Court strikes out N12.3bn fraud charge against Oba Otudeko, others

By Akin Kuponiyi

A Federal high court sitting in Ikoyi Lagos State on Wednesday strikes out the N12.3 billion charge filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Dr. Oba Otudeko, and three others.

The other defendants in the suit are former first Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and a limited liability company Anchorage Leisure Limited.

In a thirteen count charge, EFCC alleged that Otudeko, Onasanya, Akintayo, and Anchorage Leisure Limited conspired together 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.

Otudeko’s counsel, Barrister Bode Olanipekun SAN, informed the court that all issues leading to the charge had been resolved when the case was called on Wednesday.

Oyedepo, for the EFCC also confirmed that both parties had settled and that the resolution was formally communicated to the Attorney General of the Federation (AGF).

He told the court that the matter had been amicably resolved between the nominal complainant, First Bank of Nigeria, and the first defendant, Oba Otudeko.

Oyedepo referred to several correspondences between the parties and the AGF documenting the settlement terms.

He also stated that Oba Otudeko had fully repaid the funds that had form the basis of the charge .

“In the interest of justice and to prevent abuse of the court process, the Attorney General has decided to discontinue the prosecution,” Oyedepo told the court.

He further explained that after the charge was filed, the AGF received applications from the defence counsels proposing an amicable resolution of the matter, This led to a meeting convened by the AGF with all parties involved

According to him, 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 need not be pursued.

“Upon thorough review of the allegations, and considering that the depositors funds involved in the charge have been fully recovered and returned to First Bank’s coffers, the AGF then decided—under Section 180 of the Administration of Criminal Justice Act—to withdraw the charge,” Oyedepo submitted.

All defence counsel, comprises of Adeyinka Olumide-Fusika (SAN) for Onasanya, Tunde Afe Babalola (SAN) for Akintayo, and Dr. Charles Adeogun-Phillips (SAN) for Anchorage Leisure Ltd. also confirmed that the matter had been amicably resolved.

In his ruling Justice Aneke struck out the charge.

Meanwhile, Honeywell Group, in a statement signed by its General Counsel, Olasumbo Abolaji, welcomed the development, describing it as a reaffirmation of Dr. Otudeko’s integrity.

“Honeywell Group confirms that the legal proceedings initiated by the EFCC against their 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 wrong doing, 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.