Justice Chukwujekwu Aneke of the Federal High Court in Ikoyi has struck out the fraud charges filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Oba Otudeko, and three others.
The decision came after EFCC counsel, Rotimi Oyedepo, SAN, informed the court that the matter had been amicably resolved between the nominal complainant, First Bank of Nigeria, and the first defendant, Otudeko.
Oyedepo cited a series of correspondences between the parties and the Attorney General of the Federation (AGF), confirming the terms of the settlement.
The EFCC had filed a 13-count against Otudeko, a former Managing Director of First Bank, Olabisi Onasanya; a former Honeywell board member, Soji Akintayo; and a firm, Anchorage Leisure Limited.
The defendants were accused of fraudulently obtaining N12.3 billion from First Bank by misrepresenting the funds as credit facilities requested by V-Tech Dynamic Links Ltd. and Stallion Nigeria Ltd between 2013 and 2014.
According to Oyedepo, both Otudeko and First Bank had resolved all outstanding issues, and the resolution was duly communicated to the AGF.
The defendant counsel also stated that the former bank manager 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 charges were filed, the AGF received applications from the defence counsel proposing an amicable resolution of the matter. This prompted the AGF to convene a meeting 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.
Meanwhile, Honeywell Group, in a statement signed by its General Counsel, Olasumbo Abolaji, welcomed the court’s decision, describing it as a reaffirmation of Oba 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.