Alleged N12.3bn Fraud: Court Adjourns Oba Otudeko’s Case to June 11

Justice Chukwujekwu Aneke of the Federal High Court in Ikoyi, Lagos, on Thursday, May 8, 2025, adjourned the arraignment of the Chairman of Honeywell Group, Oba Otudeko, and others to June 11, 2025. The adjournment is to allow for either a report on a potential settlement or the commencement of formal arraignment proceedings in a case involving an alleged N12.3 billion fraud.

Otudeko is facing a 13-count charge alongside a former Managing Director of First Bank Plc, Olabisi Onasanya; a former board member of Honeywell Group, Soji Akintayo; and a firm, Anchorage Leisure Limited. The charges, filed by the Lagos Directorate of the Economic and Financial Crimes Commission (EFCC), centre on allegations of obtaining funds by false pretence.

At the last hearing on March 17, 2025, Otudeko’s counsel, Wole Olanipekun, SAN, informed the court that a meeting had been held at the instance of the Attorney General of the Federation (AGF) to explore the possibility of an out-of-court settlement. He stated that the next meeting at the AGF’s office had been scheduled for April 9, 2025, and requested an adjournment pending the outcome of that meeting.

At the resumed hearing on May 8, lead defence counsel Bode Olanipekun, SAN, told the court that settlement negotiations were still ongoing and had yet to be concluded. The prosecution counsel, Bilkisu Buhari-Bala, confirmed the update and requested that the court adjourn the matter for a report on the settlement discussions or, failing that, for arraignment.

Justice Aneke granted the request and adjourned proceedings until June 11, 2025, for a report on the outcome of the settlement talks or for arraignment.