Justice Chukwujekwu Aneke of the Federal High Court in Ikoyi Wednesday dismissed the EFCC’s N12.3 billion fraud charge against Honeywell Group Chairman Dr. Oba Otudeko and three co-defendants on Wednesday.
The Economic and Financial Crimes Commission, through its counsel Rotimi Oyedepo SAN, said the matter had been “amicably resolved” between First Bank (the complainant) and Otudeko, and that the disputed funds have been fully repaid. Oyedepo confirmed the settlement had been communicated to the Attorney‑General of the Federation, who, citing Section 180 of the ACJA, discontinued the prosecution to prevent further abuse of court processes.
The EFCC had brought a 13-count charge against Otudeko, former First Bank MD Olabisi Onasanya, ex-Honeywell board member Soji Akintayo, and Anchorage Leisure Ltd. They were accused of securing ₦12.3 billion in false credit facilities through conflated loan requests by V‑TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
“In the interest of justice and to prevent abuse of the court process, the Attorney General has decided to discontinue the prosecution,” Oyedepo said.
At Wednesday’s hearing, Otudeko’s lawyer, Bode Olanipekun SAN, stated all issues have been resolved. The EFCC agreed, saying both parties had reached a full settlement and First Bank officially withdrew its complaint in a letter to the AGF dated July 16, with a follow-up on July 21 confirming the funds were returned. With no finding of guilt or admission of wrongdoing, Justice Aneke struck out the charge.
“Upon thorough review of the allegations, and considering that the depositor funds involved in the charge have been fully recovered and returned to First Bank’s treasury, the AGF decided, under Section 180 of the ACJA, to withdraw the charge,” Oyedepo submitted.
Honeywell Group’s General Counsel, Olasumbo Abolaji, welcomed the court’s decision. She reiterated that at no time was any wrongdoing admitted or proven, and she hailed the conclusion as a reaffirmation of Dr. Otudeko’s integrity and his long-standing service to Nigeria’s economic development.
“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 Oba Otudeko, CFR, in connection with matters relating to First Holdco Plc, have been formally withdrawn.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.”
