Court strikes out N12.3bn fraud charge as EFCC drops case against Oba Otudeko, others -

Justice Chukwujekwu Aneke of the Federal High Court, Ikoyi, Lagos, on Wednesday struck out the N12.3 billion fraud charge filed by the EFCC against Oba Otudeko, and three others, after confirming that “the matter had been resolved.”

The Economic and Financial Crimes Commission (EFCC) at the Federal High Court in Lagos State has withdrawn the 13-count charge filed against Chief Oba Otudeko, the Chairman of Honeywell Group, and three other defendants.

Otudeko was to be arraigned alongside a former Managing Director of First Bank Plc, Olabisi Onasanya; a former board member of Honeywell, Soji Akintayo; and a firm, Anchorage Leisure Limited, on a 13‑count charge bordering on obtaining by false pretence to the tune of N12.3 billion.

At the last adjourned sitting on March 17, 2025, Otudeko’s lawyer, Wole Olanipekun, SAN, had informed the court that a meeting involving all counsel had been convened at the instance of the Attorney‑General of the Federation (AGF) to explore a peaceful settlement.

At the resumed hearing on Wednesday, prosecution counsel, Rotimi Oyedepo, SAN, in company of Bilkisu Buhari‑Bala and S.I. Suleman, confirmed that the AGF had reviewed letters from both First Bank, the nominal complainant, and the defendants, and approved discontinuance of the case.

Counsel to the first defendant, Bode Olanipekun, SAN, appearing with Abiola Akinyemi, W.B. Adepoju, N. Dada and I. Adesope, confirmed that all outstanding issues had been resolved.

Defence teams for the other defendants — including Kehinde Oguhumiju and Tunde Afebabalola for the third defendant, and Elijah Akefe for the fourth — raised no objections, while counsel for First Bank, B.O. Ofula, also confirmed that the disputed funds had been fully repaid.

Relying on Section 180 of the Administration of Criminal Justice Act (ACJA), Justice Aneke struck out the charge, formally bringing the proceedings to an end.

In a statement by Olasumbo Abolaji, Counsel to Honeywell Group, she reaffirmed the company’s unwavering commitment to good governance, transparency, and responsible corporate conduct.

During the proceeding earlier today, Rotimi Oyedepo, SAN, appearing on behalf of EFCC, informed the court that following a comprehensive review of the representations submitted by all relevant parties, including those from the complainant, First Bank of Nigeria, and the defence counsel, the Honourable Attorney General of the Federation (AGF) exercised his constitutional discretion to discontinue the prosecution.

Citing the overriding interest of justice, public policy, and the need to forestall abuse of judicial process, Oyedepo stated that the Attorney-General of the Federation concluded that it was no longer in the public interest to pursue the matter.

The company said the case withdrawal by the agency restores certainty to stakeholders across Nigeria’s financial markets, reinforcing confidence in institutional processes and highlighting the institutional checks that protect commercial engagements.

According to the group, “the development marks the closure of a chapter that, while challenging, never diminished our confidence in Dr. Otudeko’s integrity. This conclusion further affirms what we have always maintained: that this was a commercial transaction, which was investigated by the EFCC and resolved eight years ago.”

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