Former FBN Chairman Otudeko And Ex-MD Onasanya Face Massive Fraud Allegations
In a significant development, Adesuwa Ezenwa, a former employee of First Bank of Nigeria Limited, has filed a lawsuit accusing billionaire industrialist Oba Otudeko and former Managing Director Bisi Onasanya of extensive fraud during their tenure at FBN Holdings Plc, the bank’s parent company.
Ezenwa, who was dismissed from her position in October 2016, has taken the matter to the National Industrial Court of Nigeria, Lagos Judicial Division, seeking redress for what she claims was an unfair termination of her employment.
In her legal documents, Ezenwa alleges that she was unjustly scapegoated for unsecured loan facilities worth billions of naira that were extended to companies in which Otudeko and Onasanya held substantial interests. She asserts that these loans were approved and processed by her superiors, but she alone was punished.
Having joined the bank in May 2002 and risen to the role of relationship manager in February 2016, Ezenwa states that she operated under the direct supervision of her branch manager, Abiodun Olatunji, and group head, Cecilia Majekodunmi. Both Olatunji and Majekodunmi later ascended to higher positions within the bank. Ezenwa contends that she had no independent authority to approve or disburse loans, acting only on the instructions of her superiors.
The lawsuit centres on a particular case involving Supply and Services Limited, a subsidiary of Royal Ceramics Group. In August 2015, Ezenwa was summoned before a credit disciplinary committee to account for loans extended to the company. While the committee found no evidence of personal gain on her part, Ezenwa was criticized for not raising alarms about transactions authorized by her superiors.
The court filings reveal several instances of alleged fraudulent loan approvals, including a N12 billion unsecured loan granted to a company associated with Otudeko. This loan, according to Ezenwa, was falsely recorded as a loan to the Stallion Group of Companies. Another instance involves a N2 billion loan to Broadwaters Resources Company Nigeria Limited, which Ezenwa claims was a conduit for siphoning funds by Majekodunmi and Onasanya.
The lawsuit also details that of the N12 billion loan masked as a facility to Stallion Group, N8.21 billion was funneled to V-TECH LTD, a company owned by Otudeko, while N4.45 billion was transferred to Ontario Oil and Gas. Ezenwa asserts that these loans remain unpaid.
Ezenwa argues that such significant loans could not have been approved without the knowledge and involvement of First Bank’s board, as the amounts involved exceeded the approval limits of the bank’s senior executives.
In her legal action, Ezenwa claims that her dismissal has severely damaged her reputation, making it difficult for her to secure future employment. She is seeking a court declaration that her termination was baseless and is fighting to clear her name.
Ezenwa’s lawyer, Seyi Sowemimo, commented, “She is being made a scapegoat for numerous questionable transactions within the bank, of which she maintains her innocence. The trial has commenced, and we have subpoenaed the EFCC and the Central Bank to produce the bank’s audit reports.”
