In a dramatic twist, Oba Otudeko, former chairman of First Bank of Nigeria (FBN), has reportedly left Nigeria amid looming charges of alleged fraud filed by the Economic and Financial Crimes Commission (EFCC).

Sources disclosed to TheCable that the prominent businessman departed the country on Thursday evening, crossing the Nigeria-Benin border by land with assistance from a family member. Efforts to contact Otudeko were unsuccessful as his phone was switched off, although messages sent via WhatsApp were delivered without a response. Similarly, his son, Obafemi Otudeko, did not respond to inquiries about his father’s destination.

Earlier that day, the EFCC filed a 13-count charge against Otudeko and three others at the Federal High Court in Lagos, accusing them of obtaining loans totaling ₦30 billion under false pretenses between 2013 and 2014. Other defendants named include Stephen Olabisi Onasanya, former group managing director of FBN; Soji Akintayo, a former board member of Honeywell Flour Mills; and Anchorage Limited, a company linked to Otudeko.

The EFCC alleges that the loans—ranging from ₦1.5 billion to ₦12.3 billion—were falsely represented as being secured by certain firms. The arraignment of the defendants is scheduled for Monday.

OTUDEKO RESPONDS: “I’LL DEFEND MY REPUTATION”

In a statement issued by Olasumbo Abolaji, general counsel for Honeywell Group, Otudeko denied the allegations and stated he had yet to receive an official summons. He emphasized his lack of executive involvement in FBN Holdings and its banking subsidiary, asserting that he bears no operational responsibility.

“Otudeko categorically refutes the claims concerning his role in FBN Holdings and will aggressively defend his reputation,” the statement read. It described him as a builder of successful companies and a mentor focused on shaping Nigeria’s next generation of business leaders.

At 81, Otudeko claims his priorities lie in mentoring and philanthropy, expressing no interest in resuming any executive or non-executive positions beyond his current roles. He dismissed any suggestions of returning to FBN Holdings’ board, citing his confidence in the institution’s strong foundation.

While Otudeko has pledged to cooperate with relevant authorities, critics are questioning the timing of his sudden departure, which comes just days before his scheduled arraignment.