Dr. Oba Otudeko, the Chairman of Honeywell Group, has responded to reports regarding the ongoing legal battle between First Bank of Nigeria (FBN) and General Hydrocarbons Limited (GHL), in which he faces accusations of involvement in a N12.3 billion fraud case filed by the Economic and Financial Crimes Commission (EFCC).
According to recent reports, representatives from the Central Bank of Nigeria (CBN) and First Bank are expected to testify against Dr. Otudeko and former FBN Managing Director, Olabisi Onasanya, in relation to the alleged fraud. However, Dr. Otudeko has firmly denied any wrongdoing, stating that he is committed to defending his reputation in the matter.
A statement issued by Honeywell Group’s General Counsel, Olasumbo Abolaji, underscored Dr. Otudeko’s significant contributions to Nigeria’s business landscape, particularly his role in the development of FBN Holdings. Dr. Otudeko served as a director and later Chairman of the bank from 1997 to 2021, playing a pivotal role in transforming FBN into a leading pan-African financial services company.
The statement further clarified that Dr. Otudeko has never held an executive position within FBN Holdings or its subsidiary, First Bank of Nigeria, and has not been responsible for the bank’s operations. It also confirmed that Dr. Otudeko has not been summoned for questioning by any government agency but expressed his willingness to cooperate fully with any official investigation if required.
Dr. Otudeko, now 81 years old, has shifted his focus to mentoring young business leaders and contributing to societal development. He emphasized that he has no interest in resuming an executive role at any organization, including FBN Holdings, and is not considering returning to the board of the bank.
The EFCC’s case centers around allegations that the defendants fraudulently obtained N12.3 billion from First Bank through various transactions between 2013 and 2014, including the securing of N6.2 billion in credit facilities under false pretenses.
Dr. Otudeko remains confident that the truth will prevail and looks forward to addressing these allegations in the appropriate legal forum.
