A Federal High Court sitting in Ikoyi, Lagos, Nigeria, has denied the Economic and Financial Crimes Commission (EFCC)’s request for an arrest warrant against prominent businessman Dr. Oba Otudeko, former First Bank CEO Dr. Bisi Onasanya, and others. The court ruled that the defendants had not been properly served with formal charges, a prerequisite for issuing such an order.
Presiding over the case, Justice Chukwujekwu Aneke rejected the EFCC’s motion and instead granted an application for substituted service. The case has been adjourned to February 13 for arraignment.
During the proceedings, Otudeko’s lawyer, Bode Olanipekun (SAN), raised concerns over what he described as an “irresponsible” media trial, urging the court to restrain all parties from making prejudicial statements to the press. Justice Aneke echoed these concerns, cautioning against excessive media engagement and calling for accurate reporting of court proceedings.
Legal experts have criticized the EFCC’s handling of the case, accusing the anti-graft agency of violating due process by publicizing allegations before formally serving the defendants. A senior legal practitioner, speaking anonymously, argued that the EFCC’s actions undermine the constitutional principle of presumption of innocence.
“This disregard for due process contradicts Section 36(5) of the Constitution, which guarantees the presumption of innocence. Furthermore, it violates Order 3, Rule 8 of the Federal High Court (Criminal Procedure) Rules, 2024, which mandates that charges be formally served before being disclosed publicly,” the lawyer stated.
Critics argue that this procedural lapse has subjected Otudeko and others to unwarranted public scrutiny, fueling speculation about the fairness of the trial.
Observers have noted the timing of the EFCC’s case revival, which coincides with an ongoing ownership tussle at FBN Holdings. Some speculate that the charges could be linked to efforts to influence shareholding control at the financial institution.
Additionally, concerns have been raised over potential reputational damage inflicted on the defendants due to the high-profile nature of the case.
In response to the charges, Dr. Otudeko has strongly denied any wrongdoing, maintaining confidence that the truth will eventually prevail. He emphasized his willingness to defend his reputation in the appropriate legal forum.
Dr. Onasanya also distanced himself from the First Bank ownership dispute and reaffirmed his integrity. “My reputation, built over four decades of professional service, remains intact. These allegations are baseless and will not tarnish my legacy,” he stated.
With the court adjourning proceedings to February 13, all eyes will remain on the unfolding legal battle between the EFCC and the former bank executives.
