On Thursday 13th February, court proceedings in the case of the Economic and Financial Crimes Commission (EFCC) vs former FBN Holdings (also known as First HoldCo Plc) Chairman Dr Oba Otudeko, former First Bank Managing Director Stephen Onasanya, and others was adjourned to 17th March 2025.
At the hearing, the defendants’ counsel challenged the court’s jurisdiction to hear the matter. Dr Otudeko’s legal team, led by Chief Wole Olanipekun, SAN, argued that the subject matter of the charge arose from a standard banker-customer relationship which had been completely resolved over 8 years ago, with the EFCC itself involved in the entire resolution process. Further buttressing the point, the third defence counsel, Kehinde Ogunwumiju, SAN, asserted that a civil banker-customer relationship should not be reclassified as a criminal matter.
In response, Rotimi Oyedepo, SAN, representing the EFCC contended that the defendants’ arraignment should be addressed before any other applications.
Rebutting this argument, Olanipekun emphasised the need for judicial restraint, cautioning against “pulling cases by the strand of hair.” He referenced legal precedents established after the enactment of the Administration of Criminal Justice Act (ACJA), which held that a preliminary objection must be considered before a plea is taken.
The defence counsels asked the court to disregard the prosecution’s request and decide on their preliminary requests based on the multiple precedents where the courts have done so. It is important to note that despite having ample time, the prosecutor had not filed a response to the preliminary objections prior to the hearing.
Curiously, Babajide Koku, SAN, counsel for FBN Holdings was also present in court and announced that his client, FBN Holdings is the complainant in the charge. Meanwhile, Mr Ade Adedeji, SAN, representing Anchorage Leisures Limited, noted that it appeared the case was malicious, driven by improper motive and arose from boardroom politics.
Justice Aneke adjourned the case to 17th March 2025 for a ruling on the applications.
The case has drawn considerable attention, reflecting ongoing debate about the EFCC’s prosecutorial boundaries. As the case unfolds, all eyes will remain on the court’s next steps and the broader implications for corporate governance in the country.
