Court Strikes Out N12.3bn Fraud Case Against Honeywell Chairman Otudeko As EFCC Withdraws Charges

The Federal High Court in Ikoyi, Lagos, on Wednesday, struck out the N12.3 billion fraud charge brought by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Dr. Oba Otudeko, following the agency’s formal withdrawal of the case.

Presiding judge, Justice Chukwujekwu Aneke, ruled to discontinue the proceedings after EFCC counsel, Rotimi Oyedepo, SAN, informed the court that the dispute had been amicably resolved between the complainant, First Bank of Nigeria, and the first defendant, Otudeko.

The EFCC had originally filed a 13-count charge (Suit No. FHC/L/20C/2025) against Otudeko, former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and a corporate entity, Anchorage Leisure Limited. The charges alleged that the defendants fraudulently secured credit facilities worth N12.3 billion from First Bank by falsely presenting the loans as being requested by V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.

At Wednesday’s hearing, Otudeko’s lead counsel, Bode Olanipekun, SAN, confirmed that all issues in dispute had been resolved. Oyedepo, representing the EFCC, corroborated the claim, noting that both parties had reached a settlement that was formally communicated to the Attorney General of the Federation (AGF).

He told the court that the resolution process included several correspondences and a meeting convened by the AGF, culminating in First Bank formally withdrawing its complaint in a letter dated July 16, 2025. Otudeko’s legal team also wrote to the AGF on the same date, affirming the mutual agreement. A follow-up letter from the bank on July 21 reiterated that all matters had been settled, with full recovery of the funds involved.

“In the interest of justice and to prevent an abuse of the court process, the Attorney General has directed the withdrawal of the charges under Section 180 of the Administration of Criminal Justice Act (ACJA),” Oyedepo said.

Defence counsel for the other defendants — Adeyinka Olumide-Fusika, SAN (for Onasanya), Tunde Afe Babalola, SAN (for Akintayo), and Dr. Charles Adeogun-Phillips, SAN (for Anchorage Leisure Ltd.) — all confirmed that their clients were party to the resolution.

Following these submissions, Justice Aneke granted the EFCC’s application and struck out the case.

In response to the court’s ruling, Honeywell Group issued a statement welcoming the development and reaffirming its chairman’s integrity.

Signed by the Group’s General Counsel, Olasumbo Abolaji, the statement read:

“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, though challenging, never shook our confidence in Dr. Otudeko’s integrity or the values that define his leadership. There was no admission or finding of wrongdoing at any point. This outcome supports what we have always maintained — that this was a commercial matter resolved years ago.”

The Group further emphasized Dr. Otudeko’s longstanding contributions to Nigeria’s economic development:

“For over six decades, Dr. Otudeko has served Nigeria with distinction across banking, industry, and public service. His tenure as Chairman of First Bank was characterized by strategic vision, institutional stability, and responsible leadership. His legacy remains unblemished.”

The statement concluded by reaffirming Honeywell’s mission to build sustainable value in the sectors of food, energy, infrastructure, and financial services.

“As we look ahead, we remain focused on our vision, anchored by the enduring values that have guided our journey for decades.”