The Economic and Financial Crimes Commission (EFCC) has announced the withdrawal of the suit against a former chairman of First Bank of Nigeria (FBN), Oba Otudeko.

Naijaonpoint recalls that in January, the anti-graft agency filed 13-count charges against Otudeko and three others for allegedly defrauding to the tune of ₦30 billion.

However, a Federal High Court Judge in Lagos, Chukwujekwu Aneke, on Wednesday, July 23, 2025, struck out the charge filed against Otudeko after the counsel to the EFCC, Rotimi Oyedepo, announced its withdrawal.

Meanwhile, at the last hearing on February 13, the defence argued that their preliminary objections should be heard before the arraignment.

However, delivering a ruling on Monday, Justice Aneke stated: “It is a settled legal principle that a defendant’s plea must be taken before any preliminary objection can be heard.”

The court referenced past rulings, including Onnoghen v. FRN and Bello v. FRN, and upheld that arraignment must come before any legal objections.

Following this, Olanipekun informed the court that settlement discussions were progressing, with a meeting held on March 12 under the Attorney General’s supervision. He requested an adjournment to report on the settlement outcome.

Other defence lawyers, including Messrs Kehinde Ogunwumiju (SAN), Olumide Fusika (SAN), and Charles Adeosun-Phillips (SAN), supported the adjournment request.

They urged the court not to set an arraignment date to allow the negotiations to continue without pressure.