The Federal High Court in Lagos has struck out a N12.3 billion charge filed by the Economic and Financial Crimes Commission (EFCC) against Oba Otudeko, Chairman of Honeywell Group, and three others.
The charge was withdrawn following submissions by EFCC counsel, Rotimi Oyedepo (SAN), who informed the court that the matter had been amicably resolved between the nominal complainant, First Bank of Nigeria, and Otudeko.
The EFCC counsel, Oyedepo, confirmed that both parties had settled and the resolution had been formally communicated to the Attorney General of the Federation (AGF).
He referred to several correspondences between the parties and the AGF documenting the settlement terms. Oyedepo stated that Otudeko had fully repaid the funds at the heart of the matter, and in the interest of justice and to prevent abuse of the court process, the AGF had decided to discontinue the prosecution.
According to Oyedepo, after the charge was filed, the AGF received applications from the defense proposing an amicable resolution.
This led to a meeting convened by the AGF with all parties. In a letter dated July 16, 2025, First Bank formally withdrew its complaint, confirming that the matter had been settled.
On the same date, Otudeko’s counsel also wrote to the AGF affirming the settlement. A follow-up letter from First Bank on July 21 reiterated that the parties had resolved their differences and requested that the charge not be pursued.
Upon thorough review of the allegations and considering that the depositor funds involved in the charge had been fully recovered and returned to First Bank’s treasury, the AGF decided to withdraw the charge under Section 180 of the Administration of Criminal Justice Act (ACJA).
All defense counsel confirmed that the matter had been amicably resolved, and in a brief ruling, Justice Chukwujekwu Aneke struck out the charge.
The EFCC had filed a 13-count charge against Otudeko, former First Bank Managing Director, Olabisi Onasanya, former Honeywell board member, Soji Akintayo, and Anchorage Leisure Limited.
The prosecution alleged that the defendants conspired to fraudulently obtain N12.3 billion from First Bank by misrepresenting the funds as credit facilities requested by V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
