A Federal High Court sitting in Lagos has officially struck out the 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 other defendants.
Presiding over the case, Justice Chukwujekwu Aneke ruled to discontinue the matter following the confirmation by the EFCC that the issues in dispute had been amicably resolved between the nominal complainant, FirstBank of Nigeria, and the first defendant, Dr. Otudeko.
During the hearing on Wednesday, counsel to Dr. Otudeko, Mr. Bode Olanipekun (SAN), informed the court that all underlying matters that gave rise to the charge had been settled. He noted that the resolution had been communicated to the Attorney General of the Federation (AGF), a position also confirmed by the EFCC.
The EFCC, through its legal team, presented various correspondences between the parties involved and the AGF, detailing the terms of the resolution. It was further disclosed that the principal sum in question had been fully repaid by the first defendant, effectively bringing the issue to a close.
All other defence counsels, including Adeyinka Olumide-Fusika (SAN) representing Mr. Olabisi Onasanya, Tunde Babalola (SAN) for Mr. Soji Akintayo, and Dr. Charles Adeogun-Phillips (SAN) for Anchorage Leisure Ltd., also confirmed that the matter had been amicably resolved.
In a brief ruling, Justice Aneke, having been satisfied with the submissions from both prosecution and defence teams, struck out the 13-count criminal charge.
The case originally stemmed from allegations by the EFCC that Dr. Otudeko, alongside Olabisi Onasanya, former Managing Director of FirstBank Plc; Soji Akintayo, former board member of Honeywell Group; and Anchorage Leisure Ltd., conspired to fraudulently obtain N12.3 billion from FirstBank. The prosecution had claimed that the funds were misrepresented as credit facilities sought by V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
Earlier this year, on January 20, IREPORT247NEWS reported that Dr. Otudeko’s legal team had appeared before the court to challenge the charges, citing that their client had not been served any formal notification. Mr. Olanipekun (SAN) raised an objection, stating that Otudeko had not received any formal charge, and that the accusations lacked proper procedural foundation.
Reacting to the latest development, Honeywell Group issued a formal statement through its General Counsel, Ausubo Abolaji. The company welcomed the court’s decision, describing it as a reaffirmation of Dr. Otudeko’s long-standing integrity and contribution to national development.
“Honeywell Group confirms that the legal proceedings initiated by the EFCC against our Chairman, Dr. Oba Otudeko, in connection with matters relating to First Holdco Plc, have been formally withdrawn,” the statement read.
“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,” it continued.
“At no point was there any finding or admission of wrongdoing. This conclusion reinforces what we have consistently stated—that the matter was purely a commercial transaction, investigated and resolved nearly eight years ago.”
The group also lauded Dr. Otudeko’s over six decades of active involvement in nation-building and economic development, highlighting his exemplary service across the banking sector, industry, and public service.
“His leadership of FirstBank was defined by strategic vision, corporate stewardship, and institutional stability,” the statement concluded.