{"id":7817,"date":"2025-07-23T14:58:58","date_gmt":"2025-07-23T14:58:58","guid":{"rendered":"https:\/\/beadysword.com.ng\/blog\/?p=7817"},"modified":"2025-07-23T14:58:58","modified_gmt":"2025-07-23T14:58:58","slug":"court-strikes-out-n12-3bn-fraud-charge-against-honeywell","status":"publish","type":"post","link":"https:\/\/beadysword.com.ng\/blog\/2025\/07\/23\/court-strikes-out-n12-3bn-fraud-charge-against-honeywell\/","title":{"rendered":"Court strikes out N12.3bn fraud charge against Honeywell"},"content":{"rendered":"
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The Federal High Court in Lagos has struck out the N12.3bn fraud charge filed by the Economic and Financial Crimes Commission against the Chairman of Honeywell Group, Dr. Oba Otudeko, and three others, after the anti-graft agency formally withdrew the case on Wednesday.<\/p>\n

The EFCC had in suit No. FHC\/L\/20C\/2025, filed 13-count charges against Otudeko, former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited.<\/p>\n

The defendants were accused of conspiring to fraudulently obtain N12.3bn from First Bank of Nigeria under the guise of credit facilities for V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.<\/p>\n

At Wednesday\u2019s proceedings, EFCC counsel, Rotimi Oyedepo, told Justice Chukwujekwu Aneke
\nthat the matter had been amicably resolved between the nominal complainant, First Bank, and the first defendant, Otudeko.<\/p>\n

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Oyedepo said, \u201cThe parties have reached a full and final settlement.<\/p>\n

\u201cFirst Bank, the nominal complainant, has formally withdrawn its complaint. The funds at the heart of the matter have been fully repaid, and there is no further interest in pursuing the charge.<\/p>\n

\u201cIn the interest of justice and to prevent abuse of the court process, the Attorney General of the Federation, having reviewed the facts and the full recovery of the disputed funds, decided to discontinue the prosecution.\u201d<\/p>\n

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According to Oyedepo, following applications for settlement by the defence, the AGF convened a meeting involving all stakeholders.<\/p>\n

This led to a formal resolution communicated via a July 16, 2025, letter from First Bank and another from Otudeko\u2019s counsel confirming the settlement.<\/p>\n

He stated that a follow-up letter on July 21, 2025, reaffirmed the bank\u2019s position and requested that the charge be withdrawn.<\/p>\n

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Otudeko\u2019s counsel, Bode Olanipekun, informed the court that \u201call issues leading to the institution of this charge have been completely resolved.\u201d<\/p>\n

Other defence lawyers Adeyinka Olumide-Fusika, SAN (for Onasanya), Tunde Afe Babalola (for Akintayo), and Dr. Charles Adeogun-Phillips (for Anchorage Leisure Ltd.) confirmed the amicable settlement.<\/p>\n

After hearing the submissions, Justice Aneke ruled, \u201cGiven the application by the prosecution and the confirmation by the defence, this case is hereby struck out.\u201d<\/p>\n

In a statement following the court\u2019s ruling, signed by its General Counsel, Olasumbo Abolaji, welcomed the development, describing it as a reaffirmation of Dr. Otudeko\u2019s integrity.<\/p>\n

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Abolaji said, \u201cHoneywell 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.<\/p>\n

\u201cThis development marks the closure of a chapter that, while challenging, never diminished our confidence in Dr. Otudeko\u2019s integrity or our belief in the principles that have guided his life and leadership.<\/p>\n

\u201cAt no point was there any finding or admission of wrongdoing, and this conclusion further affirms what we have always maintained: that this was a commercial transaction, investigated by the EFCC and resolved eight years ago.<\/p>\n

\u201cDr. Otudeko\u2019s service, enterprise, and nation-building record stand firm and unblemished. For over six decades, he has contributed significantly to Nigeria\u2019s economic and institutional development, including distinguished tenures across banking, industry, and public service. His leadership of First Bank was marked by stability, stewardship, and strategic vision.\u201d<\/p>\n

The group reaffirmed its commitment to creating value through enterprise in food, energy, infrastructure, and financial services.<\/p>\n

\u201cAs we move forward, we do so strengthened by experience, focused on the future, and anchored in the enduring values that have always shaped our journey,\u201d the statement\u00a0added.<\/p>\n

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<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Federal High Court in Lagos has struck out the N12.3bn fraud charge filed by the Economic and Financial Crimes Commission against the Chairman of Honeywell Group, Dr. Oba Otudeko, and three others, after...<\/p>\n","protected":false},"author":2,"featured_media":7818,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-7817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/7817","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=7817"}],"version-history":[{"count":1,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/7817\/revisions"}],"predecessor-version":[{"id":7819,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/7817\/revisions\/7819"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media\/7818"}],"wp:attachment":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=7817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=7817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=7817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}