Court Strikes Out N12.3bn Fraud Case Against Honeywell Chairman Otudeko

The Federal High Court in Lagos has struck out the N12.3 billion fraud case filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Dr. Oba Otudeko, and three others, following the formal withdrawal of the charges by the anti-graft agency on Wednesday.

The EFCC had initially arraigned Dr. Otudeko alongside former Managing Director of First Bank, Olabisi Onasanya; former Honeywell board member, Soji Akintayo; and Anchorage Leisure Limited in a 13-count charge (Suit No. FHC/L/20C/2025). The defendants were accused of conspiring to fraudulently secure N12.3 billion in credit facilities from First Bank of Nigeria for V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.

At the court proceedings, EFCC counsel Rotimi Oyedepo informed Justice Chukwujekwu Aneke that the matter had been amicably resolved between First Bank—the nominal complainant—and Dr. Otudeko.

Oyedepo stated:

“The parties have reached a full and final settlement. First Bank has formally withdrawn its complaint. The disputed funds have been fully repaid, and the bank has no further interest in pursuing the case.
In light of this resolution and to avoid abuse of court processes, the Attorney General of the Federation, having reviewed the facts and the complete recovery of the funds, has directed the discontinuation of the prosecution.”

He explained that, following applications for settlement by the defence, the AGF convened a stakeholders’ meeting. This led to a formal resolution, communicated through a letter from First Bank dated July 16, 2025, and another from Otudeko’s legal team confirming the agreement. A follow-up letter dated July 21, 2025, reaffirmed First Bank’s decision and requested the withdrawal of the charges.

Otudeko’s lead counsel, Bode Olanipekun, SAN, told the court that all matters leading to the charge had been fully resolved. His position was supported by the other defence counsels: Adeyinka Olumide-Fusika, SAN (for Onasanya); Tunde Afe Babalola (for Akintayo); and Dr. Charles Adeogun-Phillips (for Anchorage Leisure Ltd.), all of whom confirmed the amicable settlement.

After considering the submissions, Justice Aneke ruled:

“In view of the prosecution’s application and the confirmation by the defence, this case is hereby struck out.”

Following the ruling, Honeywell Group issued a statement signed by its General Counsel, Olasumbo Abolaji, welcoming the court’s decision and describing it as a reaffirmation of Dr. Otudeko’s integrity.