A N12.3 billion fraud charge against Honeywell Group Chairman, Dr. Oba Otudeko, and three other defendants was today, Wednesday, July 23, 2025, struck out by the Federal High Court in Lagos.
The decision by Justice Chukwujekwu Aneke followed the formal withdrawal of the case by the Economic and Financial Crimes Commission (EFCC), marking an end to the high-profile legal battle.
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.
They were accused of conspiring to fraudulently obtain N12.3 billion from First Bank of Nigeria under the guise of credit facilities for V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
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During proceedings, EFCC counsel, Rotimi Oyedepo, a Senior Advocate of Nigeria, informed the court that the matter had reached an amicable and full resolution between First Bank, the nominal complainant, and Dr. Otudeko, the first defendant.
Oyedepo stated that First Bank had formally withdrawn its complaint, confirming that the funds central to the dispute had been fully repaid.
He further elaborated that, in the interest of justice and to prevent any abuse of the court process, the Attorney General of the Federation, having reviewed all the facts and the complete recovery of the disputed funds, had decided to discontinue the prosecution.
This decision aligns with the Administration of Criminal Justice Act (ACJA), which allows for such discontinuance.
The Honeywell Group, in a statement, welcomed the withdrawal, affirming it as a confirmation that there was no finding or admission of wrongdoing, and reiterating their long-held stance that the matter was a commercial transaction resolved eight years prior.
This development concludes a case that has seen various adjournments and attempts at out-of-court settlements, with the Attorney General’s office reportedly facilitating the final resolution.