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  • UPDATED: Alleged N12.3bn fraud: Otudeko’s counsel protests in court

    UPDATED: Alleged N12.3bn fraud: Otudeko’s counsel protests in court

    Counsel to the Chairman of the Honeywell Group, Oba Otudeko, charged with N12.3 billion fraud, on Monday appeared before a Federal High Court in Lagos in protest of the charge.

    Mr Bode Olanipekun (SAN) told the court that he was protesting because the charge had not been served on Otudeko and two others charged along with him.

    The 13-count charge was preferred by the Economic and Financial Crimes Commission (EFCC) against Otudeko, a former Managing Director of First Bank Plc., Olabisi Onasanya; and a former board member of Honeywell, Soji Akintayo.

    They were charged alongside a firm, Anchorage Leisure Ltd.

    EFCC alleged in the charge marked FHC/L/20C/2025 that the defendants obtained the sum from  First Bank under false pretences.

    When the case was called on Monday, Mr Olumide Fusika (SAN),  also announced appearance  for Onasanya, and informed the court that he had a copy of the charge.

    Mr Kehinde Ogunwumiju (SAN) appeared for Akintayo while Mr Adeogun Philips (SAN) announced appearance for the  firm.

    Philips also informed the court that his appearance was in protest, saying that his client was not served any charge.

    Justice Chukwujekwu Aneke then asked all defence counsel if their clients  had not been served the charge.

    In response, Olanipekun submitted  that, on Jan. 17, the media was agog with  headlines indicating that the defendants were to be arraigned on Monday.

    He described as unfair, giving out of such information when no charge had been formally  served on them.

    Prosecution counsel, Mr Rotimi Oyedepo (SAN), told the court that unsuccessful efforts were made to effect service on the defendants.

    Oyedepo said that prosecution had a motion for substituted service of the charge  at the last known addresses of the defendants.

    He moved the  motion  but the second defence counsel informed the court that he was willing to undertake service of the charge for his client.

    Read Also: EFCC arraigns Otudeko, Ex-First Bank MD Onasanya Monday over alleged N12.3bn fraud

    Following a directive by the court, the prosecution counsel gave  a copy of the charge to Fusika.

    The court, consequently, adjourned the case until Feb. 13 for arraignment of the defendants.

    According to EFCC, the defendants obtained the sum in tranches in 2013 and 2014 in Lagos State.

    The anti-graft agency added that the defendants  altered a document to deceive the bank.

    The alleged offences contravene Section 8(a) of Advance Fee Fraud and Other Fraud Related Offences Act of 2006 and Section 15 (2), 15(3) and 18(c) of the Money Laundering (Prohibition) Act, 2011

    They also contravene Section 3(6) of the Miscellanous Offences Act, 2004.

    (NAN)

  • Alleged N12.3bn fraud: Otudeko’s counsel protests in court

    Alleged N12.3bn fraud: Otudeko’s counsel protests in court

    Counsel to the Chairman of the Honeywell Group, Oba Otudeko, charged with N12.3 billion fraud, on Monday appeared before a Federal High Court in Lagos in protest of the charge.

    Mr Bode Olanipekun (SAN) told the court that he was protesting because the charge had not been served on Otudeko and two others charged along with him.

    Olanipekun is the council to the three defendants.

    Read Also: Alleged N12.3b fraud: EFCC to arraign Otudeko, ex-First Bank MD Onasanya Monday

    The 13-count charge was  preferred by the Economic and Financial Crimes Commission (EFCC) against Otudeko, a former Managing Director of First Bank Plc., Olabisi Onasanya; and a former board member of Honeywell, Soji Akintayo.

    They were charged alongside a firm, Anchorage Leisure Ltd.

    EFCC alleged that the defendants obtained the sum under false pretences.

    Details later…

  • Fayemi, Akeredolu, Otudeko, other bigwigs storm Ibadan for Akanni-Aluko’s daughter’s wedding

    Political and business heavyweights from across the country turned up in style in Ibadan, Oyo State capital, recently to be the guests of business mogul,Chief Emmanuel Akanni-Aluko and Mr.Adegbenro Adegbola,  on the occasion of their children’s wedding on Wednesday.

    Joined in holy wedlock were Mary Adewumi ,daughter of Chief Aluko,Publisher of the defunct Third Eye newspapers ,and Olukayode Opeyemi,son of Mr.Adegbenro Adegbola.

    The  Catholic Church of the Ascension, Bodija ,Ibadan, where the first leg of the wedding took place,and Daylan Events Centre,venue of the wedding reception, oozed with class as the gorgeously  dressed   guests began arriving one after the other.

    The guests included  Governors Kayode Fayemi of Ekiti State and   Oluwarotimi Akeredolu of Ondo State;the first female Senior Advocate of Nigeria (SAN) , Chief   Folake Solanke; former Oyo State Deputy Governor, Chief Iyiola Oladokun; Dr. Wale Babalakin,  Dr. Oba Otudeko, Alhaja Bose Adedibu (widow of the  late Ibadan politician, Chief Lamidi Adedibu); father of the Ooni of Ife , Prince John Oluropo Ogunwusi  and his Olori, Margaret Ogunwusi, and Speaker of the  Ogun State House of Assembly, Hon. Suraju Adekunbi.

    Also  present were the Oyo State Commissioner of Police, Mr. Abiodun Odude;  Justice Iyabo Yerima,  Justice Moji Olatoregun , Justice Tokunbo Majekodumi,  Chief Perry Aluko, Architect Ola Seriki , Sir and Lady Lana Odutola, Mrs Olaide Amole , a former first lady of Oyo State Alhaja Mutiat Ladoja , Dr. Tony Marinho , Alhaja Adebisi Yusuf , Alhaja Alawi , Sir Peter Aliu , Professor and Mrs  Solomon Kadiri , Professor and Mrs Tunde Salako, former editor of the  Nigeria Tribune, Mr Folu Olamiti; Akogun  Lekan Alabi, veteran journalists  Tunde Akingbade, Ayo Akinyemi and  Sanni Agboola.

    The rest were  Dr. Taiwo Ade , Dr. Tunde Adegbola, Mr. Akin Adegbola, Dr. Kemi Fadipe, Mrs. Doyin Awofisayo, Ambassador Ronke Adefowope, Sooko Adetunji Ogunwusi,  Mrs Herieta Adedoyin Ige, Mrs Bisi Ojo, Chief Ibironke Inaolaji , Chief Victoria Adesida , Prince and Mrs Bolatito Aderemi, and  Alhaja Jemilat Salami, among others.

    The Catholic Archbishop of Ibadan Archdiocese , the Most Rev. Gabriel Leke Abegunrin, counselled the new couple to put God first in all they do.

    “If you play your part, God does not fail,” he said.

    “There is reward for fidelity. Do your part, and with prayer and dedication, God will do the rest.  Build your house on a solid rock. This marriage shall be a source of peace , happiness , faith and grace of God. ”

    An elated Chief Aluko was full of praises to God that all went well on the day.

    “I’m  very happy and my heart is full of joy,” he said.

    “More importantly, I’m  full of joy, and thankful to God Almighty that I’m  alive to witness this occasion.

    “As a stroke patient for 19 years, God still gave me His full grace to witness this wonderful occasion . I have every cause to thank the Almighty God .

    “Our wishes for the new couple are to live happily together; to be role models for other youths coming up; to live a well-planned, great life and to have children.”

    The groom’s father, Mr.  Adegbenro Adegbola,was similarly grateful to God for the ‘wonderful event.’

    He wished the couple  “everything that is necessary for a good life . I wish them the blessing of children, both male and female, and every material blessing, as well as spiritual blessing .”

    The chairman of the reception event, Dr. Oba Otudeko, in his remarks, advised the couple to always learn from the examples set by their parents in  marital life. He charged them to always take their problems to God in prayers.

  • Otudeko calls for more women in business leadership

    honeywell Group Chairman, Dr. Oba Otudeko, has stressed the need for active gender sensitivity in the corporate environment, calling for increased recruitment and participation of women in board leadership and management positions in the country as applicable in developed nations.

    Otudeko made this suggestion at the maiden edition of the Women on Boards (WIMBOARD) Executive Mentoring Programme organised by Women in Business (WIMBIZ) group in Ikoyi, Lagos.

    The business mogul said: “Participation of women on boards of major conglomerates in Nigeria is low compared to other developed nations like Norway which reserves 40 per cent of director seats for women and Canada with 50 per cent women representation on board seats of 14 crown companies.”

    Otudeko, who was the guest speaker at the forum, said mentoring was vital to leadership building, adding: “A board will only be described as effective if it has worked with the executive team to reach strategic decisions, which have supported long-term financial performance, improved brand value, attracted investors and generated returns for all stakeholders according to ethical practices.”

    He urged women to aspire for top positions and overcome public perception and other barriers attached to women leadership capabilities in developing countries, adding that women must imbibe leadership qualities to become effective board members.

    “The major obstacle,which women need to overcome is the public perception about their leadership abilities. This, no doubt, at some point would impact aspiration of women. Women must reinforce their position as builders, value creators and growth enablers, to deserve board positions as of right”, Otudeko added.

    Oba Otudeko emphasized the need for women participation on boards to become a norm, supported by legislation and stakeholders such as WIMBIZ for improved women leadership recognition in Nigeria’s corporate environment.

  • Alleged N5.5b debt: My firms owed Ecobank individually – Otudeko

    Alleged N5.5b debt: My firms owed Ecobank individually – Otudeko

    The Chairman of the Honeywell Group, Dr. Oba Otudeko, has told the Federal High Court in Lagos that his companies owed Ecobank Nigeria Limited individually.

    He, however, said the debt had been repaid.

    In his witness statement on oath filed before Justice Mohammed Idris, the business mogul said the firms jointly negotiated with the bank on the repayment terms.

    Ecobank denied applying for a bench warrant to compel Otudeko’s appearance.

    Justice Idris had at the instance of Ecobank’s lawyer, Mr. Divine Agbua, subpoenaed Otudeko to testify in an alleged N5.5billion debt suit between three of his companies and the bank.

    The companies – Anchorage Leisures Limited, Siloam Global Limited and Honeywell Flour Mills Plc – are praying the court to hold that they were not indebted to Ecobank.

    The bank’s lead counsel, Mr. Kunle Ogunba, was stripped of his rank of Senior Advocate of Nigeria (SAN) for filing multiple suits against Otudeko’s companies.

    The Legal Practitioners Privileges Committee (LPPC), acting on Honeywell Group’s petition, concluded that Ogunba allegedly abused the court process by filing multiple suits against Otudeko’s companies over the same issues.

    But, Ogunba had claimed that the suits were against the individual companies and did not amount to an abuse.

    In his witness statement on Oath, Otudeko said: “The plaintiffs were individual customers of the defendant and had personal outstanding exposures to the defendant.

    “In view of the fact that Honeywell Group Limited is the parent company of the plaintiffs, the plaintiffs under the auspices of the Honeywell Group, led by me, opened up negotiations to settle the then outstanding indebtedness of the plaintiffs to the defendant.”

    Agbua had urged the court to adjourn the case to await the outcome of an application for stay of proceedings which he filed at the Court of Appeal.

    But the companies counsel, Chief Wole Olanipekun (SAN), opposed the request for an adjournment, an objection which the judge sustained.

    Otudeko maintained that his companies had paid N3.5billion as of December 12, 2013 as the full and final payment for the N5.5billion debt as agreed by the parties at a July 22, 2013 meeting.

    Justice Idris adjourned the matter till March 12 for continuation of hearing.

     

  • Otudeko advises Africans on growth strategies

    Otudeko advises Africans on growth strategies

    The Chairman, Honeywell Group, Dr. Oba Otudeko has urged African governments and entrepreneurs to adopt innovative solutions that will help fastrack  develop in Africa.

    He said companies should aim at moving the continent from its pre-colonial business model of trading and exporting raw materials, to manufacturing of value-added goods.

    Otudeko, who spoke at the London Business School’s Africa Business Summit, as a keynote speaker at this year’s summit titled: Made in Africa, said despite the political, infrastructural and other challenges facing the continent, there still exists enormous opportunities.

    He urged entrepreneurs to take advantage of opportunities and reap buoyant rewards, saying there is need for businesses to come up with effective strategies for developing made-in-Africa solutions that embrace the diversity and peculiarity of the continent. He said for many decades, Africa has been depending on the exportation of low value commodities and industrial raw materials while importing more expensive finished products.

    “The Nigerian experience presents a vivid situation of the status quo with manufacturing in Africa. We export crude oil and use a significant percentage of revenues earned therefrom to import refined petroleum products. Africa cannot continue in this trajectory (low valued added exports). The continent must rapidly migrate from trading, exporting raw materials to manufacturing value-added goods,” he said.

    According to Otudeko, manufacturing accounts for only 11 per cent of gross domestic product (GDP) in sub-Saharan Africa, suggesting that there is a huge untapped opportunity in the sector. He said these opportunities can only be effectively utilised by deliberate, concerted efforts at implementing potent strategies for economic growth and inclusion. Otudeko said there was need for the continent to change its current business model as well as policies and adopt reforms that would engender sustainable economic growth.

  • Otudeko, Awosika feature at Africa CEO Forum

    Otudeko, Awosika feature at Africa CEO Forum

    The Group Chairman, FBN Holdings Plc, Oba Otudeko and Chairman, First Bank of Nigeria Limited, Mrs. Ibukun Awosika, where part of high level discussants at  the Africa CEO Forum, tagged: Re-thinking Africa’s business model.

    The event which held in Geneva, Switzerland,.gathered over 1,000 African and international figures from diverse industries and politics to discuss strategic insights and changes that must be made for the sustainable growth and development of the African Economy.

    Otudeko, who led the panel that deliberated on: African Champions: The Road to the Global Top 500,’  said creating global champions of African companies has to be a conscious and deliberate plan, with public and private partnerships, saying that such interaction would result in an informed leadership that will continue to dialogue and provide direction.

    The panel also deliberated on the key issues inhibiting African companies within the global economy and the key steps African Champions can take to join the global leaders club.

    Also, Mrs. Awosika, who  was part of the high-level panel discussants on  ‘Women and Companies: Building Strength in Unity. ‘ explored the benefits of women leadership as well as the barriers inhibiting their rise within African companies.

    The Africa CEO Forum is one of the foremost international African business conferences where debates around the economic and industrial challenges facing the African continent  are addressed.

    It is intended to proffer sustainable solutions to mitigate such challenges through exchange of views and opinions on the issues affecting the development of African companies and economies.

    This year’s edition, in which First Bank of Nigeria Limited  partnered the Group Jeune Afrique and Rainbow Unlimited, evaluated the role of women in African enterprises as one of its sub-themes.

  • Eyes on Adenuga, Kuku, Otudeko for Ogbeni Oja stool

    The Awujale of Ijebuland, Oba Sikiru Adetona, must be in deep thought these days as he mulls over the illustrious son of Ijebuland to be conferred with the kingdom’s most coveted chieftaincy title for business-minded personalities, the Ogbeni Oja (leader of commerce) of Ijebuland. The monarch’s headache is compounded by the fact that the main gladiators are all formidable men who have proved resounding success in their respective fields.

    The holder of the title is seen as first among equals, representing the commercial interests of the entire Ijebu nation. Little wonder the position is hotly contested. Those who should know say the monarch’s searchlight is being beamed on such formidable businessmen Globacom supremo, Dr Mike Adenuga; Fototek boss, Chief Adegunwa; renowned industrialist, Oba Otudeko and accomplished medical practitioner Oloroogun Sonny Kuku.

    The days ahead promise to be interesting as indigenes of Ijebuland await the monarch’s proclamation.

  • N5.5b debt: Ecobank urges court to restrain Honeywell, Otudeko

    N5.5b debt: Ecobank urges court to restrain Honeywell, Otudeko

    Ecobank Nigeria Limited has urged the Federal High Court in Lagos to restrain Anchorage Leisures Limited from accessing its funds in 20 banks over an alleged N5.5 billion debt.

    The bank is claiming that Anchorage and its sister companies, Honeywell Group Nig. Limited and Honeywell Four Mills Plc, all owned by billionaire businessman, Dr Oba Otudeko, are indebted to it.

    Ecobank said Honeywell Group should be barred from accessing its funds in Zenith, Access, Citibank, Standard Chartered, Wema, Enterprise, Union, First, Skye, Sterling and Unity banks.

    Others are Keystone, United Bank for Africa, Mainstreet, First City Monument, Diamond, Stanbic IBTC, Guaranty Trust, Fidelity and Ecobank.

    The court had discharged interim orders made against Anchorage last October 27, but Ecobank appealed.

    The bank is praying for an order restraining the respondent from accessing its funds in the banks pending determination of the appeal.

    The court, last October 27, granted an interim injunction preserving the res (funds) pending hearing of the bank’s application for the appointment of a provisional liquidator for Anchorage’s assets.

    But Justice Jude Dagat, on March 18, discharged the orders following an application by Anchorage that the orders had expired.

    Ecobank, through its lawyer, Mr Kunle Ogunba (SAN) of Insolvency Forte, said the judge should not have discharged the injunction because it was to subsist until its winding-up petition was determined.

    “The interim order of last October 27 was made particularly to prevent the respondent from dissipating its funds in the custody of the banks listed.

    “There is urgent need to preserve the res of the appeal to avoid foisting a situation of helplessness on the Court of Appeal, a superior court of record,” Ecobank said.

    Ecobank said if Anchorage was not restrained, it would take advantage of the discharged interim orders to dissipate the funds, which is subject of the winding-up petition, thus rendering the appeal nugatory.

    However, Anchorage prayed the court to refuse Ecobank’s application because it would be “greatly prejudiced” if it is granted.

    Ecobank claimed that when the “huge obligations” of the three sister companies hit N5.5 billion, Otudeko had pleaded with the bank to grant them “huge concession to enable them liquidate their chronic indebtedness.”

    The bank said following further negotiation, it was agreed that Otudeko’s companies would make a “bullet payment” of N3.5 billion, but they allegedly failed to do so.

    “The applicant (Anchorage) and the two member-companies of Honeywell Group Ltd, in sheer disregard of the sacrosanct concessionary terms, did not make an immediate bullet payment while the total sum of N3.5billion in several instalments was not paid in bullet form,” the bank said.

    During hearing of three of five pending applications before Justice Dagat, Ogunba said Honeywell Group was trying to avoid paying the debt.

    “They want to bury the fact of their indebtedness to us by engaging in subterfuge. They are throwing all spanners in the works to avoid paying the debt. As I speak, the indebtedness is over N4 billion,” Ogunba said.

    Anchorage, however, said it had fully liquidated its indebtedness to the bank. Its lawyer, Olabode Olanipekun, urged the court to refuse Ogunba’s prayers.

    “They have not stated how much we owe. They did not exhibit our account statement to show that we are indebted. It is the law that where there is no statement of account, a party is not entitled to any indulgence,” Olanipekun said.

    Justice Dagat adjourned till June 21 for ruling.

  • Ecobank initiates bankruptcy proceedings against Otudeko

    Ecobank initiates bankruptcy proceedings against Otudeko

    •Otudeko: bank’s suit an abuse of court process

    Ecobank Nigeria Limited has initiated bankruptcy proceedings against chairman of Honeywell Group, Oba Otudeko, at the Federal High Court in Lagos.

    But Otudeko has prayed the court to dismiss the suit for being an abuse of court process.

    Ecobank and Honeywell filed separate suits pending before three judges of the court over a debt which the group allegedly owes the bank.

    While the bank has five suits against Honeywell and Otudeko before justice Okon Abang (two) and Mohammed Yunusa (three), the company, which also filed a contempt charge against Ecobank, has one before Justice Mohammed Idris.

    Ecobank, in a petition before Justice Abang, initiated the bankruptcy proceedings over an alleged debt of N4.1billion which it said Honeywell owes it as at August 6.

    The bank said the suit was as a result of loan facilities availed Honeywell Flour Mills Plc, Siloam Global Services Limited and Anchorage Leisures Limited, said to have been personally guaranteed by Otudeko.

    The bank, through its lawyer Mr Kunle Ogunba (SAN), is seeking a receiving order against Otudeko’s estate, funds, investment and shares in Honeywell Group, Honeywell Flour Mills, among other companies, as well as an order declaring him bankrupt.

    Ecobank prayed for an order commanding Otudeko to immediately avail it the companies’ statement of affairs as well as net worth and other credible financial details as required by the Bankruptcy Act.

    It asked for a consequential order empowering the bank to sell Otudeko’s properties wherever they are situated, as well as an order enabling it to utilise the investments or shares in companies in which Otudeko has interest.

    In a motion on notice, Ecobank, among others, is also seeking an interlocutory order appointing a special manager and receiver over Otudeko’s assets.

    But Otudeko, through his lawyer, Chief Wole Olanipekun (SAN), urged the court to dismiss or strike out Ecobank’s petition, or in the alternative, give an order for stay/discontinuance of proceedings in the petition in deference to arbitration.

    He said the originating process in the action was not personally served on him as mandated under the Bankruptcy (Proceedings) Rules.

    Besides, Otudeko said the petition was filed in gross violation of Section 7 (1) (a) of the Bankruptcy Act and Rule 22 (3)(a) of the Bankruptcy (Proceedings) Rules which mandate that at the petitioning creditor shall file an affidavit verifying the petition.

    The Honeywell Group’s chairman said the alleged debt “is neither ascertained nor undisputed.”

    He added that Honeywell Four Mills and its sister companies commenced a suit against the bank before another judge “owing to disagreements between it (Honeywell) and the respondent (Ekobank) as to the complete liquidation of their outstanding obligations to the respondent having regards to the terms and condition of the credit facility.”

    Otudeko said the suit before Justice Abang was an abuse of court process, adding that he was “never served with a notice of demand, which is a condition precedent under the guarantee agreement.”

    Ecobank had, on October 16, filed a motion exparte, praying for an order restraining Siloam Global Services and Otudeko from operating or dealing with funds in any bank or financial institution pending the determination of the motion on notice for the appointment of a provisional liquidator or interim receiver.

    Justice Abang, however, directed Ecobank to put Siloam Global Services and Otudeko on notice.

    It was learnt that the Bankers’ Committee, an umbrella body comprising the Central Bank of Nigeria (CBN), Deposit Money Banks (DMBs) and Discount Houses in Nigeria, waded into the dispute.

    The Bankers’ Committee, it was learnt, ruled that Honeywell Group has fully discharged its obligation with regard to settling the facility granted it by Ecobank. The Committee’s position was said to be contained in a ruling by its Sub-Committee on Ethics and Professionalism which was mandated to investigate the issue.

    However, Ecobank insists that Honeywell Group was indebted to it.

    Justice Abang had ruled there was the need to first determine whether the court has jurisdiction to adjudicate on the matter before proceeding with Ecobank’s application.

    He adjourned till January 13 for the hearing of Siloam Global Services and Otudeko’s application challenging the court’s jurisdiction.