A Federal High Court in Lagos, ordered the arraignment of Oba Otudeko, the former chairman of First Bank of Nigeria Plc, and Bisi Onasanya, the bank’s ex-managing director, in connection with an alleged ₦12.3 billion fraud.
In his ruling on Monday, Justice Aneke reaffirmed that it is a well-established legal principle that the plea of a defendant must be taken before any application can be made.
Citing cases such as “Onnoghen V FRN” and “Bello v FRN”, the court held that the arraignment must precede the consideration of any preliminary objections.
“The issue before the court is whether the processes before the court can be taken before the arraignment of the defendants,” Justice Aneke stated.
“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 the prosecution that no preliminary objection can be heard without the arraignment of the defendants,” Justice Aneke continued.
Following the ruling, Wole Olanipekun (SAN), counsel for Otudeko, informed the court that all parties were exploring the possibility of a settlement.
He mentioned that, on March 12, legal representatives for all parties, including the prosecution, met with the Attorney General of the Federation to discuss a peaceful resolution.
Olanipekun requested an adjournment to allow time for a settlement report.
Defence counsel Kehinde Ogunwumiju (SAN), Yinka Fusika (SAN), and Charles Adeogun-Phillips (SAN) also confirmed the ongoing settlement talks.
However, in response, Bilkisu Buhari-Bala, counsel for the prosecution, urged the court to either adjourn for arraignment or a report of the settlement discussions.
After hearing from all parties, Justice Aneke adjourned the case to May 8 for a report on the settlement.
The Economic and Financial Crimes Commission (EFCC) has filed a 13-count criminal charge against Otudeko and Onasanya, accusing them of defrauding First Bank of ₦12.3 billion.
They are charged alongside Soji Akintayo, a former board member of Honeywell Flour Mills Plc, and Anchorage Leisure Ltd, a company linked to Otudeko.
The charges involve fraud in multiple transactions, including sums of ₦5.2 billion, ₦6.2 billion, ₦6.15 billion, ₦1.5 billion, and ₦500 million, allegedly committed between 2013 and 2014 in Lagos.
The case was filed by EFCC prosecutor Bilkisu Buhari-Bala on January 16, 2025.
