In a significant development at the Federal High Court, Ikoyi, Justice Chukwujekwu Aneke on Wednesday, July 23, 2025, struck out the N12.3 billion charge filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Dr Oba Otudeko, and three other defendants.
The decision followed the EFCC's confirmation that the matter had been amicably resolved between the nominal complainant, First Bank of Nigeria, and Dr Otudeko.
The EFCC had initiated a 13-count charge in Suit No. FHC/L/20C/2025against Dr Otudeko, former First Bank Managing Director, Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited.
The prosecution had alleged that the defendants conspired to fraudulently obtain N12.3 billion from First Bank through misrepresentation of credit facilities requested by V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
During proceedings, Dr Otudeko’s counsel, Bode Olanipekun, SAN, informed the court that all issues leading to the charge had been successfully resolved.
This was corroborated by Rotimi Oyedepo, SAN, counsel for the EFCC, who confirmed the settlement between the parties and noted that the resolution had been formally communicated to the Attorney General of the Federation (AGF).
Oyedepo referred to a series of correspondence between the involved parties and the AGF, meticulously documenting the terms of the settlement.
He further informed the court that the funds at the core of the dispute had been fully repaid by the first defendant.
"In the interest of justice and to prevent abuse of the court process, the Attorney General has decided to discontinue the prosecution," Oyedepo stated.
He elaborated that after the charge was filed, the AGF received applications from the defence proposing an amicable resolution, which led to a meeting convened by the AGF with all parties.
According to Oyedepo, a letter dated July 16, 2025, from First Bank formally withdrew its complaint, confirming the settlement.
On the same date, Dr Otudeko’s counsel also wrote to the AGF affirming the resolution.
A follow-up letter from First Bank on July 21 further reiterated that the parties had resolved their differences and requested that the charge not be pursued.
"Upon thorough review of the allegations, and considering that the depositor funds involved in the charge have been fully recovered and returned to First Bank’s treasury, the AGF decided, under Section 180 of the Administration of Criminal Justice Act (ACJA), to withdraw the charge," Oyedepo submitted.
All defence counsel, including Adeyinka Olumide-Fusika (SAN) for Onasanya, Tunde Afe Babalola (SAN) for Akintayo, and Dr Charles Adeogun-Phillips (SAN) for Anchorage Leisure Ltd., confirmed that the matter had been amicably resolved, paving the way for Justice Aneke's brief ruling to strike out the charge.
In a statement released subsequently, Honeywell Group, through its General Counsel, Olasumbo Abolaji, welcomed the development, describing it as a strong reaffirmation of Dr Otudeko’s integrity.
"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 statement read.
The Group emphasised that "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."
They highlighted Dr Otudeko’s extensive contributions to Nigeria's economic and institutional development over six decades, including his distinguished tenures in banking, industry, and public service, noting that his leadership of First Bank was marked by "stability, stewardship, and strategic vision."
Reaffirming its commitment to creating value through enterprise in key sectors such as food, energy, infrastructure, and financial services, Honeywell Group concluded,
"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."
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