A Federal High Court in Lagos has struck out the N12.3 billion fraud case filed against the Chairman of Honeywell Group, Dr. Oba Otudeko, and three others, following a full settlement agreement with First Bank of Nigeria.
The Economic and Financial Crimes Commission (EFCC) had brought a 13-count charge against Otudeko, former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited. The defendants were accused of fraudulently obtaining N12.3 billion through credit facilities issued for two companies—V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
However, at Wednesday’s proceedings, EFCC counsel Rotimi Oyedepo informed Justice Chukwujekwu Aneke that the dispute had been resolved. He told the court, “The parties have reached a full and final settlement. First Bank, which is the nominal complainant, has formally withdrawn its complaint. The funds involved have been fully repaid, and there is no longer an interest in continuing the prosecution.”
Oyedepo added that the settlement followed a meeting convened by the Attorney General of the Federation (AGF), who, upon reviewing the facts and confirming full recovery of the disputed funds, decided to discontinue the case. He presented letters dated July 16 and July 21, 2025, from First Bank and Otudeko’s legal team, affirming the resolution and requesting withdrawal of the charges.
Counsel representing Otudeko, Bode Olanipekun, SAN, confirmed to the court that “all the issues that gave rise to this case have been resolved amicably.”
Other defence lawyers—Adeyinka Olumide-Fusika, SAN (for Onasanya), Tunde Afe Babalola (for Akintayo), and Dr. Charles Adeogun-Phillips (for Anchorage Leisure Limited)—also confirmed the settlement.
Following the submissions, Justice Aneke struck out the case, stating, “In view of the application by the prosecution and the confirmation by the defence, this case is hereby struck out.”
In response to the court’s decision, Honeywell Group released a statement signed by its General Counsel, Olasumbo Abolaji, welcoming the development and reaffirming Dr. Otudeko’s integrity.
“This development marks the closure of a chapter that, while challenging, never diminished our confidence in Dr. Otudeko’s integrity or our belief in the principles that have guided his life and leadership,” the statement read.
Honeywell emphasized that there was no admission or finding of wrongdoing, noting that the matter was a commercial transaction previously investigated and resolved. “This conclusion further affirms what we have always maintained—that the matter was purely commercial and had been resolved years ago,” the statement continued.
The group described Otudeko as a respected figure in Nigeria’s economic landscape, stating, “For over 60 years, Dr. Otudeko has contributed immensely to Nigeria’s economic and institutional growth across banking, industry, and public service.”
“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,” the company concluded.
