Oba Otudeko Denies Executive Role in FBN Holdings, Responds to Fraud Allegations

Oba Otudeko, the founder and chairman of Honeywell Group, recently stated that he has never held an executive position at FBN Holdings Plc or its banking subsidiary, First Bank of Nigeria Limited. He emphasised that he has no direct control over the daily operations of the organisation, addressing ongoing rumours.

This statement comes after reports that the Economic and Financial Crimes Commission (EFCC) plans to bring Otudeko and Olabisi Onasanya, the former managing director of First Bank, to court on January 20, 2025. They are accused of being involved in a fraud case concerning N12.3 billion, along with other former members of the Honeywell board and a company linked to Otudeko.

Otudeko clarified in a statement from Honeywell Group’s legal advisor, Olasumbo Abolaji, that he hasn’t been officially notified about these charges. He also dismissed discussions about returning to the board of FBN Holdings, suggesting that such rumours were part of negative media coverage.

Despite stepping back from active roles, Otudeko expressed his deep connection to FBN Holdings, a company he helped grow from a traditional bank into a leading financial institution in Africa. He remains focused on mentoring the next generation of business leaders and contributing positively to society.

Otudeko assured everyone that he is ready to clear up any misunderstandings in the proper legal setting and is confident that the truth will come out eventually.