The Federal High Court in Lagos has officially struck out the ₦12.3 billion fraud case filed by the Economic and Financial Crimes Commission, EFCC, against Dr. Oba Otudeko, former chairman of FBN Holdings and Chairman of Honeywell Group, along with three others, following a full settlement and formal withdrawal of charges.
The decision came after EFCC counsel, Rotimi Oyedepo, SAN, informed the court that all parties involved had reached a comprehensive and final agreement.
He stated that First Bank of Nigeria, the complainant in the case, had formally withdrawn its petition after the full repayment of the disputed ₦12.3 billion.
The EFCC initially charged Otudeko, former First Bank Managing Director Olabisi Onasanya, Honeywell board member Soji Akintayo, and Anchorage Leisure Limited over alleged fraudulent credit facilities issued in the names of V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
Justice Chukwujekwu Aneke, who presided over the case, struck out the suit after confirming that all legal stakeholders—including the defence—had agreed to discontinue the matter.
Oyedepo explained that following the defence’s application for settlement, the Attorney General of the Federation convened a meeting with all parties.
This process led to a formal resolution, detailed in letters submitted to the court from both First Bank and Otudeko’s legal team dated July 16 and reaffirmed on July 21, 2025.
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In a statement released after the court’s decision, Honeywell Group welcomed the outcome, describing it as a reaffirmation of Dr. Otudeko’s character and legacy.
The statement, signed by General Counsel Olasumbo Abolaji, emphasized that there had never been a finding or admission of guilt. “This was a commercial transaction resolved eight years ago. Dr. Otudeko’s legacy remains unblemished,” the company stated.
The defence team—including Senior Advocate of Nigeria Adeyinka Olumide-Fusika (representing Onasanya), Tunde Afe Babalola (for Akintayo), and Dr. Charles Adeogun-Phillips (for Anchorage Leisure Ltd.)—also confirmed the amicable conclusion of the matter.
The development marks the official end of a long-standing financial dispute that originated from a commercial loan agreement between Honeywell Group entities and First Bank.
The resolution, achieved without a court ruling on the merits of the accusations, strengthens Otudeko’s long-standing claim that the case was purely commercial and never criminal in nature.
Otudeko, a prominent Nigerian entrepreneur with a career spanning over six decades, has played leading roles in Nigeria’s banking, industry, and public sectors.
Honeywell Group reaffirmed its commitment to value creation across its focus sectors—food, energy, infrastructure, and financial services—as it moves forward.
With the charges formally withdrawn and the matter struck out, the case is now officially closed.
NAN
