By Tonia Okereke
The Federal High Court in Lagos on Wednesday struck out the N12.3bn fraud charge filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Mr. Oba Otudeko, and three others.
This followed the formal withdrawal of the case by EFCC on the same day.
The EFCC had in suit No. FHC/L/20C/2025, filed 13-count charges against Otudeko, former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited.
The anti-graft agency accused the defendants of conspiring to fraudulently obtain N12.3bn 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, Rotimi Oyedepo, told Justice Chukwujekwu Aneke
that the matter had been amicably resolved between the nominal complainant, First Bank, and the first defendant, Otudeko.
Recall that at the last adjourned sitting on March 17, 2025, Otudeko’s lawyer, Wole Olanipekun SAN informed the court that a meeting involving all counsel had been convened at the instance of the Attorney General of the Federation, AGF, towards reaching a peaceful settlement of the matter.
Related story: https://frontlinenews.com.ng/alleged-n12-3bn-fraud-court-adjourns-oba-otudekos-case-till-june-11/
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“First Bank, the nominal complainant, has formally withdrawn its complaint.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 matter 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.”
Oyedepo further explained that 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He said that a follow-up letter on July 21, 2025, reaffirmed the bank’s position and requested that the charge be withdrawn.
Otudeko’s counsel, Bode Olanipekun, informed the court that “all issues leading to the institution of this charge have been completely resolved.”
Other defence lawyers Adeyinka Olumide-Fusika, SAN (for Onasanya), Tunde Afe Babalola (for Akintayo), and Dr. Charles Adeogun-Phillips (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.”
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