The Federal High Court in Lagos has dismissed a N12.3 billion fraud case filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Dr. Oba Otudeko, after the matter was amicably resolved.
Otudeko, alongside former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited, had been arraigned on a 13-count charge (Suit No. FHC/L/20C/2025).
They were accused of conspiring to fraudulently obtain credit facilities totaling N12.3 billion from First Bank of Nigeria under the pretense of supporting V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
At the court session on Wednesday, EFCC counsel Rotimi Oyedepo informed Justice Chukwujekwu Aneke that the prosecution was withdrawing the case following a full settlement between First Bank the nominal complainant—and Otudeko.
“The parties have reached a full and final settlement,” Oyedepo told the court. “First Bank has formally withdrawn its complaint. The disputed funds have been completely repaid, and the bank no longer wishes to pursue the case.”
He added that the Attorney General of the Federation (AGF), after reviewing the matter and confirming the recovery of the funds, approved the withdrawal to avoid abuse of the court process.
Oyedepo said the resolution followed a stakeholder meeting convened by the AGF, with formal letters from First Bank (dated July 16, 2025) and Otudeko’s legal team confirming the terms.
A follow-up letter dated July 21 reaffirmed the bank’s position and requested the case be struck out.
Otudeko’s lawyer, Bode Olanipekun, confirmed the resolution, stating that “all issues leading to the filing of this charge have been completely settled.” Other defence lawyers—Adeyinka Olumide-Fusika, SAN (for Onasanya), Tunde Afe Babalola (for Akintayo), and Dr. Charles Adeogun-Phillips (for Anchorage Leisure Ltd.)—also acknowledged the settlement.
Justice Aneke, after hearing the submissions, ruled: “In view of the application by the prosecution and confirmation by the defence, this case is hereby struck out.”
Following the ruling, Honeywell Group issued a statement through its General Counsel, Olasumbo Abolaji, welcoming the outcome and reiterating its confidence in Dr. Otudeko’s character.
“Honeywell Group confirms that the EFCC’s legal action against our Chairman, Dr. Oba Otudeko, CFR, has been formally withdrawn,” the statement read. “This closure reaffirms our unwavering belief in his integrity and the values that have shaped his leadership over the decades.”
The group emphasized that no admission or finding of wrongdoing was made, and noted that the matter had been previously resolved as a commercial transaction eight years ago.
“Dr. Otudeko’s contributions to Nigeria’s economy, spanning banking, industry, and public service, remain unblemished.
His leadership has been marked by vision, service, and steadfast commitment to national development.”
Honeywell also reaffirmed its dedication to creating value across sectors such as food, energy, infrastructure, and finance, stating: “We move forward, strengthened by this experience and grounded in the enduring principles that define our journey.”