Femi Ashekun/
Justice Chukwujekwu Aneke of the Federal High Court in Ikoyi today, struck out a 13-count, N12.3 billion fraud charge filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Dr. Oba Otudeko, and three others, following a last-minute withdrawal by the anti-graft agency.
The EFCC made a dramatic U-turn after confirming that the matter had been amicably resolved between First Bank of Nigeria—the nominal complainant—and Otudeko, who was the lead defendant in the high-profile suit.
Otudeko, alongside former First Bank Managing Director Olabisi Onasanya, ex-Honeywell board member Soji Akintayo, and Anchorage Leisure Limited, had been accused of conspiring to fraudulently obtain N12.3 billion in credit facilities under false pretenses.
But during today’s proceedings, EFCC lead counsel Rotimi Oyedepo, SAN, announced that the case would no longer proceed, citing a comprehensive out-of-court resolution brokered by the Attorney General of the Federation (AGF).
“All issues have been resolved. The funds in question have been fully repaid. First Bank has withdrawn its complaint and the Attorney General has exercised his power under Section 180 of the Administration of Criminal Justice Act to discontinue the prosecution,” Oyedepo told the court.
He referenced multiple correspondences between the parties and the AGF confirming that the matter had been settled. In particular, a letter dated July 21 from First Bank reaffirmed the bank’s position that it had recovered the disputed funds and no longer wished to pursue the case.
Defence lawyers—including Bode Olanipekun, SAN (for Otudeko), Adeyinka Olumide-Fusika, SAN (for Onasanya), Tunde Afe Babalola, SAN (for Akintayo), and Dr. Charles Adeogun-Phillips, SAN (for Anchorage Leisure)—all confirmed the resolution.
Justice Aneke, in his ruling, agreed with the EFCC’s position and formally struck out the case.
Following the court’s ruling, Honeywell Group issued a statement celebrating the development as a reaffirmation of Otudeko’s character and legacy.
“This development marks the closure of a chapter that, while challenging, never diminished our confidence in Dr. Otudeko’s integrity,” said Olasumbo Abolaji, the Group’s General Counsel.
“There was no admission of wrongdoing at any point. This was a commercial matter, investigated and resolved over eight years ago,” she added.
The Group also emphasised Otudeko’s longstanding contributions to Nigeria’s economy, noting his over six decades of service in banking, industry, and public life. “His tenure at First Bank was marked by vision, responsibility, and strategic leadership,” the statement said.
Honeywell reaffirmed its commitment to enterprise and national development across sectors including food, energy, infrastructure, and finance.
“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 company concluded.
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