Following the Economic and Financial Crimes Commission’s official withdrawal of the case on Wednesday, the Federal High Court in Lagos has dismissed the N12.3 billion fraud accusation against Dr. Oba Otudeko, the chairman of Honeywell Group, and three other individuals.
Along with Otudeko, former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited, the EFCC filed 13 counts in suit No. FHC/L/20C/2025.
The defendants allegedly planned to defraud First Bank of Nigeria of N12.3 billion by obtaining credit facilities for V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
EFCC’s lawyer Rotimi Oyedepo informed Justice Chukwujekwu Aneke during Wednesday’s hearings that First Bank, the nominal complainant, and Otudeko, the first defendant, had reached a mutually agreeable resolution.
Oyedepo said, “The parties have reached a full and final settlement.
“First Bank, the nominal complainant, has formally withdrawn its complaint. The funds at the heart of the matter have been fully repaid, and there is no further interest in pursuing the charge.
“In the interest of justice and to prevent abuse of the court process, the Attorney General of the Federation, having reviewed the facts and the full recovery of the disputed funds, decided to discontinue the prosecution.”
Oyedepo claims that when the defence filed settlement petitions, the AGF called a meeting with all parties involved.
This resulted in a formal resolution that was confirmed in letters from First Bank and Otudeko’s attorney on July 16, 2025.
A follow-up letter dated July 21, 2025, he said, reiterated the bank’s stance and asked that the charge be cancelled.
“All issues leading to the institution of this charge have been completely resolved,” Otudeko’s attorney, Bode Olanipekun, told the court.
Following the hearing of the arguments, Justice Aneke declared, “This case is hereby struck out in view of the prosecution’s application and the defense’s confirmation.”
Olasumbo Abolaji, the court’s general counsel, praised the outcome and called it a reaffirmation of Dr. Otudeko’s integrity in a statement issued after the court’s decision.
Abolaji said, “Honeywell Group confirms that the legal proceedings initiated by the EFCC against our Chairman, Dr. Oba Otudeko, CFR, in connection with matters relating to First Holdco Plc, have been formally withdrawn.
“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.
“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 by the EFCC and resolved eight years ago.
“Dr. Otudeko’s service, enterprise, and nation-building record stand firm and unblemished. For over six decades, he has contributed significantly to Nigeria’s economic and institutional development, including distinguished tenures across banking, industry, and public service. His leadership of First Bank was marked by stability, stewardship, and strategic vision.”
The group reaffirmed its commitment to creating value through enterprise in food, energy, infrastructure, and financial services.
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