Oba Otudeko On Routine Trip Abroad, Perfects Move To Protect His Name

Boardroom guru, Ayoola Oba Otudeko, has traveled abroad on a routine trip.

“He traveled out like he regularly does,” an insider stated, shutting down attempts at contrary narratives.

The trip, which comes amid renewed interest in an old case—one he was reportedly absolved of at first instance—has sparked speculations.

However, insiders insist that the founder of Honeywell Group, a major contributor to the nation’s economy with diversified interests in food manufacturing, oil and gas, energy services, telecommunications, financial services, and real estate, is looking forward to addressing the dredged-up allegations “comprehensively and appropriately whenever the matter is called in court.”

The case, which is attracting public attention following an alleged media leak, revolves around a N12.3 billion transaction with First Bank between 2013 and 2014 – with Otudeko’s counsel, Olasunmbo Abolaji, declaring, “the furore of false allegations that have been deliberately made public are, and must still be, strongly refuted.”

The Economic and Financial Crimes Commission (EFCC) has taken Otudeko and a former Managing Director of First Bank, Stephen Onasanya, to court for alleged fraud over the transaction conducted through Stallion Nigeria Limited.

“Dr. Otudeko has devoted 60 years of his professional career to Nigeria, a country he loves, creating jobs, driving investments, and positively impacting countless lives. He remains passionate about the nation. His unblemished record of integrity and service stands firm against these false allegations, and he will steadfastly defend his reputation,” the counsel further asserted, questioning the timing of what he labeled a “targeted negative campaign” against the 81-year-old.

The court case, which also has a former board member of Honeywell, Soji Akintayo, and a firm, Anchorage Leisure Limited, as defendants, has erupted at a time when there is a raging tussle for control at FBN Holdings, the parent company of First Bank.

“It is surprising that a commercial transaction, which was investigated by the EFCC and resolved eight years ago, would resurface in 2025. As the matter is before the court, one is restricted in commenting at length. However, it is important to reiterate his innocence and stand with him in vigorously refuting the callous allegations,” Abolaji pointed out, adding, “Is it not noteworthy that the curious timing of this attack and the targeted negative campaign that has followed are motivated by certain interests?”

He emphasized, “Of course, the coordinated action is an attempt to distract from critical issues at hand: Dr. Otudeko’s expressed concern, alongside other shareholders, regarding governance at FBN Holdings Plc and the misguided initiation of a private placement by the Board prior to the conclusion of a successful rights offering—a decision that seeks to disenfranchise over 1.2 million shareholders of FBN Holdings.”

After a “protest appearance” on Monday, January 20, 2025, by their lawyers over the “media trial” they have been subjected to, the Federal High Court in Lagos handling the alleged fraud case against Otudeko , Onasanya and others adjourned till February 13, 2025, for the defendants’ formal arraignment.