The Federal High Court in Lagos on Wednesday struck out the ₦12.3 billion criminal charge filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Oba Otudeko, and three others, following confirmation that the matter had been amicably resolved.
EFCC counsel, Rotimi Oyedepo (SAN), informed Justice Chukwujekwu Aneke that the nominal complainant, First Bank of Nigeria, and the first defendant, Otudeko, had reached a full settlement.
Otudeko’s counsel, Bode Olanipekun (SAN), also confirmed to the court that all issues that led to the charge had been resolved.
Oyedepo explained that the EFCC had received multiple correspondences confirming the resolution, which had also been formally communicated to the Attorney General of the Federation (AGF). He said Otudeko had fully repaid the funds at the center of the allegations.
“In the interest of justice and to avoid an abuse of court process, the Attorney General has directed that the prosecution be discontinued,” Oyedepo stated.
He further disclosed that following the filing of the charge, the defence submitted a request for amicable resolution, prompting the AGF to convene a meeting with all parties. In a letter dated July 16, 2025, First Bank formally withdrew its complaint, while Otudeko’s legal team affirmed the settlement in a separate letter. A follow-up letter from First Bank on July 21 reiterated the resolution and requested that the charge be dropped.
“Upon reviewing the circumstances and confirming that the funds in question have been fully recovered and returned to First Bank, the AGF exercised his powers under Section 180 of the Administration of Criminal Justice Act (ACJA) to discontinue the case,” Oyedepo added.
Counsel to the other defendants—including Adeyinka Olumide-Fusika (SAN) for Olabisi Onasanya, Tunde Afe Babalola (SAN) for Soji Akintayo, and Charles Adeogun-Phillips (SAN) for Anchorage Leisure Ltd.—also confirmed the resolution.
Justice Aneke, in a brief ruling, formally struck out the charge.
Background
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 Ltd.
The defendants were accused of conspiring to fraudulently obtain ₦12.3 billion from First Bank by misrepresenting the transactions as legitimate credit facilities requested by V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
