Justice Chukwujekwu Aneke of the Federal High Court in Lagos has struck out the 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.
The case was struck out after the EFCC formally withdrew the 13-count charge, citing an amicable resolution between the parties involved.
The anti-graft agency had charged Otudeko, former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited in suit No. FHC/L/20C/2025, alleging conspiracy to fraudulently obtain N12.3 billion from First Bank under the guise of credit facilities requested by V-TECH Dynamic Links Limited and Stallion Nigeria Limited.
At the resumed hearing on Tuesday, EFCC counsel, Rotimi Oyedepo (SAN), informed the court that First Bank of Nigeria—the nominal complainant—and Otudeko, the first defendant, had reached a settlement.
He added that the resolution had been communicated to the Attorney General of the Federation (AGF), who approved the withdrawal of the charges.
“After the charge was filed, the AGF received applications from the defence proposing an amicable resolution,” Oyedepo said. “This led to several meetings convened by the AGF.
“In a letter dated July 16, 2025, First Bank formally withdrew its complaint, confirming that the matter had been resolved. A follow-up letter on July 21 reiterated this and requested that the prosecution not be pursued.”
He explained that the funds in question had been fully repaid and returned to First Bank’s treasury, and that “in the interest of justice and to prevent abuse of court process,” the AGF, under Section 180 of the Administration of Criminal Justice Act (ACJA), decided to discontinue the case.
Otudeko’s counsel, Bode Olanipekun (SAN), also confirmed that all issues leading to the charge had been amicably resolved.
Other defence counsels, including Adeyinka Olumide-Fusika (SAN) for Onasanya, Tunde Afe Babalola (SAN) for Akintayo, and Dr. Charles Adeogun-Phillips (SAN) for Anchorage Leisure Limited, all aligned with the position.
Following the submissions, Justice Aneke, in a brief ruling, struck out the charge.
