A Federal High Court sitting in Lagos has struck out a N12.3 billion fraud case against the Chairman of Honeywell Group, Oba Otudeko, after the money in question was fully repaid.
The Economic and Financial Crimes Commission had dragged Otudeko, a former Managing Director of First Bank, Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited to court over allegations of fraud.
The EFCC accused them of collecting N12.3 billion from First Bank under the excuse of using it as credit for two companies, V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
But during Wednesday’s court session, EFCC counsel Rotimi Oyedepo told Justice Chukwujekwu Aneke that all parties had settled the matter.
“The parties have reached a full and final settlement,” Oyedepo said.
“First Bank, the nominal complainant, has formally withdrawn its complaint. The funds at the heart of the matter have been fully repaid, and there is no further interest in pursuing the charge.
“In the interest of justice and to prevent abuse of the court process, the Attorney General of the Federation, having reviewed the facts and the full recovery of the disputed funds, decided to discontinue the prosecution.”
He explained that after receiving a settlement application from the defence, the Attorney General called a meeting with all parties involved.
Following the meeting, First Bank sent a letter on July 16 confirming the settlement. A follow-up letter on July 21 also confirmed the bank’s request for the case to be withdrawn.
Otudeko’s lawyer, Bode Olanipekun, said in court that “all issues leading to the institution of this charge have been completely resolved.”
Other defence lawyers, Adeyinka Olumide-Fusika (for Onasanya), Tunde Afe Babalola (for Akintayo), and Charles Adeogun-Phillips (for Anchorage Leisure), also confirmed that everything had been settled peacefully.
After listening to both sides, Justice Aneke said, “In view of the application by the prosecution and the confirmation by the defence, this case is hereby struck out.”
Shortly after the ruling, the Honeywell Group reacted to the development in a statement signed by its General Counsel, Olasumbo Abolaji.
The group said the withdrawal of the case showed that Otudeko’s reputation remained untouched.
Abolaji said, “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.”
The company insisted there was no wrongdoing by Otudeko and that the issue was simply a commercial matter that was resolved years ago.
“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.”
The statement also highlighted Otudeko’s long-standing contributions to the country.
“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.”
Honeywell Group said it remained focused on creating value 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 read.
