The Federal High Court in Ikoyi on Wednesday struck out a high-profile N12.3 billion fraud charge filed by the Economic and Financial Crimes Commission (EFCC) against Dr. Oba Otudeko, Chairman of Honeywell Group, following confirmation that the matter had been amicably resolved.
Justice Chukwujekwu Aneke delivered the ruling after EFCC counsel Rotimi Oyedepo (SAN) informed the court that the first defendant, Otudeko, and the nominal complainant, First Bank of Nigeria, had settled the dispute out of court. He added that the Attorney General of the Federation (AGF) had been duly informed and approved the withdrawal of prosecution.
Okay.ng reports that the EFCC had previously filed a 13-count charge (Suit No. FHC/L/20C/2025) against Otudeko; Olabisi Onasanya, former Managing Director of First Bank; Soji Akintayo, a former Honeywell board member; and Anchorage Leisure Ltd.
The charges alleged a conspiracy to fraudulently secure N12.3 billion in credit facilities by misrepresenting the transactions as loans requested by V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
During proceedings on Wednesday, Otudeko’s counsel Bode Olanipekun (SAN) confirmed that all contentious issues had been resolved, while Oyedepo explained that the first defendant had fully repaid the funds in question. He cited multiple correspondences between the parties and the AGF confirming the settlement.
“In the interest of justice and to avoid abuse of the court process, the AGF has decided to discontinue the prosecution,” Oyedepo said. He added that in a letter dated July 16, 2025, First Bank formally withdrew its complaint, and this was reinforced by another letter from Otudeko’s legal team on the same day.
Further support came in a follow-up letter on July 21, where First Bank reiterated its satisfaction with the resolution and requested that the case be dropped.
Citing Section 180 of the Administration of Criminal Justice Act (ACJA), Oyedepo said the AGF had acted within legal provisions to withdraw the charges, especially as all depositor funds were recovered and returned to First Bank’s treasury.
Counsel to the other defendants — Adeyinka Olumide-Fusika (SAN) for Onasanya, Tunde Afe Babalola (SAN) for Akintayo, and Dr. Charles Adeogun-Phillips (SAN) for Anchorage Leisure Ltd. — confirmed the amicable settlement of the matter.
In his ruling, Justice Aneke formally struck out the case.
In a statement signed by Olasumbo Abolaji, General Counsel of Honeywell Group, the company described the court’s decision as a vindication of Dr. Otudeko’s integrity.
“Honeywell Group confirms that the legal proceedings initiated by the EFCC against our Chairman, Dr. Oba Otudeko, CFR, in connection with matters relating to First Holdco Plc, have been formally withdrawn,” the statement read.
The Group emphasized that there was no finding or admission of wrongdoing, reaffirming that the issue stemmed from a commercial transaction resolved many years ago.
The company also praised Dr. Otudeko’s record of service and leadership, noting his six decades of contributions to Nigeria’s economic development and institutional stability.
“Dr. Otudeko’s service, enterprise, and nation-building record stand firm and unblemished,” the statement added, pledging continued commitment to delivering value in food, energy, infrastructure, and financial services.
