Justice Chukwujekwu Aneke of the Federal High Court in Ikoyi, Lagos, on Wednesday struck out a ₦12.3 billion criminal charge filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Dr. Oba Otudeko, and three others.
The charge was withdrawn following confirmation by the EFCC’s counsel, Rotimi Oyedepo, SAN, that the matter had been amicably resolved between the nominal complainant, First Bank of Nigeria, and the first defendant, Otudeko.
Otudeko was charged alongside a former Managing Director of First Bank, Olabisi Onasanya; a former Honeywell board member, Soji Akintayo; and Anchorage Leisure Limited in a 13-count charge (Suit No. FHC/L/20C/2025). The EFCC had alleged that the defendants conspired to fraudulently obtain ₦12.3 billion 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, informed the court that all issues that gave rise to the charge had been resolved. Oyedepo corroborated the position, disclosing that both parties had communicated the resolution to the Attorney General of the Federation (AGF), who subsequently approved the withdrawal 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 submitted.
He referenced letters dated July 16 and July 21, 2025, from First Bank and Otudeko’s legal team, confirming the resolution of the dispute and repayment of the disputed funds. Oyedepo added that the AGF exercised his powers under Section 180 of the Administration of Criminal Justice Act (ACJA) to withdraw the charge.
Defence counsels Adeyinka Olumide-Fusika, SAN (for Onasanya); Tunde Afe Babalola, SAN (for Akintayo); and Dr. Charles Adeogun-Phillips, SAN (for Anchorage Leisure Ltd.), also confirmed that the dispute had been fully resolved.
Justice Aneke, in a brief ruling, struck out the case.
Meanwhile, Honeywell Group welcomed the development in a statement issued by its General Counsel, Olasumbo Abolaji. The statement described the withdrawal as a reaffirmation of Dr. Otudeko’s integrity and the resolution of a commercial matter that had already been addressed years ago.
“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, investigated and resolved eight years ago,” the company stated.
The Group reiterated its commitment to enterprise in key sectors including food, energy, infrastructure, and financial services, while praising Otudeko’s decades-long contributions to national development.
“As we move forward, we do so strengthened by experience, focused on the future, and anchored in the enduring values that have always shaped our journey,” it added.