The Federal High Court in Lagos has officially struck out the ₦12.3 billion fraud case brought against business magnate and Chairman of Honeywell Group, Oba Otudeko, following the withdrawal of charges by the Economic and Financial Crimes Commission (EFCC).
The dramatic turn of events came during Wednesday’s court session, after EFCC lead counsel Rotimi Oyedepo (SAN) informed Justice Chukwujekwu Aneke that the matter had been amicably resolved between the primary complainant, First Bank of Nigeria, and Otudeko, the first defendant.
“In the interest of justice and to avoid abuse of the court process, the Attorney General of the Federation (AGF) has decided to discontinue the prosecution,” Oyedepo declared.
EFCC confirmed that the funds at the core of the allegations had been fully repaid to First Bank, effectively nullifying the basis of prosecution. The AGF reportedly received multiple correspondences from both sides confirming the resolution.
A July 16 letter from First Bank formally withdrew its complaint, while Otudeko’s legal team submitted a parallel statement affirming the agreement. Another follow-up from the bank on July 21 requested that the government terminate the case altogether.
“The depositor funds involved have been fully recovered and returned to First Bank’s treasury,” Oyedepo said, citing Section 180 of the Administration of Criminal Justice Act (ACJA) as the legal basis for withdrawal.
Otudeko’s counsel, Bode Olanipekun (SAN), corroborated the EFCC’s submission, telling the court that “all issues leading to the filing of the charge have been resolved.”
Other defence lawyers, including Adeyinka Olumide-Fusika (SAN) representing former First Bank MD Bisi Onasanya, Tunde Afe Babalola (SAN) for Olusola Akintayo, and Charles Adeogun-Phillips (SAN) for Anchorage Leisure Ltd., all confirmed the amicable resolution.
In a brief but decisive ruling, Justice Aneke struck out the charge, officially ending the legal dispute.
The now-withdrawn charges stemmed from a prolonged financial dispute involving loan repayments between Honeywell Group and First Bank.
The case had attracted significant public attention due to Otudeko’s high profile and the large sums involved.
