*The Federal High Court sitting in Lagos, strikes out the N12.3 billion charge filed by the Economic and Financial Crimes Commission against Oba Otudeko, Chairman of Honeywell Group, and three other defendants in a case involving First Bank of Nigeria Limited, the nominal complainant

Isola Moses | 绿帽献妻

Following the anti-graft Commission’s withdrawal of the charge, the Federal High Court Wednesday, July 23, sitting in Lagos, struck out the N12.3 billion charge, earlier instituted by the Economic and Financial Crimes Commission (EFCC) against Oba Otudeko, Chairman of Honeywell Group, and three other defendants.

绿帽献妻 reports the EFCC withdrew the charge against Otudeko and others after submissions by Rotimi Oyedepo (SAN), EFCC counsel, in which he told the court that the matter had been amicably resolved between the nominal complainant, First Bank of Nigeria Limited, and Oba Otudeko, the first defendant in the case.

It was gathered that Bode Olanipekun (SAN), Counsel to Otudeko, also told Justice Chukwujekwu Aneke that all issues leading to the charge had been resolved.

Likewise, Oyedepo, EFCC counsel, confirmed that both parties to the case had settled, and the resolution had been formally communicated to the Attorney-General of the Federation (AGF).

The counsel referred to several correspondence between the parties and the AGF, documenting the settlement terms, report said.

Oyedepo further stated that the first defendant (Oba Otudeko) had fully repaid the funds at the heart of the matter.

The EFCC counsel reportedly explained: 鈥淚n the interest of justice and to prevent abuse of the court process, the Attorney-General has decided to discontinue the prosecution.”

According to him, after the charge was filed, the AGF received applications from the defence proposing an amicable resolution.

This led to a meeting convened by the AGF with all parties, said he.

Stating the timeline, Oyedepo said, in a letter dated July 16, 2025, First Bank of Nigeria “formally withdrew its complaint, confirming that the matter had been settled.”

Otudeko鈥檚 counsel, same day, also wrote to the AGF affirming the settlement of the matter.

A follow-up letter from First Bank July 21 as well clarified that the parties had resolved their differences, and requested that the charge not be pursued any longer.

Oyedepo noted: 鈥淯pon thorough review of the allegations, and considering that the depositor funds involved in the charge have been fully recovered and returned to First Bank鈥檚 treasury, the AGF decided鈥攗nder Section 180 of the ACJA鈥攖o withdraw the charge.”

All defence counsel, including Adeyinka Olumide-Fusika (SAN) for Onasanya, Tunde Afe Babalola (SAN) for Akintayo, and Charles Adeogun-Phillips (SAN) for Anchorage Leisure Limited, confirmed that the matter had been amicably resolved, report also noted.

In a brief ruling, Justice Aneke Wednesday therefore, struck out the charge.

Hitherto, the EFCC had filed a 13-count charge against Otudeko, Olabisi Onasanya, ex-First Bank Managing Director/Chief Executive Officer (CEO), Soji Akintayo, former Honeywell Board member, and Anchorage Leisure Limited.

The prosecution also purported that the defendants conspired to fraudulently obtain N12.3 billion from First Bank by misrepresenting the funds as “credit facilities”, requested by V-TECH Dynamic Links Limited and Stallion Nigeria Limited.

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