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By Lukman Olabiyi
Justice Chukwujekwu Aneke of the Federal High Court, Lagos has struck out a N12.3 billion fraud charge filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Dr. Oba Otudeko, and three others, following an amicable resolution between the parties involved.
The EFCC had initially filed a 13-count charge (Suit No. FHC/L/20C/2025) against Otudeko, former First Bank Managing Director, Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited.
The defendants were accused of conspiring to fraudulently obtain N12.3 billion from First Bank by allegedly misrepresenting the funds as credit facilities for V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
At Wednesday’s proceedings, EFCC counsel Rotimi Oyedepo, SAN, informed the court that the matter had been resolved between First Bank of Nigeria, the nominal complainant and Otudeko.
He confirmed that the dispute was settled following a series of correspondences and meetings facilitated by the Attorney General of the Federation (AGF).
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Otudeko’s counsel, Bode Olanipekun, SAN, also told the court that all issues surrounding the charge had been resolved.
Oyedepo added that the funds in question had been fully repaid and returned to First Bank’s treasury.
“In the interest of justice and to prevent an abuse of court process, the Attorney General has decided to discontinue the prosecution,” Oyedepo stated
