By Adenike Lawal
A Federal High Court in Lagos has directed the arraignment of Oba Otudeko, former chairman of First Bank, and Bisi Onasanya, a former managing director, over an alleged 12.3 billion naira fraud.
Justice Aneke, delivering the ruling on Monday, emphasized that the defendants must be arraigned before any preliminary objections can be considered.
He cited past legal precedents, stressing that no challenge to the charges can proceed until the accused enter their pleas.
Wole Olanipekun (SAN), representing Otudeko, informed the court of ongoing settlement talks involving the Attorney General of the Federation.
Other defense lawyers supported an adjournment to allow negotiations to continue, but the prosecution pressed for immediate arraignment or a report on settlement progress.
The court adjourned the matter until May 8 for an update.
The Economic and Financial Crimes Commission (EFCC) has filed a 13-count charge against Otudeko, Onasanya, Soji Akintayo, and Anchorage Leisure Ltd., alleging fraudulent transactions amounting to 12.3 billion naira between 2013 and 2014.
