The Federal High Court in Lagos has struck out the ₦12.3 billion fraud charge filed against Honeywell Group Chairman, Oba Otudeko, and three others, following the withdrawal of the case by the Economic and Financial Crimes Commission (EFCC).
The EFCC’s lead counsel, Rotimi Oyedepo (SAN), informed the court that the matter had been amicably resolved between the nominal complainant, First Bank of Nigeria, and Otudeko. He added that the resolution had been formally communicated to the Attorney General of the Federation (AGF), who authorised the discontinuation of the prosecution.
“In the interest of justice and to prevent abuse of the court process, the Attorney General has decided to discontinue the prosecution,” Oyedepo stated.
Counsel to Otudeko, Bode Olanipekun (SAN), also confirmed to Justice Chukwujekwu Aneke that all issues leading to the charge had been resolved, with the full repayment of the disputed funds.
According to Oyedepo, following the filing of the initial charges, the AGF received applications from the defence proposing a peaceful settlement. This led to a meeting convened by the AGF with all parties. A letter dated July 16, 2025, from First Bank formally withdrew the complaint, and another letter on July 21 reiterated that the bank no longer wished to pursue the matter.
All defence counsel — Adeyinka Olumide-Fusika (SAN) for former First Bank MD Olabisi Onasanya, Tunde Afe Babalola (SAN) for Soji Akintayo, and Charles Adeogun-Phillips (SAN) for Anchorage Leisure Ltd. — confirmed the dispute had been resolved.
Justice Aneke subsequently struck out the 13-count charge.
The EFCC had accused the defendants of conspiring to fraudulently obtain ₦12.3 billion from First Bank by misrepresenting the funds as credit facilities for companies including V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
