAN), explained that multiple efforts had been made to serve the defendants at their last known addresses without success.
Oyedepo denied any involvement by EFCC in the media coverage of the case. He stated that the commission had not issued a press statement and suggested that journalists might have obtained information through other means.
“My Lord, we disassociate ourselves from any media reports,” Oyedepo said.
The second defense counsel, Fusika, then offered to accept service on behalf of his client, which the court approved. The prosecutor handed Fusika a copy of the charge in court.
The case was adjourned till February 13 for the defendants’ formal arraignment.
EFCC alleged that the defendants orchestrated fraudulent transactions totalling N12.3 billion in 2013 and 2014 in various amounts, and used forged documents to deceive the bank.
The charges included conspiracy to defraud First Bank, obtaining loans under false pretences, and money laundering activities involving the diversion and conversion of bank funds for personal use.
They were also accused of forging documents to mislead the bank into believing false credit facilities had been requested by companies like V-Tech Dynamic Links Limited and Stallion Nigeria Limited.
These actions violated several provisions of the Nigerian law, including the Advance Fee Fraud and Other Fraud-Related Offences Act 2006, Money Laundering (Prohibition) Act, 2011, and the Miscellaneous Offences Act.