The Federal High Court in Lagos has struck out a N12.3 billion fraud case filed by the Economic and Financial Crimes Commission (EFCC) against Honeywell Group Chairman, Dr. Oba Otudeko, and three others, following a formal withdrawal by the anti-graft agency.
The EFCC had filed a 13-count charge against Otudeko, former First Bank Managing Director Olabisi Onasanya, ex-Honeywell board member Soji Akintayo, and Anchorage Leisure Limited. The defendants were accused of conspiring to fraudulently secure credit facilities worth N12.3 billion from First Bank of Nigeria on behalf of V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
At the hearing on Wednesday, EFCC counsel Rotimi Oyedepo informed Justice Chukwujekwu Aneke that the dispute had been resolved amicably. He said the nominal complainant, First Bank, had withdrawn its complaint after the recovery of the full amount in question.
Oyedepo told the court that the Attorney General of the Federation (AGF) reviewed the facts, confirmed the resolution, and opted to discontinue the prosecution to avoid abuse of court process. He added that the decision followed a stakeholder meeting initiated after the defence sought a settlement.
The resolution was communicated via letters from First Bank on July 16 and July 21, 2025, and a corresponding confirmation from Otudeko’s legal team.
Otudeko’s counsel, Bode Olanipekun, SAN, told the court that all matters had been resolved. Other defence lawyers, including Adeyinka Olumide-Fusika, SAN (representing Onasanya), Tunde Afe Babalola (for Akintayo), and Dr. Charles Adeogun-Phillips (for Anchorage Leisure Ltd.), also confirmed the settlement.
Justice Aneke, after hearing the submissions, ruled that the case be struck out.
Following the ruling, Honeywell Group issued a statement through its General Counsel, Olasumbo Abolaji, confirming the withdrawal of the case. The company reiterated that there had been no finding or admission of wrongdoing and described the matter as a commercial transaction resolved years ago.
The statement emphasized Dr. Otudeko’s contributions to Nigeria’s economy, noting his decades-long service in banking, industry, and public service. Honeywell Group reaffirmed its commitment to enterprise across food, energy, infrastructure, and finance.
