The Federal High Court, Ikoyi, Lagos on Wednesday struck out the N12.3 billion charge filed by the Economic and Financial Crimes Commission (EFCC) against the chairman of Honeywell Group, Dr. Oba Otudeko, and three others.
The ruling by Justice Chukwujekwu Aneke followed 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 earlier 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 the resumed hearing, Otudeko’s counsel, Bode Olanipekun SAN, confirmed that all issues giving rise to the charge had been resolved. Supporting this, EFCC’s counsel, Oyedepo, told the court that a resolution had been reached and formally communicated to the Attorney General of the Federation (AGF).
He referenced “several correspondences” between the parties and the AGF detailing the terms of the settlement. Oyedepo added 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 charges were filed, the AGF received applications from the defence requesting an amicable settlement. This led to a meeting convened by the AGF, bringing all parties to the table.
According to Oyedepo, 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 communicated to the AGF affirming the agreement. A subsequent letter from First Bank dated July 21 reiterated that all 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 resolved amicably.
Delivering a brief ruling, Justice Aneke struck out the charge.
Meanwhile, Honeywell Group, in a statement signed by its General Counsel, Olasumbo Abolaji, welcomed the ruling, describing it as a reaffirmation of Dr. Otudeko’s integrity.