Relief came today for Honeywell Group Chairman Oba Otudeko and three co-accused as a Federal High Court in Lagos struck out the N12.3 billion fraud charge brought against them by the Economic and Financial Crimes Commission (EFCC).
The anti-graft agency formally withdrew the case on Wednesday, July 23.
The EFCC had previously arraigned Oba Otudeko, along with former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited, on a 13-count charge (Suit No. FHC/L/20C/2025).
The defendants were alleged to have conspired to fraudulently obtain N12.3 billion from First Bank of Nigeria under the guise of credit facilities for V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
At Wednesday’s proceedings, EFCC counsel, Mr. Rotimi Oyedepo (SAN), told Justice Chukwujekwu Aneke
that the case had been amicably resolved between the nominal complainant, First Bank, and the first defendant, Otudeko.
Oyedepo said: “The parties have reached a full and final settlement. First Bank, the nominal complainant, has formally withdrawn its complaint. The funds at the heart of the case have been fully repaid, and there is no further interest in pursuing the charge.
“In the interest of justice and to prevent abuse of the court process, the Attorney General of the Federation, having reviewed the facts and the full recovery of the disputed funds, decided to discontinue the prosecution.”
According to Oyedepo, following applications for settlement by the defence, the AGF convened a meeting involving all stakeholders.
This led to a formal resolution communicated via a July 16, 2025, letter from First Bank and another from Otudeko’s counsel confirming the settlement.
He stated that a follow-up letter on July 21, 2025, reaffirmed the bank’s position and requested that the charge be withdrawn.
Otudeko’s counsel, Mr. Bode Olanipekun (SAN), informed the court that “all issues leading to the institution of this charge have been completely resolved.”
Other defence lawyers including Mr. Adeyinka Olumide-Fusika (SAN) (for Onasanya), Mr. Tunde Afe Babalola (SAN) (for Akintayo), and Dr. Charles Adeogun-Phillips (SAN) (for Anchorage Leisure Ltd.) confirmed the amicable settlement.
After hearing the submissions, Justice Aneke ruled: “In view of the application by the prosecution and the confirmation by the defence, this case is hereby struck out.”
Reacting to the ruling, Honeywell’s general counsel, Mr. Olasumbo Abolaji welcomed the development, describing it as a reaffirmation of Otudeko’s integrity.
He said: “Honeywell Group confirms that the legal proceedings initiated by the EFCC against our Chairman, Dr. Oba Otudeko, CFR, in connection with cases relating to First Holdco Plc, have been formally withdrawn.
“This development marks the closure of a chapter that, while challenging, never diminished our confidence in Dr. Otudeko’s integrity or our belief in the principles that have guided his life and leadership.
“At no point was there any finding or admission of wrongdoing, and this conclusion further affirms what we have always maintained that this was a commercial transaction, investigated by the EFCC and resolved eight years ago.
“Dr. Otudeko’s service, enterprise, and nation-building record stand firm and unblemished. For over six decades, he has contributed significantly to Nigeria’s economic and institutional development, including distinguished tenures across banking, industry, and public service. His leadership of First Bank was marked by stability, stewardship, and strategic vision.
“As we move forward, we do so strengthened by experience, focused on the future, and anchored in the enduring values that have always shaped our journey.”
The group reaffirmed its commitment to creating value through enterprise in food, energy, infrastructure, and financial services.
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