Connect with us

Lifestyle

Ex-First Bank manager reveals how loans were diverted to firms linked to Otudeko

Published

on

 

A former relationship manager at First Bank of Nigeria (FBN) says loans worth billions of naira were transferred to companies related to Oba Otudeko, then chairman of the bank, even though they were granted in the name of other firms.

 

Adesuwa Ezenwa is currently at the National Industrial Court (NIC), Lagos, division, claiming unfair dismissal by FBN, which is listed as the sole defendant.

 

In her statement of facts, Ezenwa (the claimant), said she was dismissed on October 5, 2016 on fraudulent loan disbursements “without any explanation” as to her culpability.

 

After her sack, she was invited to appear before a credit disciplinary committee reviewing facilities granted to a firm known as Supply and Services Ltd, a subsidiary of Royal Ceramics Group — a major customer of the bank.

 

Although the committee cleared her of having any interest in the loans disbursed, Ezenwa said she was admonished during the disciplinary proceedings for not “whistleblowing on some of the transactions approved by her group head (Mr Olatunji) and the Executive Vice President (Mrs. Cecilia Majekodunmi)”.

 

She said the admonition was most unfair and unwarranted as she was in no position to whistleblow on her superiors, “though some of the loan facilities reviewed were unsecured facilities granted to companies in which the chairman of the bank, Chief Oba Otudeko and the erstwhile Managing Director, Mr Bisi Onasanya, had substantial investments”.

See also  Court stops PDP convention for breach of party, INEC guidelines

 

“The persons to whom these reports would have been made were the very persons who were the perpetrators of the misdeeds,” her statement to the court reads.

“The impugned facilities were approved and disbursed under the direction and authority of her Group head and executive vice president and camouflaged as loans granted by some other unsuspecting customers.”

 

‘N12 BILLION GRANTED TO FIRM OTUDEKO HAS SUBSTANTIAL INVESTMENT IN’

In one scenario, according to her, “unsecured facilities” worth about N12 billion were “granted to a company in which Oba Otudeko has substantial investment”.

 

However, the “loan was camouflaged as loans granted to the Stallion Group of Companies, which at a point in time discovered this false entry in its statement of account and protested same”.

 

An unsecured credit facility is a loan granted to businesses without the requirement of collateral.

 

In another instance, she said, an “unsecured facility” of N2 billion was granted in 2012 to Broadwaters Resources Company Nigeria Ltd, which she said turned out to be a mere conduit pipe employed by Majekodunmi and Onasanya “for siphoning monies from the bank”.

See also  Tinubu not worried about tribunal judgment | He believes in integrity of judiciary - Presidency

 

The loan, according to the court filing, was never repaid.

 

“Out of the N12 billion camouflaged as lending to the Stallion Group, N8.21 Billion was transferred through various accounts to a final destination account belonging to a company known as V TECH LTD which belongs to the Chairman of FBN Holdings, Oba Otudeko while the sum of N4.45 Billion out of the same fictitious facility was transferred to Ontario Oil and Gas. The facility remains unpaid to date,” the document reads.

 

“These were not the only acts of malfeasance by the top management of the Bank but several other transactions were undertaken by other top management staff for which the Plaintiff is being punished.

 

“Apart from funds camouflaged as loans granted to the Stallion Groups, similar loans were granted over the years by Mr. Olatunji (the Branch Manager) and Mrs. Cecilia Majekodumi to other customers of the Bank amongst which are SUPPLIES AND SERVICES LTD. Supplies and Services Ltd is a subsidiary of ROYAL CERAMICS GROUP OF COMPANIES and several loan approvals were initiated and authored by Mr. Olatunji and Mrs. Majekodunmi.

 

“The facilities granted to Supplies and Services Ltd was subsequently sublent and disbursed in smaller bits to several customers on more profitable terms to both officers and these customers include Swap Technologies and Telecomms Plc, Netconstruct Nigeria Ltd, Orbit Cargo, High Performance Distributions Ltd etc.

See also  Abuja explosion caused by suicide bomber attempting to sneak into army barracks - NEMA

 

“Some of the transactions undertaken by the Bank are already being investigated by the Economic and Financial Crimes Commission (EFCC). Their investigations/Report will be relied on at the trial.”

 

Ezenwa said given the size of the loans, the board of the bank “cannot but be complicit in the lendings, which were above the limits of the executive directors, vice-president and managing director of the bank”.

OTUDEKO AND HIS CONTROVERSIAL BANK DEALS

The businessman is no stranger to bank deals that end up becoming controversial.

 

Some FBN Holdings shareholders protested after Otudeko purchased 4,770,269,843 units of FBN Holdings’ shares through his Honeywell Group.

 

The purchase brought the stake held by the company in the premier bank to 13.3 percent.

 

However, a few days after the purchase, Ecobank wrote a letter to FBN Holdings, asking the bank to reject Otudeko’s bid to become its largest shareholder.

 

In July, the Securities and Exchange Commission (SEC) said it was investigating the acquisition of 4.77 billion shares of FBN Holdings by Otudeko.

The outcome has not been made public.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Lifestyle

Aisha Achimugu: From Business Powerhouse to Paris Style Icon

Published

on

By

Paris has always had a way of making fashion feel less like clothing and more like theatre. And when the world’s style aristocracy gathered for the Spring/Summer 2027 season, Nigerian high flying businesswoman, Aisha Achimugu, arrived with the kind of polished glamour that commands attention without demanding it.

Against the timeless backdrop of the French capital, Achimugu stepped into the world of Paris Fashion Week in a look that married sophistication with modern femininity. Her ensemble was defined by a refined silhouette, impeccable tailoring and the kind of carefully considered styling in which every detail appeared deliberate. The proportions were elegant, the finish luxurious, while her accessories added just the right measure of sparkle and personality.

Her beauty look complemented rather than competed with the outfit. Immaculately styled hair, luminous makeup and a poised, confident bearing completed the picture, allowing the clothes to retain their quiet authority. It was a lesson in restraint: nothing appeared excessive, yet every element, from the jewellery to the finishing touches, contributed to the overall effect.

See also  Video of Adeyinka Alaseyori's Oniduro mi

The real strength of Achimugu’s Paris appearance, however, was in the details. The interplay of texture and silhouette gave the look dimension, while the accessories provided those subtle flashes of glamour associated with the best society dressing. There was an understanding of proportion, balance and occasion, a recognition that at Paris Fashion Week, being noticed is not necessarily about wearing the loudest look in the room.

For Achimugu, fashion has never seemed like an afterthought. It is part of the persona, the jewellery, the sculpted silhouettes, the luxurious textures, the immaculate finishing and that unmistakable confidence of a woman comfortable in her own skin.

Her Paris appearance offered yet another glimpse into the glamorous lifestyle of the Felak Concept Group boss, whose public persona has over the years straddled business, philanthropy, high society and fashion.

In the city, amid the fashion houses and international style elite, Achimugu appeared more than as a spectator but as a Nigerian woman confidently occupying a global fashion space. Her look spoke in the sophisticated language of Parisian dressing, polished, assured and intentionally glamorous, while retaining the unmistakable confidence of a woman bringing her own sense of style to the occasion.

See also  Ramadan: Look out for new moon on Sunday, Sultan directs Muslims

And as the lights of Paris dimmed on another fashionable season, her appearance left behind the unmistakable impression of a woman who understands that fashion, at its most powerful, is as much about presence as it is about clothes.

Continue Reading

Lifestyle

70-year-old ex-Kogi senator Ocheja marries best friend’s granddaughter

Published

on

By

A video from the wedding of former Kogi East Senator Emmanuel Dangana Ocheja and his new wife has surfaced online.

According to a report by Punch Online, the white wedding was held in Abuja on September 19, 2026

Ocheja, 70, is said to have held his traditional wedding with his new wife, identified simply as Winifred, on September 13.

The traditional ceremony was followed by their white wedding on September 19.

Ocheja is seen in the video dressed in matching colours with Winifred as they danced together.

The former senator appeared cheerful as the couple shared an intimate moment while guests watched and celebrated with them.

A photo from their white wedding has also surfaced online, showing Ocheja dressed in a white suit and black bow tie.

Winifred, said to be the granddaughter of Ocheja’s best friend, wore a sparkly wedding gown and held a bouquet as she posed beside her husband.

See also  Man dies mysteriously while trying to steal corpse in Ogun cemetery

Ocheja is a Law graduate from Ahmadu Bello University (ABU), Zaria. He ventured into politics in the early 2000s.

He represented Kogi east senatorial district in the national assembly between 2011 and 2015 under the People’s Democratic Party (PDP).

Ocheja later resigned from the PDP and announced that he had joined the All Progressives Congress (APC).

Continue Reading

Lifestyle

How I manage Davido’s finances, spending habits — Sharon Adeleke

Published

on

By

Sharon Ademefun Adeleke, the elder sister of Afrobeats superstar, Davido, has revealed how she manages her brother’s finances and her unconventional approach to marriage.

Sharon disclosed this while appearing on the Morayo Show, adding that she regularly discusses Davido’s finances with him, particularly his spending on cars and jewellery.

“One of the major things I’m always getting on my brother is jewellery and cars. My God!” she said.

“Me and him will sit down. We will have a finance meeting every week because I think it is important for him to know how his money is being spent.

“And I will now say, ‘David, please, no more cars, no more jewellery.’ Twenty-four hours later, you will start seeing it on the blogs that he bought another car.”

Sharon, a mother of three, also spoke about her marriage, saying she made it clear to her husband from the outset that she did not intend to follow a traditional approach.

See also  Family plans TB Joshua’s burial for July 9

“When I met my husband, I explained to him that there isn’t going to be a traditional kind of marriage,” she said.

“I remember, I think in the first few months of us dating, I cooked and all the things. When he was eating, I was like, ‘Oh babe, are you enjoying the food?’ He said yes.

“And I said, ‘Good. Now you know I know how to cook, but I don’t like cooking, and I hope that’s not going to be a problem.”

The entrepreneur revealed how she built her wig-making business. She said she learnt to make wigs out of frustration with the difficulty of securing skilled hairstylists and wig makers, who were often fully booked.

“I learnt how to make wigs because I was frustrated because really good hairstylists and wig makers are always busy. Even if you drop your things with them, every week they will still be busy,” she said.

“So, one day I said, ‘What is this wig making? Let me just try.’ At that time, there was maybe one video or two compared to now, when if you go on YouTube, you can find thousands of videos about wig making.

See also  Court stops PDP convention for breach of party, INEC guidelines

“I was heavily pregnant and very bored, so my husband took me to the beauty shop, and I bought all the pieces. I just started trying, and then I started doing it more and more. Then my friends started asking me to make wigs for them.”

Sharon said she believes people sometimes discover their businesses unexpectedly rather than through careful planning.

“I’m a big believer that when God gives you a business, you kind of fall into it sometimes. It is not something that you planned,’ she said.

“When I started going into it, I started going for training all over the world.”

Continue Reading

Trending News