In a development that has sent ripples through Nigeria’s financial and corporate landscape, the Economic and Financial Crimes Commission (EFCC) has arraigned a former Managing Director of First Bank of Nigeria, Bisi Stephen Onasanya, and former Chairman of FBN Holdings, Oba Otudeko, before a Federal High Court sitting in Lagos, over allegations of involvement in a fraudulent financial scheme amounting to over $680,000 (approximately ₦1.2 billion).
The anti-graft agency brought the charges on Monday, alleging that the accused persons, in connivance with others, fraudulently obtained multi-billion-naira credit facilities from First Bank under false pretenses between 2013 and 2014. The funds were allegedly secured through Honeywell Group subsidiaries, including Anchorage Leisure Limited and other connected entities, using forged documents and misrepresentations to obtain and subsequently divert the funds.
According to court filings, the transactions involved credit extensions running into several billions of naira, including specific sums of ₦5.5 billion, ₦6.2 billion, and other tranches which were not repaid. The EFCC further alleges that the facility was granted without proper security or due diligence, and the funds were funneled into personal and affiliated business accounts—an act believed to constitute a breach of trust and abuse of office.
Justice Chukwujekwu Aneke, who presided over the matter, ordered that all the accused be served with the relevant court processes while setting a date for hearing the bail applications. The defendants, through their legal teams, have denied all allegations, maintaining that the credit facilities were legitimate business dealings and duly documented under applicable banking procedures at the time.
EFCC spokesperson Dele Oyewale noted that the arraignment reflects the agency’s renewed efforts to clamp down on financial infractions within top-tier institutions, especially those involving influential personalities who once held strategic positions in Nigeria’s financial sector. He emphasized that the commission is committed to ensuring that corporate governance is not only preached but practiced with accountability.
The EFCC, established in 2003, has long positioned itself as a key institution in the fight against corruption and financial crimes in Nigeria. With this high-profile arraignment, the agency appears determined to extend its reach into boardrooms that have long operated with little scrutiny or consequence.
This case has reignited national discussions around banking sector reforms and the lingering culture of impunity among elite figures in the corporate world. Legal analysts say the outcome could set a major precedent in how financial misconduct is handled when it involves high-ranking executives in Nigeria’s banking ecosystem.
The court adjourned the matter to a future date for continuation of proceedings. Meanwhile, the EFCC says it will continue to follow the trail of illicit financial flows wherever they may lead, reiterating that no individual no matter how powerful is above the law.
