Loan Dispute: Court Grants Time for Settlement in EFCC’s Case against Otudeko , Others

Wale Igbintade

Justice Chukwujekwu Aneke of the Federal High Court in Ikoyi has adjourned proceedings to June 11, 2025, to allow parties in the ongoing loan dispute involving the Economic and Financial Crimes Commission (EFCC) and the Chairman of Honeywell Group, Oba Otudeko, and three others to continue settlement talks.

The adjournment followed a request by lead defence counsel, Mr. Bode Olanipekun (SAN), who informed the court that negotiations were still ongoing.

The settlement efforts are being facilitated by the Attorney General of the Federation, who had previously met with the parties before the March 17 court session and encouraged an amicable resolution.

The EFCC had filed a 13-count charge in suit number FHC/L/20C/2025 against Otudeko, former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Ltd.

The charges relate to the alleged fraudulent acquisition of N12.3 billion from First Bank under false pretenses.

Olanipekun informed the court that the settlement process was still active, having been initiated following a meeting with the Attorney General of the Federation, who had urged the parties to seek an amicable resolution.

EFCC counsel, Mrs. Bilikisu Buhari-Bala, confirmed the status of negotiations and supported a short adjournment for either a settlement report or to proceed with the trial.

Other defence counsel present included Adeyinka Olumide-Fusika (SAN) for Onasanya, Tunde Afe Babalola (SAN) for Akintayo, and Dr. Charles Adeogun-Phillips (SAN) for Anchorage Leisure Ltd.

Babajide Koku (SAN) held a watching brief for First Bank, the nominal complainant.

Justice Aneke adjourned the case to June 11, 2025, for either arraignment or a report on the outcome of settlement discussions.