A Federal High Court in Lagos has ruled that Oba Otudeko, the former chairman of First Bank of Nigeria Plc, and ex-managing director Bisi Onasanya must be arraigned before any legal objections can be heard.
The duo, along with two others, are accused of fraud involving ₦12.3 billion.
Justice Aneke made the ruling on Monday, stating that legal principles require a defendant’s plea to be taken before any application or objection can be considered.
“The plea of a defendant must first be taken before any application,” the judge said. He cited legal precedents, including Onnoghen v FRN and Bello v FRN, to support the decision.
According to the court, preliminary objections on the validity of charges must come after the plea is entered. “I agree with the prosecution; no preliminary objection can be taken without arraignment,” Justice Aneke ruled.
Settlement Talks in Progress
After the ruling, Otudeko’s lawyer, Wole Olanipekun (SAN), informed the court that parties involved were working toward a peaceful resolution.
He revealed that all legal representatives, including those from the prosecution, had met with the Attorney General of the Federation on March 12 to discuss a possible settlement.
He requested an adjournment to allow time for the discussions to continue. Other defense lawyers, including Kehinde Ogunwumiju (SAN), Yinka Fusika (SAN), and Charles Adeogun-Phillips (SAN), confirmed that negotiations were ongoing.
However, EFCC counsel Bilkisu Buhari-Bala asked the court to adjourn for either arraignment or a settlement report. In response, Justice Aneke adjourned the case to May 8 for further proceedings.
Background: How the Case Began
The Economic and Financial Crimes Commission (EFCC) filed a 13-count criminal charge against Otudeko, Onasanya, and two others—Soji Akintayo, a former Honeywell Flour Mills board member, and Anchorage Leisure Ltd, a company linked to Otudeko.
The EFCC alleges that between 2013 and 2014, the accused individuals fraudulently obtained money from First Bank in tranches, including ₦5.2 billion, ₦6.2 billion, ₦6.15 billion, ₦1.5 billion, and ₦500 million. The charges were filed by EFCC prosecutor Buhari-Bala on January 16, 2025.
The case continues as Nigerians await the court’s next decision on May 8.
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