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N5.5bn debt: Drama as billionaire businessman Otudeko testifies

N5.5bn debt: Drama as billionaire businessman Otudeko testifies

 

There was mild drama at the Federal High Court in Lagos Thursday as chairman of Honeywell Group Dr Oba Otudeko escaped arrest by responding to summons to testify in his companies’ N5.5billion debt suit against Ecobank Nigeria Limited.

Sporting his trademark Yoruba attire, Otudeko and his aides tried to prevent journalists from taking his photographs and videoing him as he left the court.

There was also mild drama inside the courtroom as plaintiff’s counsel Olabode Olanipekun and Ecobank’s lawyer Divine Obinna Agbua repeatedly clashed.

There were arguments between the lawyers on whether he could be examined, cross-examined and re-examined on his statement on oath.

A scuffle broke out between some of Otudeko’s aides and journalists covering the proceedings.

As his aides walked beside him out of the courtroom, they beat a quick retreat to the back of the building on sighting a TV camera.

Otudeko tried to escape through the back gate but the camera man was ahead of them.

The Honeywell chief and his group stood at a safe distance from the camera, but the TV reporter and cameraman stood at both exit points of the court premises. The move left Otudeko and his aides plotting the best means of escape.

Some of the business mogul’s aides confronted the cameraman, asking him: “Why are you doing this?” while shielding their boss.

There was a mild scrap when one of the aides tried to force the cameraman to stop recording the scene.

Otudeko succeeded in leaving the court at about 11.40am in-between his aides who shielded him from the cameraman.

On Wednesday, Agbua had told Justice Mohammed Idris that Otudeko ignored a court summons, which Otudeko denied.

He said while in the witness box Thursday: “This is a first experience, and I am extremely delighted to be here to see all professionals in practice. I was away from Lagos, and only got a call from my officers who informed me of the position, and I came back yesterday (Wednesday).

“I have great respect for the institution of the court, and so I have deposed to my witness statement and have filed it.”

Agbua asked Otudeko to tell the court his names, occupation and address. The witness replied: “My name is Dr Oba Otudeko. I am a businessman. My place of business is at No 6, Mekuwen St. Ikoyi Lagos.”

When asked about his professional qualification, Olanipekun objected, saying the proper practice was for the defence to lead the witness to adopt his written deposition.

He added that the defence could not embark on a journey of questions, adding that after adoption, the plaintiff counsel was entitled to cross examine the witness.

Agbua argued that the witness was a subpoened one, and so he was entitled to lead his witness in evidence without hindrance.

“The witness in question is our witness. The question I put to the witness being an introductory question is allowed under the law, where he lives, works, his qualifications. To that extent, I submit that the objection to my line of questioning is preemptory,” he said.

Justice Idris ruled overruled Agbua and held that the witness could only be led to adopt his witness statement.

Agbua then declined to lead the witness to adopt his statement.

During cross examination, Olanipekun asked the witness to tell the court: “Whether the then Managing Director of Ecobank was in attendance at the plaintiff’s office on July 23, 2013, when it was agreed that N3.5billion will be full and final settlement of the plaintiff’s debt.”

Before the witness could respond, Agbua objected, arguing that since the witness’ statement was not before the court, he could not be made to answer questions on it.

“We have gotten what we want and we do not want to lead the witness anymore. We hereby apply for his discharge,” Agbua said.

Olanipekun made repeated efforts to cross-examine Otudeko, but Agbua continued to insist that a witness whose statement was not adopted in court could not be cross examined.

Justice Idris adjourned until February 14.

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Tinubu Fires Back at Critics: Exploiting Insecurity Won’t Stop My Second Term

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…directs action against sponsors of violence, backs Plateau peace committee

President Bola Ahmed Tinubu on Tuesday night declared that attempts by his political opponents to exploit insecurity to force him out of office would fail, insisting that he would not only remain in office but also seek a second term.

Speaking at the State House, Abuja, while receiving stakeholders from Plateau State, led by Governor Caleb Mutfwang, the President described himself as resolute in the face of political pressure.

“You are playing to the hand of agents, including my own enemies, who want to use insecurity to get rid of me. But I’m a very stubborn politician. I just refuse to go. And I will campaign for my second term,” Tinubu said.

The President warned that the Federal Government would move decisively against individuals found to be instigating or financing violence across the country, stressing that credible intelligence would be acted upon without delay.

“If you identify and you know the name of troublemakers, agents provocateur, who want to continue killing or instigate killing, let us know. We will use the instrument of office to deal with them,” he said.

Tinubu emphasised that security agencies stand ready to confront such threats once actionable information is provided, noting that the recurring cycle of violence must end.

In a move to strengthen peace efforts in Plateau State, the President also endorsed a newly constituted peace committee comprising former governors of the state, charging them to work collectively toward lasting solutions.

He directed the committee to review existing white papers on past conflicts and harmonise recommendations for implementation.

“Call one another. Ignore the Governor’s Committee if you have to, or incorporate them. Take that white paper, go through it among yourselves and agree to implement it.

“If the ones you have chosen before now are not working, you have to mix and amend membership. Forget those committees you mentioned to me, if it’s not working, it’s not working. Consider this group as the committee until we find a lasting solution,” the President said.

 

 

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Reps Give Nod to Tinubu’s $516.33m Loan Request for Sokoto-Badagry Highway

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The House of Representatives on Tuesday approved President Bola Tinubu’s request to secure a $516.33m loan from Deutsche Bank to finance Section I of the ambitious Sokoto-Badagry Superhighway project, a key infrastructure initiative under the administration’s Renewed Hope Agenda.

The approval followed the consideration of the President’s request by the Committee of Supply during plenary presided over by Speaker Tajudeen Abbas.

In a letter read on the floor of the Green Chamber, Tinubu described the Sokoto-Badagry Superhighway as a transformative national project aimed at connecting Nigeria’s far northwest to its southwestern coastline through an approximately 1,000-kilometre dual carriageway stretching from Illela in Sokoto State to Badagry in Lagos State.

The corridor is expected to pass through Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, opening up major agricultural, commercial and industrial hubs across the country.

According to the President, the project was designed to stimulate economic growth by significantly improving the movement of goods and people across Nigeria’s northern and southern regions.

He said the highway will “improve north-south connectivity, safety and network performance on the corridor; reduce logistics costs and travel times by providing a continuous high-capacity expressway standard link to downstream markets and strengthen trade facilitation, food security and national cohesion through improved access between production zones, markets and ports.”

Tinubu further noted that the road project would “safeguard long-term intermodal flexibility by reserving the central median for future rail integration and accommodating utility corridors.”

The President explained that the funding arrangement involves a $516.33m facility from Deutsche Bank, backed by partial guarantee cover from the insurance arm of the Islamic Development Bank, while the Federal Government will provide counterpart funding of N265.54bn.

The counterpart contribution, he said, would cover land acquisition, compensation payments, and complementary infrastructure requirements.

Tinubu urged lawmakers to expedite legislative approval of the borrowing request in view of the strategic importance of the project to national development.

The Sokoto-Badagry Superhighway was conceived as one of Nigeria’s most expansive road infrastructure projects, intended to serve as an economic backbone linking the resource-rich northern corridor with major export gateways in the south.

Beyond easing transportation challenges, the superhighway is expected to boost agricultural supply chains, enhance regional trade, improve access to seaports, and attract investments in manufacturing, logistics and real estate along its route.

The project also aligns with broader government plans to modernise transport infrastructure and strengthen Nigeria’s competitiveness under the African Continental Free Trade Area framework.

Presenting the report of the House Committee on Aids, Loans and Debt Management, Abdullahi El-Rasheed, who represented the committee chairman, Abubakar Nalaraba, urged lawmakers to support the loan request, citing the project’s strategic economic value.

He said the highway would serve as a critical driver of development and improve long-term economic productivity.

Following deliberations, the House approved the borrowing request at plenary, paving the way for the commencement of the project’s first section.

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BREAKING: Faleke Obtains Tinubu’s Presidential Nomination Forms

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(L-R): Founder of Tinubu Support Group, James Faleke; APC National Organising Secretary, Suleiman Argungu; and other APC officials during the presentation of nomination and expression of interest forms to Faleke for President Bola Tinubu in Abuja on Tuesday.

The lawmaker representing Ikeja Federal Constituency, James Faleke, has picked up the All Progressives Congress Expression of Interest and Nomination forms on behalf of President Bola Tinubu ahead of the 2027 presidential election.

The APC National Organising Secretary, Suleiman Argungu, on Tuesday in Abuja, declared the process open and presented the Expression of Interest and Nomination forms to Faleke, who also serves as the founder of the Tinubu Support Groups.

Faleke’s collection and payment for the forms, valued at N100 million on behalf of the President, formally signal the commencement of Tinubu’s bid for re-election.

The Independent National Electoral Commission has scheduled the Presidential and National Assembly elections for Saturday, January 16, 2027, while governorship and State Houses of Assembly elections will hold on Saturday, February 6, 2027.

The commission also announced that party primaries, including the resolution of related disputes, will run from April 23, 2026, to May 30, 2026.

INEC further stated that campaigns for the presidential and National Assembly elections will begin on August 19, 2026, while those for governorship and state assembly elections will commence on September 9, 2026

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