By Uche Onyeali
Defence team of Oba Otudeko and the Economic and Financial Crimes Commission, EFCC, are exploring an out-of-court settlement in the alleged N30 billion loan fraud trial of the businessman.
This was revealed by the defence counsel to the business mogul, Wole Olanipekun, while appearing before the Federal High Court in Lagos, Monday.
EFCC had filed a 13-count charge against Otudeko and three others over alleged N30 billion loan fraud.
On February 13, the court adjourned its ruling on the defence counsel’s various applications challenging its jurisdiction.
Delivering a ruling on the case yesterday, the presiding judge, Justice Chukwuekwu Aneke insisted that Otudeko must take a plea in court before the application challenging the court’s jurisdiction can be decided.
Following the ruling, Olanipekun informed the court that settlement discussions are ongoing.
He said a meeting was held on March 12 involving all parties under the supervision of the office of the Attorney-General of the Federation, AGF.
He added that the prosecution team was also present at the settlement meeting.
Olanipekun then requested an adjournment for a report on the settlement without setting an arraignment date. The defence counsel argued that setting an arraignment date during the settlement meeting may cause prejudice.
The court granted the defense’s request and adjourned the case until May 8 for a report on the settlement.
