The Federal High Court in Lagos has dismissed the Economic and Financial Crimes Commission’s N12.3 billion fraud charge against Honeywell Group Chairman Dr Oba Otudeko and three others after the anti-graft agency formally withdrew the case on Wednesday.
The EFCC had charged Otudeko, former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited with 13 counts (Suit No. FHC/L/20C/2025).
The defendants were accused of conspiring to fraudulently obtain N12.3 billion from First Bank of Nigeria in the name of credit facilities for V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
At Wednesday’s sessions, EFCC counsel Rotimi Oyedepo informed Justice Chukwujekwu Aneke that First Bank and the first defendant, Otudeko, had reached an amicable settlement.
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“First Bank, the nominal complainant, has formally withdrawn its complaint.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.”
According to Oyedepo, after the defence filed petitions for settlement, the AGF called a meeting with all stakeholders.
This resulted in a formal conclusion communicated through a letter from First Bank dated July 16, 2025, and another from Otudeko’s counsel confirming the settlement.
He added that a follow-up letter, dated July 21, 2025, restated the bank’s position and requested that the charge be dropped.
Bode Olanipekun, Otudeko’s counsel, told 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 agreement.
After hearing the arguments, Justice Aneke declared, “In view of the application by the prosecution and the confirmation by the defence, this case is hereby struck out.”
In a statement issued following the court’s verdict, its General Counsel, Olasumbo Abolaji, hailed the development, calling it a reaffirmation of Dr Otudeko’s integrity.
Abolaji said, “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.
“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.”
The company reaffirmed its dedication to producing value through business in food, energy, infrastructure, and financial services.
“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 statement added.
