20 January 2025, Lagos, Nigeria: Dr. Oba Otudeko, CFR notes the furor of false allegations that have been deliberately made public which are hereby strongly refuted.

At a Federal High Court sitting in Ikoyi, Lagos, on January 20, 2025, it was confirmed that Dr. Oba Otudeko, CFR had not been formally notified of any filings (which relate to a transaction that took place at First Bank over 12 years ago). Dr. Otudeko expresses disappointment that these false allegations were deliberately made public, leading to an unfortunate media trial prior to being properly notified. He looks forward to addressing this matter comprehensively and appropriately in due course.

It is surprising that a commercial transaction, which was investigated by the EFCC and resolved eight years ago has resurfaced in 2025. As the matter is before the court, we are restricted in commenting further. We however reiterate his innocence and will vigorously defend these allegations. 

We note the curious timing of this attack and the targeted negative campaign that has followed. This coordinated action appears to be an attempt to distract from critical issues at hand: our expressed concern alongside other shareholders, regarding governance at FBN Holdings Plc. and the misguided initiation of a private placement by the Board prior to the conclusion of a successful rights offering—a decision that seeks to disenfranchise over 1.2 million shareholders of FBN Holdings.

Dr Otudeko has devoted 60 years of his professional career to Nigeria, a country he loves, creating jobs, driving investments, and positively impacting countless lives and remains passionate about the nation. His unblemished record of integrity and service stands firm against these false allegations, and he will steadfastly defend his reputation.

Signed 

Olasumbo Abolaji

General Counsel