News
Oba Otudeko flees Nigeria amid fraud allegations
Published
15 hours agoon
By
Ekwutos Blog
Oba Otudeko, a former chairman of the First Bank of Nigeria (FBN), has suddenly left Nigeria.
According to The Cable, his departure comes in the wake of his imminent arraignment by the Economic and Financial Crimes Commission (EFCC) on a 13-count charge of alleged fraud.
The businessman left the country via one of the land borders.
According to security sources, he was dropped off at the Nigeria-Benin border on Thursday evening by a family member.
When TheCable reached out to Otudeko, his phone number was switched off. Messages sent to his WhatsApp, however, delivered — but there was no response.
Obafemi Otudeko, his son, did not respond to calls and messages when contacted for comments on his father’s whereabouts and destination.
Earlier on Thursday, the EFCC filed charges against Otudeko and three others at the federal high court in Lagos for allegedly obtaining a N30 billion loan under false pretences. The anti-graft agency said the defendants would be arraigned on Monday.
The three other defendants are Stephen Olabisi Onasanya, a 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.
In the charge sheet seen by TheCable, the EFCC accused Otudeko and the other defendants of obtaining tranches of loans—N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion—from First Bank under the pretence that the funds were obtained by some firms.
The anti-graft agency said the credit facilities were obtained between 2013 and 2014.
Otudeko — in a statement issued on Thursday by Olasumbo Abolaji, general counsel of Honeywell Group — refuted the allegations made against him, adding that he was yet to receive any official invitation to the effect.
Otudeko said he has never served in an executive capacity within FBN Holdings and its banking subsidiary, First Bank of Nigeria Limited — hence he had no operational responsibility in the organisation.
“In light of recent news reports, Dr. Oba Otudeko categorically refutes the claims concerning his role in FBN Holdings and will aggressively defend his reputation,” the statement reads.
“Dr Oba Otudeko is a builder and one of Nigeria’s foremost investors and industrialists. He has built directly from scratch and has worked with others to build many of Nigeria’s most successful companies. This includes FBNHoldings, where he served as a director (then Chairman) from 1997 to 2021 and was instrumental in supporting the transformation of the bank from an old generation bank to its current leadership role as a pan-African financial services holding company.
“As of this moment, he has received no official summons, neither has his legal team received any official invitation from relevant authorities. As he has done in the past, Dr Oba Otudeko is always ready and available to assist any government agency with appropriate oversight in the execution of their duties, with the expectation that these affairs will be conducted with the highest standard of professionalism.
“At 81, after 5 decades of contributions to the growth of Nigeria’s economy, Dr Oba Otudeko is now focused on mentoring the next generation of business leaders and contributing to the positive development of society through enterprise.
“He is not interested in serving in an executive capacity in any organization in Nigeria or elsewhere, neither is he interested in serving in a non-executive capacity on any board asides those he currently sits on. This includes any possibility of returning to the board of FBN Holdings Plc, which appears to be the focus of the recent unfortunate news barrage. FBN Holdings, a legacy institution built over 130 years, holds a special place in Dr. Otudeko’s heart. He trusts this strong foundation to guide the institution into the next era of success.
“Dr. Oba Otudeko is confident that the truth will prevail in due course and looks forward to addressing these claims in the appropriate forum.”
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News
Lack of intelligence coordination hindering North-East security efforts – Ex-DSS Director
Published
17 hours agoon
January 17, 2025By
Ekwutos BlogA former Assistant Director of the Department of State Services (DSS), Dennis Amachree, has raised concerns over the lack of coordinated intelligence among Nigeria’s security agencies, which he said was hindering the fight against insurgency in the North-East geopolitical zone.
Speaking on Channels Television’s Lunchtime Politics programme on Thursday, Amachree emphasized the importance of intelligence sharing and operational synergy in addressing the persistent threat posed by terrorists in the region.
“There is a loophole in intelligence gathering, and this is affecting the fight against insurgents,” he said.
“While we are making gains, especially in Borno State, the concentration of military and intelligence power in Maiduguri leaves far-flung areas like Damboa, Chibok, and Gwoza vulnerable to attacks.”
Amachree highlighted recent incidents, including an ambush by Boko Haram terrorists in Baga, where soldiers attempting to recover the bodies of slain civilians were attacked. Several soldiers were reportedly killed, while others went missing.
“The ambush in Baga underscores the need for better intelligence. Going there to pick up dead bodies without proper reconnaissance or understanding of the area’s security situation was not a good idea,” he said.
He also criticized the lack of follow-up after military operations, where territories cleared of insurgents are often left without adequate security, leaving residents exposed to renewed attacks.
“After the fight, insurgents are supposed to be driven away, and the police are supposed to take over. But what we see is that after the fight, the natives are left alone. When the insurgents return and don’t see any security agents, they strike again,” Amachree explained.
The former DSS official also welcomed President Bola Tinubu’s efforts to restructure Nigeria’s security architecture, noting that the appointment of new heads for security agencies was a step in the right direction.
“He [Tinubu] said in his first speech that he would restructure the security architecture. Changing the heads of the agencies is a very good move, but it’s important to improve the reporting lines and coordination among all security agencies to ensure seamless intelligence sharing,” Amachree said.
Business
IPMAN refutes claims of nationwide price hike
Published
17 hours agoon
January 17, 2025By
Ekwutos BlogThe Independent Petroleum Marketers Association of Nigeria (IPMAN) has refuted circulating rumors of an impending increase in petrol prices nationwide.
The association assured the public that local refineries are now operational, a development that will contribute to a reduction in fuel prices.
In an interview with the Voice of America, Bashir Salisu Tahir, Chairman of IPMAN’s Northwest Chapter, dismissed claims of any plans to hike petrol prices.
He emphasized that none of their members had increased the price of petrol across the country.
Tahir explained, “The market now determines prices, and there is no truth to the rumors of an increase in petrol prices. While diesel prices have risen recently due to market dynamics, they will naturally fall when market conditions improve.”
He added that the resumption of operations at the nation’s refineries is expected to further stabilize and reduce petrol prices.
Business
Beijing ‘firmly opposes’ US ban on smart cars with Chinese tech
Published
2 days agoon
January 15, 2025By
Ekwutos BlogBeijing on Wednesday said it “firmly opposes” a US move to effectively bar Chinese technology from smart cars in the American market, saying alleged risks to national security were “without any factual basis”.
“Such actions disrupt economic and commercial cooperation between enterprises… and represent typical protectionism and economic coercion,” foreign ministry spokesman Guo Jiakun said, adding: “China firmly opposes this.”
Tuesday’s announcement in the United States, which also pertains to Russian technology, came as outgoing President Joe Biden wrapped up efforts to step up curbs on China, and after a months-long regulatory process.
The rule follows an announcement this month that Washington is mulling new restrictions to address risks posed by drones with tech from adversaries such as China and Russia.
US Commerce Secretary Gina Raimondo said that modern vehicles contain cameras, microphones, GPS tracking and other technologies connected to the internet.
“Cars today aren’t just steel on wheels — they’re computers,” she said.
“This is a targeted approach to ensure we keep PRC and Russian-manufactured technologies off American roads,” she added, referring to the People’s Republic of China.
But Guo slammed the move, telling journalists in Beijing that China would “take necessary measures” to safeguard its legitimate rights and interests.
“What I want to say is that the US, citing so-called national security, has restricted the use of Chinese connected vehicle software, hardware, and entire vehicles in the United States without any factual basis,” he told a regular press conference.
“China urges the US to stop the erroneous practice of overgeneralising national security and to stop its unreasonable suppression of Chinese companies.”
‘Trying to dominate’
The final US rule currently applies just to passenger vehicles under 10,001 pounds (about 4.5 tonnes), the Commerce Department said.
It plans, however, to issue separate rulemaking aimed at tech in commercial vehicles like trucks and buses “in the near future”.
For now, Chinese electric vehicle manufacturer BYD, for example, has a facility in California producing buses and other vehicles.
National Economic Advisor Lael Brainard added that “China is trying to dominate the future of the auto industry”.
But she said connected vehicles containing software and hardware systems linked to foreign rivals could result in misuse of sensitive data or interference.
Under the latest rule, even if a passenger car were US-made, manufacturers with “a sufficient nexus” to China or Russia would not be allowed to sell such new vehicles incorporating hardware and software for external connectivity and autonomous driving.
This prohibition on sales takes effect for model year 2027, and also bans the import of the hardware and software if they are linked to Beijing or Moscow.
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