Oba Otudeko Cleared: EFCC Withdraws N12.3bn Fraud Case After Settlement with First Bank
Justice Chukwujekwu Aneke of the Federal High Court, Ikoyi, has struck out the N12.3 billion fraud case filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Dr. Oba Otudeko, and three others, following a resolution between the parties involved.
At Wednesday’s court session, EFCC counsel, Rotimi Oyedepo (SAN), informed the court that the matter had been amicably resolved between the nominal complainant, First Bank of Nigeria, and the first defendant, Dr. Otudeko. Consequently, the Attorney General of the Federation (AGF) directed the withdrawal of the 13-count charge (Suit No. FHC/L/20C/2025).
The charge had accused Otudeko, former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited of conspiring to fraudulently obtain N12.3 billion from First Bank by disguising the funds as credit facilities for V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
Otudeko’s counsel, Bode Olanipekun (SAN), confirmed in court that all underlying issues had been settled, a position corroborated by Oyedepo, who cited formal correspondences sent to the AGF. He stated that Otudeko had fully repaid the funds in question, and First Bank had officially withdrawn its complaint in a letter dated July 16, 2025. A follow-up letter on July 21 reiterated the resolution and requested that the charge be dropped.
“In the interest of justice and to prevent abuse of court process, the Attorney General has decided to discontinue the prosecution,” Oyedepo stated, citing Section 180 of the Administration of Criminal Justice Act (ACJA).
Defence counsel, including Adeyinka Olumide-Fusika (SAN) for Onasanya, Tunde Afe Babalola (SAN) for Akintayo, and Dr. Charles Adeogun-Phillips (SAN) for Anchorage Leisure Ltd., confirmed that the matter had been resolved amicably.
In his ruling, Justice Aneke struck out the case.
Reacting to the development, Honeywell Group issued a statement through its General Counsel, Olasumbo Abolaji, describing the withdrawal as a reaffirmation of 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 at no point was there any finding or admission of wrongdoing, and reiterated that the issue was purely a commercial transaction that had already been resolved years ago.
The Group concluded by reaffirming its commitment to delivering value in the sectors of food, energy, infrastructure, and financial services, while praising Otudeko’s decades-long contributions to Nigeria’s economic growth and institutional leadership.
