The Federal High Court in Lagos has struck out the N12.3 billion fraud charges gainst Oba Otudeko, a former chairman of First Bank of Nigeria (FBN) after the EFCC withdrew the case.
Justice Chukwujekwu Aneke struck out the 13-count charge on Wednesday after Rotimi Oyedepo, counsel to the Economic and Financial Crimes Commission (EFCC), announced the withdrawal of the suit.
In January, the anti-graft agency filed the charges against Otudeko and three others. They are a Managing Director of First Bank, Stephen Onasanya, a former board member of Honeywell Flour Mills Plc, Soji Akintayo, and a firm, Anchorage Leisure Limited.
However, the Minister of Justice and Attorney-General of the Federation, Lateef Fagbemi (SAN), intervened in the matter, and the court on March 17, 2025, adjourned till May 8, 2025, to allow for settlement.
Otudeko had on July 17, exited First Bank Holding Company Plc (First Holdco) following a N323.33bn block deal on the Nigerian Exchange Limited.
The transaction saw 10.43 billion ordinary shares of First Holdco traded in 17 off-market, negotiated deals at an average price of N31 per share. The block deal represents a 25 per cent majority stake in the financial holding company, which has 41.87 billion outstanding shares.
