The Federal High Court sitting in Lagos has struck out the ₦12.3 billion fraud charge filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Oba Otudeko, and three others.
The development followed an application by EFCC counsel, Rotimi Oyedepo (SAN), during proceedings on Wednesday, in which he informed the court that the matter had been amicably resolved between the nominal complainant, First Bank of Nigeria, and the first defendant, Oba Otudeko.
Counsel to Otudeko, Bode Olanipekun (SAN), also confirmed to Justice Chukwujekwu Aneke that all issues relating to the case had been settled.
Oyedepo told the court that the settlement had been formally communicated to the Attorney General of the Federation (AGF) and supported by multiple correspondences between the parties involved. He further disclosed that Otudeko had fully repaid the funds central to the case.
“In the interest of justice and to prevent abuse of the court process, the Attorney General has decided to discontinue the prosecution,” Oyedepo stated.
He explained that following the filing of the charge, the AGF received requests for an amicable resolution. A meeting was subsequently convened by the AGF, which resulted in a consensus between the complainant and defendants.
A July 16, 2025 letter from First Bank officially withdrew its complaint, confirming a complete settlement. A corresponding letter from Otudeko’s legal team affirmed the resolution. First Bank followed up on July 21 with another letter urging the discontinuation of the charge.
Oyedepo cited Section 180 of the Administration of Criminal Justice Act (ACJA) as the legal basis for the withdrawal, noting that all depositor funds involved had been fully recovered and returned to First Bank.
Defence counsel for the other defendants , Adeyinka Olumide-Fusika (SAN) for former First Bank MD Onasanya, Tunde Afe Babalola (SAN) for Akintayo, and Charles Adeogun-Phillips (SAN) for Anchorage Leisure Ltd., all confirmed that the case had been resolved out of court.
In his ruling, Justice Aneke struck out the charge, officially ending the proceedings.
