{"id":32068,"date":"2025-07-23T22:09:26","date_gmt":"2025-07-23T21:09:26","guid":{"rendered":"https:\/\/naijaeyesblog.com\/?p=32068"},"modified":"2025-07-23T22:09:26","modified_gmt":"2025-07-23T21:09:26","slug":"court-strikes-n12-case-on-otudeko","status":"publish","type":"post","link":"https:\/\/naijaeyesblog.com\/ro\/court-strikes-n12-case-on-otudeko\/","title":{"rendered":"Court withdraws N12.3bn fraud case against Otudeko"},"content":{"rendered":"<h5><strong>Following the Economic and Financial Crimes Commission&#8217;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.<\/strong><\/h5>\n<p>Along with Otudeko, former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited, the <a href=\"https:\/\/naijaeyesblog.com\/ro\/tech\/efcc-corrupt-politicians-crypto\/\">EFCC<\/a> filed 13 counts in suit No. FHC\/L\/20C\/2025.<\/p>\n<p><a href=\"https:\/\/chat.whatsapp.com\/GxfCtlAzWSMAtz92Gn6fws\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span class=\"td_btn td_btn_sm td_default_btn\">Join our WhatsApp group<\/span><\/a><\/p>\n<p>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.<\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-27085\" src=\"https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/06\/e092c99a3becdc82b0be33943124085d-1.avif\" alt=\"\" width=\"736\" height=\"736\" srcset=\"https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/06\/e092c99a3becdc82b0be33943124085d-1.avif 736w, https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/06\/e092c99a3becdc82b0be33943124085d-1-300x300.avif 300w, https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/06\/e092c99a3becdc82b0be33943124085d-1-150x150.avif 150w, https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/06\/e092c99a3becdc82b0be33943124085d-1-420x420.avif 420w, https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/06\/e092c99a3becdc82b0be33943124085d-1-640x640.avif 640w, https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/06\/e092c99a3becdc82b0be33943124085d-1-681x681.avif 681w\" sizes=\"(max-width: 736px) 100vw, 736px\" \/><\/p>\n<p>EFCC&#8217;s lawyer Rotimi Oyedepo informed Justice Chukwujekwu Aneke during Wednesday&#8217;s hearings that First Bank, the nominal complainant, and Otudeko, the first defendant, had reached a mutually agreeable resolution.<\/p>\n<p>Oyedepo said, \u201cThe parties have reached a full and final settlement.<\/p>\n<p>\u201cFirst 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.<\/p>\n<p>\u201cIn 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.\u201d<\/p>\n<figure id=\"attachment_24855\" aria-describedby=\"caption-attachment-24855\" style=\"width: 650px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-24855\" src=\"https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/05\/New-EFCC-Boss-Olukoyede-2.avif\" alt=\"EFCC\" width=\"650\" height=\"350\" srcset=\"https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/05\/New-EFCC-Boss-Olukoyede-2.avif 650w, https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/05\/New-EFCC-Boss-Olukoyede-2-300x162.avif 300w, https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/05\/New-EFCC-Boss-Olukoyede-2-640x345.avif 640w\" sizes=\"(max-width: 650px) 100vw, 650px\" \/><figcaption id=\"caption-attachment-24855\" class=\"wp-caption-text\">EFCC chairman, Olukoyede<\/figcaption><\/figure>\n<p>Oyedepo claims that when the defence filed settlement petitions, the AGF called a meeting with all parties involved.<\/p>\n<p>This resulted in a formal resolution that was confirmed in letters from First Bank and Otudeko&#8217;s attorney on July 16, 2025.<\/p>\n<p>A follow-up letter dated July 21, 2025, he said, reiterated the bank&#8217;s stance and asked that the charge be cancelled.<\/p>\n<p><a href=\"https:\/\/chat.whatsapp.com\/GxfCtlAzWSMAtz92Gn6fws\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span class=\"td_btn td_btn_sm td_default_btn\">Join our WhatsApp group<\/span><\/a><\/p>\n<figure id=\"attachment_32071\" aria-describedby=\"caption-attachment-32071\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-32071\" src=\"https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/07\/Oba_Otudeko__1__1753282112.webp\" alt=\"\" width=\"1200\" height=\"600\" srcset=\"https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/07\/Oba_Otudeko__1__1753282112.webp 1200w, https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/07\/Oba_Otudeko__1__1753282112-300x150.webp 300w, https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/07\/Oba_Otudeko__1__1753282112-1024x512.webp 1024w, https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/07\/Oba_Otudeko__1__1753282112-768x384.webp 768w, https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/07\/Oba_Otudeko__1__1753282112-840x420.webp 840w, https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/07\/Oba_Otudeko__1__1753282112-640x320.webp 640w, https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/07\/Oba_Otudeko__1__1753282112-681x341.webp 681w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-32071\" class=\"wp-caption-text\">Honeywell CEO, Oba Otudeko<\/figcaption><\/figure>\n<p>\u201cAll issues leading to the institution of this charge have been completely resolved,\u201d Otudeko&#8217;s attorney, Bode Olanipekun, told the court.<\/p>\n<p>Following the hearing of the arguments, Justice Aneke declared, &#8220;This case is hereby struck out in view of the prosecution&#8217;s application and the defense&#8217;s confirmation.&#8221;<\/p>\n<p>Olasumbo Abolaji, the court&#8217;s general counsel, praised the outcome and called it a reaffirmation of Dr. Otudeko&#8217;s integrity in a statement issued after the court&#8217;s decision.<\/p>\n<p>Abolaji said, \u201cHoneywell Group confirms that the legal proceedings initiated by the <a href=\"https:\/\/www.efcc.gov.ng\/efcc\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">EFCC<\/a> against our Chairman, Dr. Oba Otudeko, CFR, in connection with matters relating to First Holdco Plc, have been formally withdrawn.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-21469\" src=\"https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/04\/EFCC.webp\" alt=\"Tiktoker\" width=\"1182\" height=\"1182\" srcset=\"https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/04\/EFCC.webp 1182w, https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/04\/EFCC-300x300.webp 300w, https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/04\/EFCC-1024x1024.webp 1024w, https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/04\/EFCC-150x150.webp 150w, https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/04\/EFCC-768x768.webp 768w, https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/04\/EFCC-420x420.webp 420w, https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/04\/EFCC-640x640.webp 640w, https:\/\/naijaeyesblog.com\/wp-content\/uploads\/2025\/04\/EFCC-681x681.webp 681w\" sizes=\"(max-width: 1182px) 100vw, 1182px\" \/><\/p>\n<p>\u201cThis development marks the closure of a chapter that, while challenging, never diminished our confidence in Dr. Otudeko\u2019s integrity or our belief in the principles that have guided his life and leadership.<\/p>\n<p>\u201cAt 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.<\/p>\n<p><a href=\"https:\/\/chat.whatsapp.com\/GxfCtlAzWSMAtz92Gn6fws\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span class=\"td_btn td_btn_sm td_default_btn\">Join our WhatsApp group<\/span><\/a><\/p>\n<p>\u201cDr. Otudeko\u2019s service, enterprise, and nation-building record stand firm and unblemished. For over six decades, he has contributed significantly to Nigeria\u2019s 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.\u201d<\/p>\n<p>The group reaffirmed its commitment to creating value through enterprise in food, energy, infrastructure, and financial services.<\/p>\n<p class=\"p1\"><strong><span class=\"s1\">Join Our Social Media Channels:<\/span><\/strong><\/p>\n<p class=\"p1\"><span class=\"s2\">WhatsApp:<\/span><span class=\"s1\">\u00a0<a href=\"https:\/\/whatsapp.com\/channel\/0029VaINDLn8V0toq2u6BJ34\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">NaijaEyes<\/a><\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">Facebook:\u00a0<a href=\"http:\/\/www.facebook.com\/Naijaeyess\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span class=\"s1\">NaijaEyes<\/span><\/a><\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">Twitter:\u00a0<a href=\"https:\/\/twitter.com\/naija_eyes\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span class=\"s1\">NaijaEyes<\/span><\/a><\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">Instagram:\u00a0<a href=\"https:\/\/www.instagram.com\/naijaeyes\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span class=\"s1\">NaijaEyes<\/span><\/a><\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">TikTok:\u00a0<a href=\"https:\/\/www.tiktok.com\/@naijaeyes2\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span class=\"s1\">NaijaEyes<\/span><\/a><\/span><\/p>\n<p class=\"p1\"><span class=\"s2\"><a href=\"https:\/\/naijaeyesblog.com\/ro\/category\/politics\/\">READ THE LATEST POLITICS NEWS<\/a><\/span><\/p>\n<div class=\"td-g-rec td-g-rec-id-content_bottom tdi_10 td_block_template_1\"><ins class=\"adsbygoogle\" data-ad-client=\"ca-pub-2805458241861990\" data-ad-slot=\"2396024625\" data-adsbygoogle-status=\"done\" data-ad-status=\"unfilled\">\u00a0<\/ins><\/div>","protected":false},"excerpt":{"rendered":"<p>Following the Economic and Financial Crimes Commission&#8217;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 [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":32069,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_gspb_post_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-32068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"blocksy_meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Court withdraws N12.3bn fraud case against Otudeko - NaijaEyes Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/naijaeyesblog.com\/ro\/court-strikes-n12-case-on-otudeko\/\" \/>\n<meta property=\"og:locale\" content=\"ro_RO\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Court withdraws N12.3bn fraud case against Otudeko - NaijaEyes Blog\" \/>\n<meta property=\"og:description\" content=\"Following the Economic and Financial Crimes Commission&#8217;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. 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