The Economic and Financial Crimes Commission (EFCC) has officially withdrawn a 13-count fraud charge against Honeywell Group Chairman, Dr. Oba Otudeko, following moves by both parties to resolve the matter out of court.
A federal high court in Lagos struck out the charges on Wednesday, effectively bringing an end to legal proceedings over an alleged N30 billion loan transaction involving First Bank and Honeywell.
In a statement issued by Olasumbo Abolaji, General Counsel of Honeywell Group, the company welcomed the development, describing it as the conclusion of a challenging chapter that never cast doubt on Otudeko’s integrity.
“At no point was there any finding or admission of wrongdoing,” the statement said. “This conclusion further affirms what we have always maintained — that this was a commercial transaction investigated and resolved eight years ago.”
Honeywell praised Otudeko’s longstanding contributions to Nigeria’s financial and industrial sectors, noting his record in banking, public service, and enterprise. It described his leadership at First Bank as one marked by stability, stewardship, and strategic vision.
The company reaffirmed its commitment to value creation across food, energy, infrastructure, and financial services, saying it remains focused on the future while drawing strength from past experiences.
The EFCC had initially filed the charges in January 2025 against Otudeko and three others — former FBN Group Managing Director Stephen Olabisi Onasanya, former Honeywell Flour Mills board member Soji Akintayo, and Anchorage Limited, a company linked to Otudeko.
The trial was delayed due to Otudeko’s absence in court. As a result, both his legal team and the EFCC agreed to pursue an out-of-court settlement, with the court granting five weeks to finalize the agreement.
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