The much-anticipated arraignment of Oba Otudeko, former First Bank Managing Director Bisi Onasanya, and other key figures accused of a N12.3 billion fraud was stalled today as their absence in court created a delay in proceedings. The defendants were expected to face charges of financial misconduct and conspiracy linked to the alleged fraudulent activities within the Nigerian banking sector.
The case, which has captured public attention due to the high-profile nature of the individuals involved, was to be heard before the Federal High Court in Lagos. However, the trial could not proceed as scheduled after legal representatives for the accused argued that their clients could not be present due to health concerns and other pressing engagements. Oba Otudeko’s counsel, in particular, vehemently protested in court over the absence, asserting that the delays should not be construed as a deliberate attempt to avoid prosecution.
The prosecution team, led by the Economic and Financial Crimes Commission (EFCC), expressed disappointment over the defendants’ failure to appear and urged the court to take appropriate measures to ensure the trial moves forward without further hindrances. The case, described as one of the largest financial fraud cases in the country, is expected to garner significant attention as it involves influential figures within Nigeria's banking industry.
Oba Otudeko, a prominent businessman and former chairman of Honeywell Group, along with Onasanya and other individuals named in the case, have faced accusations of misappropriating funds and engaging in illegal financial transactions that led to substantial losses for investors and institutions. The EFCC has been investigating the matter for several months, and the prosecution team has promised to pursue justice vigorously.