The Economic and Financial Crimes Commission (EFCC) is set to call several witnesses, including officials from the Central Bank of Nigeria (CBN) and First Bank of Nigeria, to testify against Oba Otudeko, former Managing Director of the bank, and other defendants in an alleged N12.3 billion fraud case.
Thank you for reading this post, don't forget to subscribe!Naija247news gathered that the EFCC believes the testimony of these witnesses will be crucial in establishing the case against the defendants, who are accused of conspiring to obtain credit facilities from First Bank without adequate security or repayment plans.
Naija247news understands that the CBN officials are expected to provide insights into the regulatory framework governing credit facilities in the banking sector and the procedures for granting such loans. Their testimony will likely shed light on whether First Bank complied with these regulations in granting the loans to the companies owned by Oba Otudeko.
According to Naija247news, the First Bank officials, including former employees involved in the loan approval process, are expected to provide details about the transactions, including the assessment of the loan applications, the disbursement of funds, and the subsequent monitoring and recovery efforts. Their testimony will be crucial in determining whether the loans were granted in good faith and whether the bank took adequate measures to ensure their repayment.
Naija247news reports that the EFCC is also expected to present documentary evidence, including bank records, loan agreements, and internal memos, to support the allegations against the defendants. The case has generated significant public interest and has been closely watched by the financial community.
The trial is expected to be lengthy and complex, with numerous witnesses and documents to be presented. The EFCC is determined to ensure that justice is served and that those responsible for any wrongdoing are held accountable.
