Oba Otudeko, EFCC to explore out-of-court settlement in N30bn fraud case

Indication has emerged that the defence team of Oba Otudeko and the Economic and Financial Crimes Commission (EFCC) are exploring an out-of-court settlement over alleged his N30bn loan fraud trial.

This indication emerged from Wole Olanipekun, the defence counsel while appearing before a Federal High Court in Lagos on Monday.

Ripples Nigeria gathered that EFCC had filed a 13-count charge against Otudeko and three others over an alleged N30 billion loan fraud.

On February 13, the court adjourned its ruling on the defence counsel’s various applications challenging its jurisdiction.

While delivering a ruling on Monday, March 17, 2025 Chukwuekwu Aneke, the presiding judge, insisted that Otudeko must take a plea in the court before an application challenging the court’s jurisdiction can be decided.

Following the ruling, Olanipekun informed the court that settlement discussions were ongoing.

He said a meeting was held on March 12 involving all parties under the supervision of the Office of the Attorney-General of the Federation (AGF).

He added that the prosecution team was also present at the settlement meeting.

READ ALSO: EFCC to arraign Oba Otudeko, ex-First Bank MD, 2 others for alleged N12.3bn fraud Monday

Olanipekun then requested an adjournment for a report on the settlement without setting an arraignment date. The defence counsel argued that setting an arraignment date during the settlement meeting may cause prejudices.

Other defence counsel, including Ogunwumiju (SAN), Fusika (SAN), and Adeogun-Philips (SAN), as well as First Bank’s counsel, Babajide Koku (SAN), confirmed their participation in the settlement meeting and supported the adjournment.

However, EFCC prosecutor, Mrs Bilikisu Buhari, opposed the adjournment solely for a settlement report, insisting that the next hearing should also include the defendants’ arraignment.

After considering the submissions, Justice Aneke granted the request and adjourned the matter to May 8, 2025, for a report on the settlement progress.

By: Babajide Okeowo

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