Nigeria’s anti-graft agency has withdrawn a high-profile ₦12.3 billion fraud case against Oba Otudeko, just days after he exited First HoldCo Plc — the parent company of First Bank — through a massive share sale.
Justice Chukwujekwu Aneke of the Federal High Court in Lagos struck out the case on Wednesday after the Economic and Financial Crimes Commission (EFCC) said the matter had been “amicably resolved” between First Bank (the complainant) and Otudeko, a former chairman of the group.
EFCC’s lawyer Rotimi Oyedepo told the court that Otudeko had refunded the disputed sum, and First Bank had formally withdrawn its complaint.
This came a week after Otudeko and fellow shareholder Oye Hassan-Odukale sold nearly 10.4 billion shares – roughly 29% of the bank’s total equity – to a previously unknown buyer, RC Investment Management Ltd, in a record ₦323 billion off-market transaction.
Incorporated in 2023, RC Investment is linked to Samuel Babatunde Sule, though its actual ownership and financial backers remain unclear. It is now First HoldCo’s largest shareholder.
The attorney general’s office said the shares were bought by a trustee set up with the approval of the Central Bank of Nigeria, headed by Stanbic IBTC. without clarifying how that connects to RC Investment Management Ltd, the supposed buyer, according to First HoldCo.
Nigeria’s Securities and Exchange Commission (SEC) had requested the central bank for more information about the deal, Bloomberg reported on Tuesday.
Below is a timeline of the events:
Jan 16, 2025: EFCC files 13-count fraud charge against Otudeko, former First Bank MD Olabisi Onasanya, Honeywell board member Soji Akintayo, and Anchorage Leisure Ltd, alleging they fraudulently obtained over ₦30bn from First Bank between 2013–2014.
The defendants were accused of fraudulently obtaining N12.3 billion from First Bank by misrepresenting the funds as credit facilities requested by V-Tech Dynamic Links Ltd. and Stallion Nigeria Ltd between 2013 and 2014.
Feb 13, 2025: Court adjourns case for ruling on jurisdiction.
Mar 17, 2025: Settlement talks disclosed; AGF convenes a meeting between parties. Court adjourns to May 8.
May 8, 2025: Parties confirm ongoing negotiations. Adjourned to June 11.
July 16, 2025: Otudeko-linked entities (Barbican Capital, RAML) sell 7.78bn shares; Odukale-linked firms sell 2.65bn. RC Investment acquires 10.43bn shares total (≈29%), becoming largest shareholder.
July 23, 2025: EFCC withdraws case. Court strikes out charges. Otudeko walks free. Honeywell Group hails decision as “reaffirmation of his integrity.”
Otudeko had chaired First Bank from 2009 and led FBN Holdings (now First HoldCo) from 2012 until 2021, when billionaire Femi Otedola acquired a controlling stake, triggering a power reshuffle.
Now fully exited from First HoldCo, Otudeko closes a decades-long chapter, but questions around RC Investment’s rise and regulatory oversight remain open.
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