by Ronald Adamolekun
A former employee of First Bank of Nigeria, Adesuwa Ezenwa, has accused billionaire industrialist Oba Otudeko of massive fraud during his tenure as chairman of FBN Holdings Plc, the parent company of the bank. Along with Bisi Onasanya, the bank’s former CEO, Otudeko is accused of granting unsecured loans worth approximately N12 billion to companies in which Otudeko had significant investments.
Ezenwa, who was dismissed by the bank in October 2016, is suing First Bank at the National Industrial Court, seeking damages and redress for what she claims was an unjustified termination. In her court documents, Ezenwa alleges that she was made the scapegoat for approving these loans, which were said to be linked to Otudeko’s business ventures. However, the approval process involved her superiors, including her branch manager Abiodun Olatunji and group head Cecilia Majekodunmi, both of whom were not penalized for their role in granting the loans.
Ezenwa’s claims suggest that the credit disciplinary committee held her responsible for failing to whistleblow on the loans, despite her belief that any reports would have been directed to those who were involved in the decision-making process. The lawsuit further details how she worked under the supervision of her superiors and had no independent authority to approve loans.
She is also seeking compensation for damages and legal costs from the bank, as well as a formal resolution of her case against what she describes as an unfair and punitive process.
