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Breaking News | Breaking News EFCC wades into First Bank management crisis; invites Oba Otudeko, others over dubious loans

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The Economic and Financial Crimes Commission, EFCC, has stepped into the current management crisis rocking the First Bank of Nigeria.
The Street Journal gathered that the anti-graft agency has invited Oba Otudeko, as well as other prominent figures over some dubious loans taken from the financial institution, which has been present in Nigeria for over a century.
According to a memo, Oba Otudeko, who is the owner of Honeywell Flour Mills was asked to repay a loan to First Bank within 48 hours.
“Consequently, the company (Honeywell Flour Mills) is required to fully repay its obligations to the bank within 48 hours, failing which the CBN will take appropriate regulatory measures against the insider borrower and the bank,” according to a memo made available. ....

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