Honeywell Chairman Oba Otudeko has reportedly left Nigeria following the looming legal proceedings by the Economic and Financial Crimes Commission (EFCC). Otudeko is facing a 13-count charge of alleged fraud, including accusations of obtaining N30 billion in loans under false pretences.
Reports indicate that Otudeko, the former chairman of First Bank of Nigeria (FBN), exited the country via the Nigeria-Benin border on Thursday evening, with a family member dropping him off. This comes after the EFCC filed charges against Otudeko and three others in connection with loans secured from First Bank between 2013 and 2014.
The other defendants include Stephen Olabisi Onasanya, a former group managing director of FBN; Soji Akintayo, a former board member of Honeywell Flour Mills Plc; and Anchorage Limited, a company linked to Otudeko.
The EFCC alleges the defendants obtained loans totalling billions of naira under false pretences for various companies. However, Otudeko has denied the allegations, stating through Honeywell’s general counsel that he has not received an official invitation regarding the matter.
Otudeko, 81, emphasised his commitment to mentoring the next generation of business leaders and has refuted claims regarding his involvement in FBN Holdings. He also expressed no desire to return to the board of FBN Holdings Plc. The legal dispute is tied to an ongoing conflict between First Bank of Nigeria and General Hydrocarbons Limited (GHL).
