A Federal High Court in Lagos has ordered the arraignment of former First Bank of Nigeria Plc Chairman, Oba Otudeko, and its former Managing Director, Bisi Onasanya, over an alleged ₦12.3 billion fraud.

Delivering the ruling on Monday, Justice Aneke emphasized that a defendant’s plea must be taken before any legal application can be considered. Citing past cases, including Onnoghen v. FRN and Bello v. FRN, the judge ruled that any preliminary objections to the charges must come after the arraignment.

“The issue before the court is whether the processes can be taken before the arraignment of the defendants. Any preliminary objection to the validity of a charge can only be heard after the plea is taken,” the judge stated.

Defense counsel Olanipekun informed the court that both parties were exploring a settlement and requested an adjournment to allow discussions to continue. However, the prosecution, led by Bilkisu Buhari-Bala, insisted that the case should either proceed with the arraignment or include a settlement update.

The court subsequently adjourned the matter to May 8 for further proceedings.

The alleged offence, said to have been committed in September 2023 on Lagos Island, reportedly involved fraudulent financial transactions. It violates Section 22(2)(b) of the Cybercrime (Prohibition) Act, 2015, and Section 18(1)(a) of the EFCC Act, 2004.