Justice Chukwujekwu Aneke of the Federal High Court, Ikoyi on Wednesday struck out the N12.3 billion charge filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Oba Otudeko, 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The charge was withdrawn following submissions by EFCC counsel, Rotimi Oyedepo, SAN, who informed the court that the matter had been amicably resolved between the nominal complainant,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 the first defendant, Otudeko.
The EFCC had filed a 13-count charge (Suit No. FHC/L/20C/2025) 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.
At Wednesday’s proceedings, Otudeko’s counsel, Bode Olanipekun SAN, informed the court that all issues leading to the charge had been resolved.
Oyedepo, for the EFCC, confirmed that both parties had settled and that the resolution was 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. He also stated that the first defendant had fully repaid the funds at the heart of the matter.
“In the interest of justice and to prevent abuse of the court process, the Attorney General has decided to discontinue the prosecution,” Oyedepo said.
He further explained that after the charge was filed, the AGF received applications from the defence proposing an amicable resolution. This led to a meeting convened by the AGF with all parties.
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 not be pursued.
“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.
All defence counsel, including Adeyinka Olumide-Fusika (SAN) for Onasanya, Tunde Afe Babalola (SAN) for Akintayo, and Dr. Charles Adeogun-Phillips (SAN) for Anchorage Leisure Ltd., confirmed that the matter had been amicably resolved.
In a brief ruling, Justice Aneke struck out the charge.
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 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.”
The Group reaffirmed its commitment to creating value through enterprise in food, energy, infrastructure, and financial services.