The Federal High Court in Lagos has struck out the N12.3bn fraud charge filed by the Economic and Financial Crimes Commission against the Chairman of Honeywell Group, Dr Oba Otudeko, and three others, after the anti-graft agency formally withdrew the case on Wednesday.
The EFCC, on Wednesday, formally withdrew the 13-count charge filed before the Federal High Court in Lagos against Otudeko and three other defendants. This marks a decisive conclusion to proceedings initiated in January 2025 regarding alleged non-performing loan transactions.
The foremost industrialist and philanthropist has long expressed confidence in the robustness of Nigeria’s judicial system, asserting from the outset that the matter was civil in nature and had been fully resolved eight years ago.
In a statement by the Counsel to Honeywell Group, Olasumbo Abolaji, she reaffirmed the company’s unwavering commitment to good governance, transparency, and responsible corporate conduct.
“Dr Otudeko has for over six decades contributed to Nigeria’s economic and institutional development, including distinguished tenures across banking, industry, and public service. His leadership of FirstBank was defined by stability, stewardship, and strategic vision.”
According to the group, “the 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, which was investigated by the EFCC and resolved eight years ago. Dr Otudeko’s record of service, enterprise, and nation-building stands firm and unblemished.”
During the proceeding on Wednesday, Rotimi Oyedepo, SAN, appearing on behalf of EFCC, informed the court that following a comprehensive review of the representations submitted by all relevant parties, including those from the complainant, First Bank of Nigeria, and the defence counsel, the Attorney-General of the Federation has exercised his constitutional discretion to discontinue the prosecution.
Citing the overriding interest of justice, public policy, and the need to forestall abuse of judicial process, Oyedepo stated that the Attorney-General of the Federation concluded that it was no longer in the public interest to pursue the matter.
The case withdrawal by the agency restores certainty to stakeholders across Nigeria’s financial markets, reinforcing confidence in institutional processes and highlighting the institutional checks that protect commercial engagements.
The EFCC had in suit No. FHC/L/20C/2025, filed 13-count charges against Otudeko, former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited.
At Wednesday’s proceedings, EFCC counsel, Oyedepo, told Justice Chukwujekwu Aneke that the matter had been amicably resolved between the nominal complainant, First Bank, and the first defendant, Dr Otudeko.
“The parties have reached a full and final settlement,” Oyedepo said. “First Bank, the nominal complainant, has formally withdrawn its complaint. The funds at the heart of the matter have been fully repaid, and there is no further interest in pursuing the charge,” he said.
He added, “In the interest of justice and to prevent abuse of the court process, the Attorney General of the Federation, having reviewed the facts and the full recovery of the disputed funds, decided to discontinue the prosecution.”
According to Oyedepo, following applications for settlement by the defence, the AGF convened a meeting involving all stakeholders. This led to a formal resolution communicated via a July 16, 2025, letter from First Bank and another from Otudeko’s counsel confirming the settlement.
He stated that a follow-up letter on July 21, 2025, reaffirmed the bank’s position and requested that the charge be withdrawn.
Otudeko’s counsel, Bode Olanipekun, (SAN), informed the court that “all issues leading to the institution of this charge have been completely resolved.” Other defence lawyers Adeyinka Olumide-Fusika, (SAN) (for Onasanya), Tunde Afe Babalola, SAN (for Akintayo), and Dr Charles Adeogun-Phillips, (SAN) (for Anchorage Leisure Ltd.) confirmed the amicable settlement.
After hearing the submissions, Justice Aneke ruled: “In view of the application by the prosecution and the confirmation by the defence, this case is hereby struck out.”
