The Federal High Court in Lagos has directed substituted service of charges against Honeywell Group Chairman, Oba Otudeko, and former First Bank Managing Director, Stephen Onasanya, following their absence in court on Monday.
Both are facing allegations in a 13-count charge concerning N12.3 billion fraud.
Justice C.J. Aneke granted the Economic and Financial Crimes Commission’s (EFCC) request for substituted service after the defendants’ lawyers claimed they had not received the charges.
Others named in the case include former Honeywell board member Soji Akintayo and Anchorage Leisure Limited, reportedly linked to Otudeko.
Defendants’ Counsel Protest Non-Service
During Monday’s hearing, defense lawyers argued that their clients were not officially served the charges.
Otudeko’s lawyer, Mr. Bode Olanipekun (SAN), stated that he appeared in protest, having learned about the case through media reports. Other defense lawyers, including Mr. Adeyinka Olumide-Fusika (SAN) and Dr. Charles Adeogun-Philips (SAN), similarly criticized the EFCC for publicizing the charges before formal service.
In response, EFCC prosecutor Rotimi Oyedepo (SAN) informed the court of several failed attempts to serve the defendants. The judge then approved substituted service, allowing the charges to be delivered through alternative means.
Fraud Allegations
According to the EFCC, the defendants fraudulently obtained N12.3 billion from First Bank under false pretenses between 2013 and 2014. The funds were allegedly presented as credit facilities for Tech Dynamic Links Limited and Stallion Nigeria Limited, though the claims were reportedly false.
The funds were taken in tranches, including N5.2 billion, N6.2 billion, N1.5 billion, and N500 million.
The alleged offenses violate Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, carrying penalties under Section 1(3) of the same Act.
Next Steps
Justice Aneke adjourned the case to February 13, 2025, for the arraignment of the defendants. Meanwhile, Onasanya’s lawyer accepted the charge sheet on behalf of his client.
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