A Federal High Court in Lagos has ordered businessman Oba Otudeko to appear in court and take his plea in a ₦30 billion fraud case.
Otudeko is a former chairman of First Bank.
Justice Chukwujekwu Aneke gave the ruling on Monday, stating that Otudeko must respond to the charges before the court can consider an application challenging its jurisdiction.
The case has been adjourned to May 8.
The Economic and Financial Crimes Commission (EFCC) had filed a 13-count charge against Otudeko and three others, accusing them of obtaining loans under false pretences and laundering part of the money through Honeywell Flour Mills Plc. The EFCC claims the funds were disbursed in multiple tranches.
The charges include conspiracy, fraud, and money laundering. According to the EFCC, the defendants allegedly secured ₦5.2 billion from First Bank in November 2013, claiming it was a loan for V-Tech Dynamic Links Limited. Another charge states that they obtained ₦6.2 billion in 2014, pretending it was for Stallion Nigeria Limited.
The commission also alleged that the accused knowingly used ₦6.15 billion from fraudulent activities, violating the Money Laundering (Prohibition) Act.