Court Strikes Out Charge Against Otudeko As EFCC Withdraws Case
The Federal High Court sitting in Lagos, on Wednesday, struck out the ₦12.3 billion charge filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Oba Otudeko, and three others.
The charge was withdrawn following submissions by EFCC counsel, Rotimi Oyedepo (SAN), who told the court that the matter had been amicably resolved between the nominal complainant, First Bank of Nigeria, and the first defendant, Otudeko.
Counsel to Otudeko, Bode Olanipekun (SAN), also told Justice Chukwujekwu Aneke that all issues leading to the charge had been resolved.
The EFCC counsel, Oyedepo, confirmed that both parties had indeed settled and the resolution had been formally communicated to the Attorney General of the Federation.
He referred to several correspondences between the parties and the AGF documenting the settlement terms. Oyedepo also stated that the first defendant had fully repaid the funds at the heart of the matter.
He further explained that after the charge was filed, the AGF received applications from the defence proposing an amicable resolution. This led to a meeting convened by the AGF with all parties.
According to him, in a letter dated July 16, 2025, First Bank formally withdrew its complaint, confirming that the matter had been settled. On the same date, Otudeko’s counsel also wrote to the AGF affirming the settlement. A follow-up letter from First Bank on July 21 reiterated that the parties had resolved their differences and requested that the charge not be pursued.
