Oba Otudeko, the former chairman of First Bank of Nigeria (FBN), has reportedly left Nigeria amid impending legal troubles. The Economic and Financial Crimes Commission (EFCC) filed a 13-count charge against Otudeko, accusing him of fraud involving N30 billion in allegedly falsified loans, according to Thecable report.
Sources disclosed that Otudeko departed the country on Thursday evening through a land border with Benin Republic, accompanied by a family member. Attempts to reach him proved futile as his phone remained switched off. Although WhatsApp messages sent to him were delivered, they went unanswered.
Obafemi Otudeko, his son, has also remained silent, not responding to inquiries about his father’s whereabouts or destination.
The EFCC has charged Otudeko alongside three other individuals:
The charges allege that between 2013 and 2014, the defendants fraudulently obtained credit facilities totaling N30 billion under false pretenses.
The EFCC revealed that the arraignment is scheduled for Monday at the Federal High Court in Lagos.
Through a statement issued by Olasumbo Abolaji, General Counsel of Honeywell Group, Otudeko refuted the allegations, asserting his readiness to defend his reputation. He emphasized that he has not received any official summons or invitation from the authorities.
The statement highlights his tenure as chairman of FBN Holdings from 1997 to 2021, during which he claims to have supported the bank’s transformation. Otudeko maintains he had no executive role or operational responsibility within FBN Holdings or its banking subsidiary.
“At 81, after five decades of contributions to Nigeria’s economy, Dr. Oba Otudeko is focused on mentoring the next generation of business leaders,” the statement read, adding that he is confident the truth will prevail.
The news of Otudeko’s sudden departure has sparked widespread debate. Critics have questioned why such high-profile cases often see the accused leaving the country before facing justice.
Others have called for stricter border monitoring and a review of the country’s legal and regulatory frameworks to prevent such situations.
The arraignment on Monday is expected to draw significant attention as the EFCC seeks to hold all accused parties accountable.