Justice Chukwujekwu Aneke of Federal High Court in Lagos on Wednesday, struck out the fraud charges filed against businessman, Chief Oba Otudeko and former Managing Director of First Bank of Nigeria, Olabisi Onasanya, by the Economic and Financial Crimes Commission (EFCC).
Justice Aneke struck out the 13-count charge after the EFCC withdrew it following an out-of-court settlement among the parties involved.
EFCC counsel, Rotimi Oyedepo informed the court that the funds had been repaid to the nominal complainant, First Bank Plc.
All defence attorneys, including Bide Olanipekun (SAN), Kehinde Ogunwumiju (SAN), and Adeyinka Olumide-Fusika (SAN), confirmed this development and did not oppose the motion to withdraw the charges.
The EFCC had filed a 13-count charge against Otudeko, Olabisi Onasanya, former Honeywell board member, Soji Akintayo; and a company known as Anchorage Leisure Ltd.
The commission alleged that the defendants committed fraud in multiple transactions totalling N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million between 2013 and 2014 in Lagos.
At the resumed hearing of the matter on Wednesday, Oyedepo told the judge that both parties had settled, and that the resolution had been formally communicated to the Attorney General of the Federation (AGF), Lateef Fagbemi (SAN).
He referred to several correspondences between the parties and the AGF documenting the settlement terms.
He also stated that the first defendant (Otudeko) had fully repaid the funds at the heart of the matter.
“In the interest of justice and to prevent abuse of the court process, the Attorney General has decided to discontinue the prosecution,” Oyedepo said.
The lawyer further stated that after the charge was filed, the AGF received applications from the defence proposing an amicable resolution. This led to the AGF convening a meeting with all parties.
He said, “In a letter dated July 16, 2025, First Bank formally withdrew its complaint, confirming that the matter had been settled. On the same date, Otudeko’s counsel also wrote to the AGF affirming the settlement. A follow-up letter from First Bank on July 21 reiterated that the parties had resolved their differences and requested that the charge not be pursued.
“Upon thorough review of the allegations, and considering that the depositor funds involved in the charge have been fully recovered and returned to First Bank’s treasury, the AGF decided—under Section 180 of the ACJA—to withdraw the charge,” Oyedepo submitted.
After listening to the lawyers, Justice Aneke struck out the charge.
In the charge marked FHC/L/20C/2025, dated January 16, 2025, the EFCC accused the defendants of creating and using forged documents to deceive the bank.
However, the defendants did not enter pleas because Otudeko did not appear in court since the matter began on January 20, citing health issues.
His lawyer stated that the businessman was abroad for health reasons.
Meanwhile, Honeywell Group, in a statement signed by its General Counsel, Olasumbo Abolaji, welcomed the development, describing it as a reaffirmation of Dr. Otudeko’s integrity.
“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.
“As we move forward, we do so strengthened by experience, focused on the future, and anchored in the enduring values that have always shaped our journey,” the statement added.
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