Oba Otudeko, former Chairman of First Bank of Nigeria Holdings and a prominent figure in Nigeria’s corporate sector, has reportedly left the country under circumstances that have triggered widespread speculation.
This follows the Economic and Financial Crimes Commission (EFCC) moving to charge Otudeko and three others with fraud.
The EFCC has filed a 13-count charge against Otudeko, accusing him of facilitating fraudulent loans from First Bank between 2013 and 2014. The loans, totaling approximately N31.3 billion, were allegedly obtained under false pretenses and funneled through companies linked to him, raising concerns about corporate governance and accountability.
This isn’t the first time Otudeko has faced financial scrutiny. His involvement with FBN Holdings has been mired in controversy, including a high-profile N13.5 billion debt claim by Ecobank Nigeria Limited, leading to lengthy legal battles and public disputes.
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Despite the allegations, Otudeko, through his legal team, has denied any wrongdoing. He claims to have not received any formal summons from the EFCC and is ready to defend his name. However, his sudden departure from Nigeria, reportedly via a land border, has raised suspicions, with critics viewing this as an attempt to evade facing the charges.
As the EFCC proceeds with its case, Otudeko’s actions in the coming weeks will likely determine the outcome of this legal battle. His exit adds complexity to the situation and highlights the challenges Nigerian authorities face in holding powerful figures accountable. If confirmed, Otudeko’s flight could place him alongside other high-profile figures like Diezani Alison-Madueke, who has fought extradition to face corruption charges in the UK.
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