The Federal High Court in Lagos on Wednesday struck out the ₦12.3 billion fraud case filed by the Economic and Financial Crimes Commission (EFCC) against Honeywell Group Chairman, Oba Otudeko, and three others, following an out-of-court settlement.
EFCC’s lead counsel, Rotimi Oyedepo (SAN), informed the court that the dispute between the nominal complainant, First Bank of Nigeria, and the first defendant, Otudeko, had been amicably resolved. Counsel to Otudeko, Bode Olanipekun (SAN), confirmed that all issues leading to the criminal charge had been settled.
Oyedepo told Justice Chukwujekwu Aneke that the resolution had been formally communicated to the Attorney General of the Federation (AGF), along with several supporting correspondences. He stated that Otudeko had fully repaid the amount in question and that First Bank had withdrawn its complaint.
“In the interest of justice and to prevent abuse of the court process, the Attorney General has decided to discontinue the prosecution,” Oyedepo explained.
He further revealed that after the initial charge was filed, the AGF convened a meeting with all parties following a request from the defence to resolve the matter amicably.
In a letter dated 16 July 2025, First Bank formally withdrew its complaint and affirmed that the matter had been settled. A follow-up letter on 21 July reiterated this position, requesting that the case be discontinued.
Oyedepo noted that after thoroughly reviewing the facts and confirming that the funds had been recovered and returned to First Bank’s treasury, the AGF invoked Section 180 of the Administration of Criminal Justice Act (ACJA) to withdraw the charge.
All defence lawyers — Adeyinka Olumide-Fusika (SAN) for Olabisi Onasanya, Tunde Afe Babalola (SAN) for Soji Akintayo, and Charles Adeogun-Phillips (SAN) for Anchorage Leisure Ltd. — confirmed the out-of-court resolution.
Justice Aneke, in a brief ruling, struck out the case.
Background to the Case
The EFCC had filed a 13-count charge accusing Otudeko, former First Bank MD Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited of conspiring to fraudulently obtain ₦12.3 billion from First Bank. The funds were allegedly misrepresented as credit facilities requested by V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.