A Federal High Court in Lagos on Wednesday struck out the N12.3 billion fraud case brought against Dr. Oba Otudeko, Chairman of Honeywell Group, following an out-of-court resolution between the parties involved. Justice Chukwujekwu Aneke delivered the ruling after counsel to the Economic and Financial Crimes Commission (EFCC), Rotimi Oyedepo (SAN), informed the court that the matter had been amicably settled.
The charge, filed under Suit No. FHC/L/20C/2025, named Otudeko and three others former First Bank MD Olabisi Onasanya, Honeywell board member Soji Akintayo, and Anchorage Leisure Ltd. accusing them of conspiring to obtain N12.3bn from First Bank under the guise of legitimate credit facilities.
However, during the hearing, Otudeko’s counsel, Bode Olanipekun (SAN), told the court that all disputes had been resolved, a position echoed by Oyedepo. He disclosed that the EFCC had received formal letters from First Bank and the defence confirming the settlement, with the Attorney General of the Federation exercising his authority under Section 180 of the Administration of Criminal Justice Act to discontinue the case.
Supporting documentation submitted to the court included a July 16 letter from First Bank confirming full resolution and repayment, and further correspondence on July 21 affirming closure.
The defence teams representing all co-defendants confirmed the resolution and did not oppose the application to withdraw the charges. Consequently, Justice Aneke struck out the case.
In a statement following the ruling, Honeywell Group welcomed the development, reaffirming that there had never been any wrongdoing on Dr. Otudeko’s part. The company described the matter as a commercial transaction that had already been resolved years earlier and stated that Otudeko’s integrity remained intact.
The Group praised its Chairman’s contributions to the Nigerian economy and expressed renewed focus on its future endeavors.
