A Federal High Court in Lagos has ordered Nigerian billionaire and business mogul, Oba Otudeko, to appear before it to face trial over an alleged N30 billion fraud. The court’s decision follows a lawsuit filed by the Economic and Financial Crimes Commission (EFCC), which accuses Otudeko of financial misappropriation and money laundering.
Otudeko, the founder and chairman of Honeywell Group, is alleged to have diverted funds meant for the repayment of loans obtained from a consortium of banks. The EFCC claims that the funds were used for personal gains, leading to significant financial losses for the banks involved.
In a ruling delivered on Monday, Justice Chukwujekwu Aneke directed Otudeko to appear in court on the next adjourned date, warning that failure to comply would result in a bench warrant for his arrest. The case has been adjourned to April 15, 2025, for further hearing.
The allegations have sent shockwaves through Nigeria’s business community, as Otudeko is widely regarded as one of the country’s most influential entrepreneurs. His companies, including Honeywell Flour Mills and Fan Milk, have played a significant role in Nigeria’s economy.
Otudeko’s legal team has denied the allegations, describing them as baseless and politically motivated. They have vowed to vigorously defend the billionaire’s reputation and ensure that justice is served.
As the case unfolds, stakeholders are closely monitoring the proceedings, which could have far-reaching implications for Nigeria’s financial and business sectors.