A Federal High Court sitting in Lagos on Monday ordered that the former chairman of First Bank of Nigeria Plc, Oba Otudeko, and an ex-managing director of the bank, Bisi Onasanya, be arraigned on an alleged ₦12.3b fraud.
Justice Aneke in his ruling held that it is now a settled principle of law “that the plea of a defendant must first be taken, before any application”.
The court relied on the authority of Onnoghen V FRN, Bello v FRN among others, and held that an arraignment must be taken before any preliminary objection.
“The issue before the court is whether the processes before the court can be taken before the arraignment of the defendants.
“Any preliminary objection to the validity of a charge can only be heard after the plea is taken; this is now a condition precedent and this court is bound by the decision.
“I agree with learned counsel for the prosecution, no preliminary objection can be taken without arraignment of the defendants. This is my view,” the court held
After the ruling, counsel to Oba Otudeko, Wole Olanipekun (SAN) then informed the court that parties were exploring settlement and a peaceful resolution.
He told the court that on March 12, counsel to all parties including the prosecution, had met with the Attorney General of the Federation and talks were ongoing to arrive at a peaceful settlement of the case. He urged the court to adjourn for a report of settlement.
Other defence counsel: Kehinde Ogunwumiju ((SAN), Yinka Fusika (SAN), and Charles Adeogun-Phillips (SAN) also confirmed the position to the court.
But in a swift reaction, counsel for the prosecution Bilkisu Buhari- Bala asked the court to adjourn for either arraignment or a report of settlement.
After listening to the parties, Justice Aneke has adjourned the case to May 8th for a report of settlement.
The Economic & Financial Crimea Commission (EFCC) had filed a 13-count criminal charge against Otudeko, and Onasanya for allegedly obtaining the sum of ₦12.3bn from First Bank.
The duo were charged alongside a former member of the board of directors of Honeywell Flour Mills Plc, Soji Akintayo and a company linked to Otudeko, named Anchorage Leisure Ltd.
All four were listed as defendants in the suit filed by an EFCC prosecutor, Buhari-Bala on Jan. 16, 2025.
According to the EFCC, the four committed the fraud in tranches of ₦5.2billion, ₦6.2 billion, ₦6.150 billion, ₦1.5 billion, and ₦500 million, between 2013 and 2014 in Lagos.
