In a move that has sent tremors through Nigeria’s financial sector, a Federal High Court in Lagos on Monday ordered the arraignment of former First Bank of Nigeria Plc Chairman Oba Otudeko and ex-Managing Director Bisi Onasanya over an alleged ₦12.3 billion fraud.
The ruling, delivered by Justice Aneke, underscored a strict adherence to legal procedure. “The issue before the court is whether the processes can be taken before the arraignment of the defendants. Any preliminary objection to the validity of a charge can only be heard after the plea is taken. This is now a condition precedent,” the judge declared, citing precedents such as Onnoghen v. FRN and Bello v. FRN as guiding authorities.
The court’s insistence on securing a formal plea before any challenge to the charge reflects a broader judicial commitment to procedural clarity—a stance that both sides acknowledged during the hearing. Defense counsel Olanipekun noted that settlement discussions were underway and urged the court to adjourn for a detailed report on the talks. Prosecuting counsel Bilkisu Buhari-Bala, however, maintained that the process should move forward with either the arraignment or an update on the settlement efforts.
After an intense back-and-forth, the court adjourned the matter until May 8, with both sides set to brief the bench on developments.
According to the charge, the alleged offence occurred in September 2023 on Lagos Island. The defendant is accused of impersonating one Amanda Glory on Instagram to secure fraudulent gains—a scheme that, if proven, breaches Section 22(2)(b) of the Cybercrime (Prohibition) Act, 2015, as well as Section 18(1)(a) of the EFCC Act, 2004.
The case has ignited a flurry of debate among legal observers and financial insiders alike. Critics argue that the swift judicial action is a clear message amid ongoing efforts to clamp down on high-profile financial crimes, while supporters maintain that adherence to procedural norms is essential for the integrity of the legal process.
As the case heads toward further court appearances, the eyes of Nigeria’s financial and legal communities remain fixed on Lagos, awaiting what may become a watershed moment in the nation’s ongoing battle against corruption and cyber-enabled fraud.
