Justice Chukwujekwu Aneke of the Federal High Court, Ikoyi, Lagos has struck out the ₦12.3 billion charge filed by the Economic and Financial Crimes Commission, EFCC charge against the Chairman of Honeywell Group, Oba Otudeko, and three others.
The matter was dismissed on Wednesday after the EFCC formally withdrew the case.
Counsel to the EFCC, Rotimi Oyedepo (SAN), informed the judge that the charge was withdrawn following an amicable resolution between the nominal complainant, First Bank of Nigeria, and the first defendant, Otudeko.
Oba Otudeko repays as others reach amicable resolution
Counsel to Otudeko, Bode Olanipekun, SAN, confirmed to the court that all issues that led to the charge had been fully resolved.
Oyedepo added that both parties had communicated the settlement terms to the Attorney General of the Federation, AGF.
He stated that after the charge was filed, applications from the defence seeking an amicable settlement were received, prompting the AGF to convene a meeting of all parties.
“The first defendant has fully repaid the funds at the heart of the matter,” Oyedepo told the court.
Formal withdrawal by First Bank
According to Oyedepo, in a letter dated July 16, 2025, First Bank formally withdrew its complaint, confirming the settlement of the dispute. On the same date, Otudeko’s counsel wrote to the AGF affirming the agreement.
A follow-up letter from First Bank on July 21 reiterated that the parties had resolved their differences and requested that EFCC discontinue the case.
