Former First Bank of Nigeria employee, Adesuwa Ezenwa has accused billionaire Oba Otudeko of fraud during his tenure as chairman of FBN Holdings PLC.
This was disclosed in the application by the former bank employee before the National Industrial Court, Lagos.
She alleged in a legal document that she gave unsecured loans to businesses where Mr. Otudeko held stakes, according to Premium Times.
The former bank staff stated she was fired in 2016 “without any reason whatsoever being offered,” and she is requesting a multi-million settlement from the bank for her termination.
She said that her career at FBN Holdings PLC began as a relationship manager in corporate banking on May 27, 2002.
Mrs. Adesuwa said that she was a relationship manager at the bank’s Victoria Island branch, working under the direction of Cecilia Majekodunmi, the group head, and her branch manager, Mr. Abiodun Olatunji.
“As a relationship manager, I worked under the supervision and direction of my branch manager and group head and signed official correspondence only after they had approved and/or signed it. I had no independent authority in relation to the grant or disbursement of loans or other banking facilities,” she said.
However, she claimed that all executions happened with the approval of her bosses.
Her legal team clarified that their client was found guilty and sacked in 2015 following an investigation by the FBN Holdings Limited credit disciplinary committee into several documents and unsecured loans she handled.
The admonition was most unfair and unwarranted, as I was in no position to whistle-blow on my superiors… The persons to whom these reports would have been made were the very persons who were the perpetrators of the misdeeds, “ the court documents read.
She urged the court to award N500 million in damages and N25 million in legal fees.
According to Mrs. Adesuwa’s statement, she played a part in providing unsecured loans of up to N12 billion for the Stallion Group of companies, in which Mr. Otudeko had significant investments.
She also said that the loan, which was termed “loans granted to stallion groups of companies,” was for the personal and business interests of the billionaire.
“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 document stated.
She further disclosed in the documents, that recipients of unsecured loans approved during her tenure as a relationship manager included Swap Technologies and Telcomm Plc, Orbit Cargo, Netconstruct Nigeria Limited, and High-Performance Distribution Limited.
The allegations made by the former employees are not unconnected to Otudeko, whose business has made considerable acquisitions of shares of FBN Holdings Plc (FBNH), and Honeywell Group Limited (HGL).
