The Economic and Financial Crimes Commission (EFCC) is set to arraign billionaire businessman, Oba Otudeko, and former Managing Director of First Bank of Nigeria Limited, Dr. Adesola Adeduntan, before a Federal High Court in Lagos on Monday, Naija247news gathered.
Thank you for reading this post, don't forget to subscribe!The duo is expected to face charges bordering on alleged N12.3 billion fraud involving a loan granted to Honeywell Flour Mills Plc.
Naija247news understands that the alleged fraudulent loan was obtained by Honeywell Flour Mills Plc, a company in which Oba Otudeko has significant interests.
According to Naija247news, investigations by the EFCC revealed that the loan was allegedly obtained through fraudulent means and diverted for purposes other than those stated in the loan application.
Naija247news reports that the EFCC believes that Oba Otudeko and Dr. Adeduntan played significant roles in the alleged fraudulent loan transaction.
The arraignment, scheduled for Monday, is expected to commence at 10:00 am.
This development comes amidst ongoing efforts by the EFCC to curb financial crimes and hold individuals and corporations accountable for their actions.
The arraignment of Oba Otudeko and Dr. Adeduntan is a significant development in the fight against corruption in Nigeria. It sends a strong message that no one is above the law, regardless of their social status or financial standing.
