Business
CRASH OF A TITAN: The dramatic fall of Oba Otudeko
– How a boardroom coup, CBN crackdown reduced the business tsar cum powerbroker into a socio-economic pariah
Once the face of dominance in Nigeria’s financial sector, Oba Otudeko’s dramatic fall from grace is a cautionary tale of power undone by hubris. The former Chairman of FBN Holdings Plc now stands on the brink of ruin, following a decisive boardroom coup that ousted him from the helm of the banking giant. This saga not only marks the downfall of one of Nigeria’s most prominent businessmen but also raises concerns about the governance and ethical standards of the nation’s financial sector.
In the twilight of a once-illustrious reign, where power fades like the last light of day, Oba Otudeko, the beleaguered former chairman of FBN Holdings, the parent company of First Bank of Nigeria Plc, stands at the crossroads of destiny. His empire, once a towering citadel in Nigeria’s financial world, now teeters on the edge, threatened not by external forces, but by ghosts of his own making.
For a man who had Nigeria’s premier banking institution in his grip, shaping it as his, tossing it around like a yo-yo, and making it do its bidding like an over-paid escort, Otudeko is now ensnared in a desperate battle for survival; not against competitors, but against time, fate, and the inexorable justice of Nigeria’s highest courts. The business tsar who evolved into a quintessential banking Svengali has since fallen flat on his face and is now pitifully unable to rise or muster the resilience imbued in most successful entrepreneurs.
The fairytale flourish that resonated at the mention of his name has given way to a dirge and concatenation of woes for how it all came full circle for one of Nigeria’s most formidable businessmen. After serving as chairman of the FBN for 12years, Otudeko was appointed pioneer chairman when the bank adopted a holding company structure. Alas, his reign was marred by high non-performing loans, bad credit decisions, and poor corporate governance among other wrongdoings. Informed sources revealed that under Otudeko, FBN lost over N2trillion while he used his office to corner billions of naira in what have become non-performing loans.
And it was just a matter of time before the former CBN Governor, Godwin Emefiele, sacked him alongside the bank’sboard. According to Emefiele, “This is a bank where depositors’ fund is almost 10 times shareholders’ fund, our interest is to protect depositors and minority shareholders who have no voice in this business. We will not sit idle and allow this to continue.
“First Bank of Nigeria is one of Nigeria’s systemically important banks, given its historical significance, balance sheet size, large customer base, and high level of interconnectedness with other financial service providers. CBN reassures First Bank of Nigeria depositors, creditors, and other stakeholders of the bank of its commitment to ensure the stability of the financial system.”
Interestingly, however, Otudeko’s troubles began in April 2021, when a power struggle within FBN Holdings erupted into a full-blown crisis. In an audacious move, Otudeko and then-First Bank of Nigeria Chairperson, Ibukun Awosika, attempted to remove the bank’s Managing Director, Adesola Adeduntan, despite a clear directive from the Central Bank of Nigeria (CBN) to retain him. The defiance triggered an unprecedented intervention by the CBN, which promptly removed Otudeko from his position at the helm of FBN Holdings. This bold action sent shockwaves through the financial sector, signaling the beginning of a swift and steep decline for the once-formidable titan.
Following his ouster, Otudeko made several attempts to stage a comeback, using what some described as “surreptitious” means to reclaim his lost power. However, FBN Holdings was prepared to thwart his every move.
Between then and now, Otudeko has made many subterranean moves to sneak back into the FBN as if no one was looking. The latest in this regard was the suit filed by Barbican Capital Ltd, an investment firm where two of his children – Foluke Oyeleye and Obafemi Adedamola Otudeko (Jr.) – have controlling interests, claiming alteration of its alleged over five million units of shares in the bank. Barbican Capital Limited, an affiliate company of Honeywell Group Limited owned by Otudeko, claimed that over the years and at different times, it cumulatively acquired about 5,386,397,202 shares, representing 15.1 percent of FBNH’s overall share listed on the Nigerian Stock Exchange, NSE.
However, the CBN, in a January 2024 letter, countered this, stating that due to insufficient documents, it was only able to verify 3,110,400.619 share units out of Barbican Capital Ltd’s then 4,770,269,843 billion shareholding. This was captured in the FBN’s Unaudited Financial Statement for the year ended 2023 in December 2023. Barbican Capital ignored several requests to provide relevant documents substantiating its claim.
In its deposition to the Federal High Court sitting in Lagos, the CBN stated that in the exercise of its powers as the regulatory and supervisory authority, demanded from Barbican Capital Ltd and its Honeywell Group Ltd evidence of the purchase of shares being claimed to verify the shares and satisfy itself that the shares were purchased or that they belonged to them.
However, the CBN stated, “Rather than regularise its status with the CBN by providing relevant documents to the CBN necessary for the verification of its unverified shareholding, the plaintiff has instituted this suit in a bid to activate machinery of justice to compel the defendant to defy its regulator, due process, regulatory laws, and policies by mandating it to recognise all of the plaintiff’s purported shareholding obtained without CBN’s approval which as at the time of filing the suit stood to the tune of about 5,397,409,262 billion units.”
Before losing face at the FBN, Ecobank had accused Otudeko’s companies of a N13.5 billion debt and that Otudeko was “diverting his assets and that of the Honeywell Group of companies through the said Barbican Capital Limited”, which it added is “in order to frustrate the enforcement of the judgment of the Supreme Court against him and the Honeywell companies towards recovering his/their undisputed indebtedness to our client.”
The legal tussle culminated in the Supreme Court ruling that despite Otudeko and Honeywell’s subterfuge, they owe Ecobank.
As these battles unfolded, the man who once stood as a pillar of Nigeria’s financial establishment found himself increasingly isolated and disgraced.
The turmoil within FBN Holdings did not occur in a vacuum. It took place against the backdrop of a financial industry plagued by regulatory lapses and a lack of transparency. Stakeholders in the sector have been left questioning how Otudeko, despite his growing list of controversies, managed to ascend to the prestigious position of President of the Nigerian Stock Exchange (NSE). Many point to his rise as indicative of the systemic dysfunction and ethical shortcomings that continue to haunt Nigeria’s financial regulatory landscape.
Yet, it is the recent events at FBN Holdings that have done the most damage to Otudeko’s reputation. The swift and decisive action taken by the CBN, and the firm resistance from FBN Holdings’ board, have not only removed Otudeko from his position of power but also prevented him from making a comeback. The collapse of his attempts to reassert control has left him in a precarious position, with his influence waning and his business empire appearing increasingly vulnerable.
Otudeko’s fall from grace has not only been melodramatic, but it also serves as a stark reminder of the fragility of power in the high-stakes world of corporate Nigeria. Once revered for his business acumen, Otudeko now finds himself embroiled in a battle for survival—one in which the odds seem increasingly stacked against him.
His decline is emblematic of a larger crisis of governance and ethics within Nigeria’s financial sector, where the lines between corporate ambition and regulatory oversight often blur, with devastating consequences for those caught in the crossfire.
The questions surrounding Otudeko’s rise to power—and his subsequent fall—reflect deeper concerns about the state of Nigeria’s financial industry. How did a man whose career has been marked by such controversy rise to lead some of the nation’s most important financial institutions?
The answers lie not just in Otudeko’s personal story but in the broader systemic issues that continue to plague Nigeria’s financial and regulatory frameworks. Without addressing these underlying problems, the nation’s financial sector may remain vulnerable to the same kinds of crises that have now ensnared one of its most prominent figures.
As Otudeko’s legacy teeters on the edge of collapse, it is clear that the man who once towered over Nigeria’s business landscape now faces an uncertain future. His once-glorious empire is crumbling, and with it, the myth of invincibility that once surrounded him.
_TheCapital
Business
Why EFCC Operatives Stormed Providus Bank HQ, Arrested Officials over $7 million Cash Deposit
Details have surfaced regarding a dramatic operation conducted by operatives of the Economic and Financial Crimes Commission (EFCC), which culminated in a raid on the Lagos headquarters of Providus Bank.
This operation, taking place at the bank’s Victoria Island office in March 2025, revolved around a suspicious cash deposit of $7 million that raised significant red flags for investigators.
The raid was prompted by a tip-off from an insider who alerted the authorities to unusual financial activities within the institution. On March 26 and 27, the bank witnessed an unusual influx of raw cash directly deposited into its vaults rather than being credited to a customer’s bank account, a deviation from standard banking practices that instantly triggered suspicions of potential money laundering.
When interrogated by the EFCC, several bank employees pointed fingers at Mrs. Aisha Achimugu, a prominent Abuja businesswoman and the Chief Executive of Ocean Gate Petroleum, suggesting that she was the true owner of the questionable funds. However, when the anti-graft agency invited Achimugu for questioning, she flatly denied any ownership, asserting that the cash represented a $7 million loan facility that she had yet to repay.
Following their findings, EFCC operatives seized the cash and detained several staff members for further questioning. Amid the unfolding investigation, the Commission took the additional step of publishing public notices in major national newspapers, inviting any party with legitimate claims to the money to come forward.
Unfortunately for the bank and Achimugu, the stipulated response period elapsed without anyone stepping up to claim the funds. As a result, the EFCC moved the money to the Central Bank of Nigeria for safekeeping.
In a decisive turn of events, Justice Emeka Nwite of the Federal High Court in Abuja granted the EFCC’s motion for final forfeiture of the funds, officially making the $7 million the permanent property of the Federal Government.
During the court proceedings, EFCC counsel Rotimi Oyedepo (SAN) affirmed that all legal protocols had been meticulously followed, citing an interim forfeiture order that had been issued on August 27.
He remarked, “My Lord, since that date, no individual or entity has come forward to challenge our application. That is why we filed for a final forfeiture.” The lack of formal objections from any legal representatives present in the court effectively paved the way for the ruling.
This incident unfolds amidst ongoing cases being pursued by the EFCC against Achimugu, including a separate matter involving $12 million allegedly laundered through officials at SunTrust Bank. The bank’s Managing Director, Halima Buba, and Chief Compliance Officer, Innocent Mbagwu, are also implicated.
During the most recent court session, a bureau de change operator took the stand as the first prosecution witness, revealing that he had received cash payments in multiple installments between March 10 and 24, 2025.
He testified that these transactions were carried out entirely in cash, bypassing traditional banking channels altogether. Additionally, he disclosed that Achimugu had previously handed him another sum of $1.8 million for conversion into naira.
The EFCC is pursuing the case with a six-count charge of money laundering, and the trial is set to continue under the scrutiny of Justice Nwite.
The federal government’s recent announcement regarding the disbursement of N330 billion in cash transfers aimed at supporting poor and vulnerable Nigerians has been met with widespread reactions.
Many citizens have taken to social media platforms to voice their concerns, labeling the claim as potentially fraudulent and exaggerated. Click to continue reading.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, told reporters in Abuja on Wednesday that the funds were released through the National Social Safety-net Coordinating Office (NASSCO), with 8.5 million households already receiving at least one tranche of N25,000 from an $800 million World Bank facility. He said the transfers were tied to beneficiaries’ National Identification Numbers (NIN) and credited directly to their bank accounts or mobile wallets.
According to him, the programme targets 15 million households out of about 20 million captured on the National Social Register, representing nearly 75 million Nigerians. He added that the outstanding households would be reached before the end of the year.
But the announcement has been met with a storm of doubt online, with Nigerians openly questioning who the supposed beneficiaries are.
“Which household? Make a video of those you disbursed it to and the smile on their faces,” wrote Olawale, @Ola42563004.
Another user, Alabi I. Ayodeji, @damola_ade77, noted: “It’s hard to believe this though. 8.5 million households means about 34 million people affected using 4 people per household. Using the population of 220 million, that’s 1 in every 6 Nigerians impacted. We should know one or two people benefiting.”
Others expressed outright disbelief. “How was this achieved, who benefited from this? What is going on?” asked @mallamyisa.
“Post the account that received the money,” demanded @sulaimonofweb3.
“How many are we in this country that this money did not get to anyone close to me. You guys are fraud, absolute fraud. At least 1m should go around,” added @PEACEJDG.
For some, the payments were nothing more than a cover for corruption. “Never believe these people. This is a corrupt scheme,” @ChukwumaEj88455 said. Another, @greatvicman, argued: “No one can prove that these funds got to real people. No one. And certainly not Edun, whose office is being used to drain these funds away.”
The disbelief reflects deep frustration with Nigeria’s worsening economic crisis. “How and when? I have been unemployed for more than a year now after my NYSC, my bank accounts hold no money. How come I no receive? I no even know anybody wey receive,” lamented @MrChang9.
“It’s a lie. A normal APC lie in a weak country like what they want,” dismissed @woley23.
The controversy is not new. Similar cash transfer initiatives under former ministers of humanitarian affairs, Sadiya Farouk and Betta Edu, were repeatedly dogged by allegations of fraud and questions about credibility.
NASSCO’s National Coordinator, Funmi Olotu, however, defended the scheme, insisting that the staggered payments were designed to ensure that only those with verified NIN-linked accounts benefited. “Mr. President said no more traditional mode of payment of cash to people. He said we must pay directly to their bank accounts,” she explained.
Aliko Dangote, known as Africa’s wealthiest businessman, recently experienced a significant decline in his fortune following a drop in shares of his cement company on the Nigerian Exchange, as reported by Business Elites Africa.
The billionaire, who leads the Dangote Group, faced a staggering loss of approximately $163 million in a mere four days.
Cement slump drags down fortune
Dangote’s fortune had been on an upswing earlier this month, boosted by gains in Dangote Cement and a stronger naira. But the recent decline in the company’s stock has wiped out part of those profits.
Shares of Dangote Cement, where he owns over 87 percent, slipped more than three percent, falling from ₦528 on September 11 to ₦511.2 by Monday morning.
The drop pushed the company’s market value down to roughly $5.6 billion, directly affecting Dangote’s personal wealth.
This setback has reduced his year-to-date gains to $687 million, down from the $850 million growth recorded earlier in September.
Despite the dip, Dangote still remains one of the most influential figures on the African continent, with his cement business dominating markets across the region.
A refinery making global moves
Beyond cement, Dangote is also making bold moves in the energy sector. His $20 billion refinery near Lagos, which started operations last year, is gradually reshaping Nigeria’s role in global energy trade. Nigeria fuel prices
At the end of August, the plant made headlines by sending its first-ever shipment of gasoline to the United States.
Roughly 300,000 barrels of petrol left the refinery aboard the vessel Gemini Pearl, marking the first time Nigeria exported refined gasoline directly to America. For decades, the country had relied on exporting crude oil while importing refined fuel for local use.
The new facility, with a daily capacity of 650,000 barrels, has already exported cargoes to Asia and the Middle East.
Refinery outages in Saudi Arabia and Kuwait have also opened opportunities for Dangote’s products to fill supply gaps in those markets, a sign of Nigeria’s growing competitiveness in refined petroleum exports.Nigeria fuel prices
Balancing losses and gains
While the slip in Dangote Cement has trimmed Dangote’s paper wealth, his diversification into energy and food industries continues to strengthen his long-term influence in Africa’s economy.
The billionaire may have lost $163 million on paper, but with his refinery steadily gaining ground in global markets, the picture of his financial empire remains one of resilience and expansion.
This sharp decrease has brought his total estimated wealth down to around $28.8 billion, according to the Bloomberg Billionaires Index. The fluctuations in his company’s stock serve as a critical reminder of the volatility inherent in the financial markets.
As the 2027 election approaches, the political landscape is intensifying, with the spotlight firmly on President Bola Tinubu and the policies his administration has implemented.
One notable development is the recent appreciation of the Naira, which has gained traction in the foreign exchange market. Click link to continue reading.
On Monday, the Naira made headlines by appreciating to below N1,500 per dollar at the official foreign exchange market for the first time since February 2025.
According to data released by the Central Bank of Nigeria, the Naira improved to N1,497.5 per dollar, a notable increase from last week’s closing figure of N1,501.5. This remarkable shift indicates a substantial gain of N4.03 against the dollar, showcasing the currency’s strengthening position compared to its previous status.
In contrast, the Naira held steady at the black market, maintaining a rate of N1,537 per dollar, consistent with the figures from the previous weekend.
The last recorded instance of the Naira trading below N1,500 at the official market was back in February 2025, underscoring the significance of this recent performance.
This rising trend in the Naira is notable against the backdrop of Nigeria’s bolstered external reserves, which have surged to an impressive $41.70 billion as of September 12, 2025. The combination of these economic indicators casts a spotlight on the government’s financial strategies and their implications as the nation gears up for a pivotal electoral season.
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The Delta State Government says its recent investment mission to Brazil has unlocked fresh prospects for industrial expansion, agricultural development, renewable energy, and job creation in the state.
Briefing journalists in Asaba, the Commissioner for Works (Rural Roads) and Public Information, Mr. Charles Aniagwu, said Governor Sheriff Oborevwori’s administration has already recorded significant gains by opening up all 25 local government areas with vital infrastructure, thereby creating access to mineral resources, industrial corridors, and potential free trade zones.
Aniagwu explained that the Brazil engagement was aimed at showcasing Delta’s investment opportunities while also drawing lessons from Brazil’s agricultural model, especially in ranching.
He stressed that the establishment of ranches in the state would not only boost food production and jobs but also strengthen security by curbing the use of forests as criminal hideouts.
“We are pursuing both security and job creation by targeting ranching and other agro-industrial investments,” Aniagwu said. “Our discussions in Brazil are progressing very well, and we are optimistic about the outcomes.”
He disclosed that the state also held talks with renewable energy firms and other players in the power sector, building on earlier engagements with the Rural Electrification Agency in Abuja.
According to him, the goal is to light up the state, expand industries, and create employment opportunities that will improve living standards.
Aniagwu noted that the government’s focus on agriculture and industry was deliberate, given the rising number of graduates from tertiary institutions across the state.
“Our goal is to create a productive economy where our graduates and young women can secure meaningful jobs beyond the limited space in the civil service,” he added.
“This is how we can guarantee both social and fiscal security for our state while raising living standards.”
He reaffirmed that the Oborevwori administration remains committed to the MORE Agenda, with particular emphasis on infrastructure expansion, energy generation, agriculture, and industrial growth.
African Export-Import Bank (Afreximbank) and the Midstream and Downstream Gas Infrastructure Fund (MDGIF) have signed a Memorandum of Understanding (MoU) to establish a collaborative framework aimed at promoting, developing, and improving gas infrastructure in Nigeria, according to ChannelsTV.
It was signed on the sidelines of the just-ended fourth Intra-African Trade Fair (IATF2025) by Helen Brume, Director and Global Head – Project and Asset-Based Finance on behalf of Afreximbank, and Oluwole Adama, Executive Director on behalf of MDGIF.
The MoU emphasises private sector-led delivery models and aligns with both institutions’ mandates and strategic priorities.
Under the terms of the MoU, Afreximbank and MDGIF will work together with the overarching intention of mobilising up to $500 million over a four-year period to support midstream and downstream gas infrastructure projects. The investment is structured as a blend of senior debt and equity contributions, considered under both entities’ independent mandates, with a focus on accelerating the modernisation and expansion of Nigeria’s gas sector.
Project Highlights:
Targeted Gas Infrastructure Investment: Joint identification and prioritisation of eligible projects, with annual pipeline targets to ensure investment goals are met.
Senior Debt Financing: Afreximbank will consider providing direct financing and credit risk guarantees to support project finance transactions, working alongside local financial institutions.
Project Preparatory Support: Establishment of a dedicated support, either through funding or a support framework, for feasibility studies, legal structuring, environmental assessments, and other preparatory activities for bankable gas projects.
Equity Financing: MDGIF will consider equity contributions to complement Afreximbank’s senior debt, enabling full capital structuring for eligible projects.
Promotion and Advocacy: MDGIF will leverage Afreximbank’s platforms, including the Intra-African Trade Fair, to promote its initiatives and engage stakeholders.
Capacity Building: Development of a structured programme to enhance MDGIF’s institutional capabilities in project structuring, risk management, and innovative financing.
With respect to the collaboration between both parties, Mrs Kanayo Awani, Executive Vice President – Intra-African Trade and Export Development at Afreximbank, noted that:
“This MoU marks a significant milestone in our shared commitment to accelerating Africa’s economic transformation. By combining Afreximbank’s deep expertise in trade and project finance with MDGIF’s national investment reach, we are poised to unlock new opportunities for inclusive growth and sustainable development across Nigeria and, potentially, across the West Africa sub-region.”
She added: “We stand ready to work with the MDGIF in advancing the development of gas infrastructure projects in Nigeria, which will add value to the country’s natural resources. This intervention is also important as it aligns with Afreximbank’s Industrialisation and Export Development Agenda.”
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