The Federal High Court sitting in Lagos, on Wednesday, struck out the ₦12.3 billion charge filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Oba Otudeko, and three others.
The charge was withdrawn following submissions by EFCC counsel, Rotimi Oyedepo (SAN), who told the court that the matter had been amicably resolved between the nominal complainant, First Bank of Nigeria, and the first defendant, Otudeko.
Counsel to Otudeko, Bode Olanipekun (SAN), also told Justice Chukwujekwu Aneke that all issues leading to the charge had been resolved.
The EFCC counsel, Oyedepo, confirmed that both parties had indeed settled and the resolution had been formally communicated to the Attorney General of the Federation (AGF).
He referred to several correspondences between the parties and the AGF documenting the settlement terms. Oyedepo also stated 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 charge was filed, the AGF received applications from the defence proposing an amicable resolution. This led to a meeting convened by the AGF with all parties.
According to him, 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 wrote to the AGF affirming the settlement. A follow-up letter from First Bank on July 21 reiterated that the 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 Charles Adeogun-Phillips (SAN) for Anchorage Leisure Ltd., confirmed that the matter had been amicably resolved.
In a brief ruling, Justice Aneke struck out the charge.
How It Began
The EFCC had filed a 13-count charge 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 ₦12.3 billion from First Bank by misrepresenting the funds as credit facilities requested by V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
