Oba Otudeko, Top Bank Chiefs Stole Billions From First Bank – Ex-Bank Staff

Recently in Nigeria’s oldest bank, First Bank, a former employee has thrown the spotlight on alleged high-level financial misconduct involving billions of naira. 

Adesuwa Ezenwa, who once served as a relationship manager at First Bank, has come forward with serious allegations against Oba Otudeko, a well-known billionaire and former chairman of FBN Holdings Plc. The accusations don’t stop at Otudeko; they also involve other top executives at the bank during her tenure.

How the event unfolded

Adesuwa Ezenwa’s journey at First Bank started back in 2002, and by 2016 she was deeply involved in the corporate banking division. 

However, her career took an unexpected turn when she was abruptly dismissed in October 2016. She claims her dismissal was without cause and has since taken legal action seeking justice and damages amounting to over half a billion naira.

The heart of Ezenwa’s allegations lies in the mismanagement and improper approval of huge unsecured loans. According to her, these loans, totaling approximately N12 billion, were covertly given to companies closely linked to Oba Otudeko. 

One such instance involved a supposed loan to the Stallion Group of Companies, which turned out to be a facade for moving vast sums to Otudeko’s business ventures.

A look into his alleged dubious deals

Ezenwa highlighted a specific case from 2012, where a loan of N2 billion intended for Broadwaters Resources Company Nigeria Limited ended up as a slush fund for the personal use of senior bank officials. 

This loan, like many others cited in her claims, was never repaid and pointed to a pattern of financial recklessness facilitated at the highest levels of bank management.

Furthermore, Ezenwa disclosed that these loans were part of a larger scheme where money was lent out to connected businesses only to be subcontracted to other entities at profitable terms, benefiting the officers involved. 

This complex web of transactions, she argued, could not have occurred without the knowledge and approval of the bank’s board, given the sums involved far exceeded the sanction limits of any individual director or executive.

What to expect

The implications of these revelations are severe not just for the individuals involved but for the reputation of First Bank itself. Ezenwa’s dismissal, under questionable circumstances, has spurred her to seek vindication not only for her unjust firing but also to highlight the systemic issues within the bank that allowed such significant breaches of trust and protocol.

As the legal battle unfolds, with key regulatory bodies like the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) being brought in for audits, the financial community and the Nigerian public are watching closely.