The Federal High Court in Lagos has struck out a 13-count charge filed against Oba Otudeko, former chairman of First Bank of Nigeria (FBN).
Justice Chukwujekwu Aneke struck out the charges on Wednesday following the withdrawal of the suit by Rotimi Oyedepo, counsel to the Economic and Financial Crimes Commission (EFCC).
In January, the EFCC had filed charges against Otudeko and three others over an alleged N30 billion loan fraud.
The other defendants are Stephen Olabisi Onasanya, former Group Managing Director of FBN; Soji Akintayo, an ex-board member of Honeywell Flour Mills Plc; and Anchorage Limited, a company linked to Otudeko.
According to the EFCC, the defendants obtained multiple tranches of loans — N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion — from First Bank under the pretext that the funds were being accessed by various companies.
The agency alleged that the credit facilities were secured between 2013 and 2014.
The trial was repeatedly stalled due to his absence in court. Subsequently, his legal team and the EFCC explored an out-of-court settlement regarding the alleged loan fraud.
