Court Strikes Out N12.3 Billion Charge Against Otudeko, EFCC Withdraws Case

•AGF invokes Section 180 of ACJA after complaint withdrawal by First Bank

•Honeywell hails ruling as reaffirmation of Otudeko’s integrity 

•I’m vindicated, says Onasanya

Wale IgbintadeandKayodeTokede

Justice ChukwujekwuAneke of the Federal High Court in Ikoyi yesterday, struck out the N12.3 billion criminal charge filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Dr. Oba Otudeko, and three others.

The charge was withdrawn following submissions by EFCC counsel, RotimiOyedepo who informed the court that the matter had been amicably resolved between the nominal complainant, First Bank of Nigeria, and the first defendant, Otudeko.

In reaction to the development, former Group Managing Director of First Bank Nigeria, Dr. OlabisiOnasanya, said he has been vindicated.

The EFCC had filed a 13-count charge (Suit No. FHC/L/20C/2025) against Otudeko, Onasanya,  former Honeywell board member, SojiAkintayo; and Anchorage Leisure Limited.

According to the prosecution, the defendants allegedly conspired to fraudulently obtain N12.3 billion from First Bank by misrepresenting the funds as credit facilities requested by V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.

At the proceedings, Otudeko’s counsel, Bode Olanipekun, informed the court that all issues giving rise to the charge had been resolved.

EFCC’s Oyedepo also confirmed that both parties had reached a settlement, which had been formally communicated to the Attorney General of the Federation (AGF).

He cited several correspondences exchanged between the parties and the AGF outlining the terms of resolution and noted that the first defendant had fully repaid the funds in question.

“In the interest of justice and to prevent abuse of court process, the Attorney General has decided to discontinue the prosecution,” Oyedepo stated.

He explained that after the charges were filed, the AGF received applications from the defence proposing an amicable resolution, prompting a meeting convened by the AGF with all relevant parties.

According to Oyedepo, First Bank, in a letter dated July 16, 2025, formally withdrew its complaint and confirmed that the matter had been resolved. Otudeko’s legal team also wrote to the AGF on the same day to affirm the resolution. A follow-up letter from First Bank dated July 21 reaffirmed the settlement and requested that the charges be withdrawn.

“Upon thorough review of the allegations, and considering that the depositor funds have been fully recovered and returned to First Bank’s treasury, the AGF decided, pursuant to Section 180 of the Administration of Criminal Justice Act (ACJA), to withdraw the charge,” Oyedepo submitted.

All defence counsel —AdeyinkaOlumide-Fusika, (for Onasanya), KehindeOgunwumiju (for Akintayo), and Elijah Akefe (for Anchorage Leisure Ltd.)—confirmed the amicable settlement.

Counsel for the nominal complainant, B.O. Ofule, also aligned with the prosecution, confirming that the issues had been resolved.

In a brief ruling, Justice Aneke struck out the charge.

Meanwhile, in a statement signed by its General Counsel, OlasumboAbolaji, Honeywell Group welcomed the development, describing it as a reaffirmation of Otudeko’s integrity.

“Honeywell 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.

“This development marks the closure of a chapter that, while challenging, never diminished our confidence in Dr. Otudeko’s integrity or our belief in the principles that have guided his life and leadership.

“At 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.

“Dr. Otudeko’s record of service, enterprise, and nation-building stands firm and unblemished. For over six decades, he has contributed significantly to Nigeria’s economic and institutional development, with distinguished tenures across banking, industry, and public service. His leadership of First Bank was marked by stability, stewardship, and strategic vision.”

The Group reaffirmed its commitment to value creation across food, energy, infrastructure, and financial services.

“As 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,” the statement concluded.

In the meantime, following the development, Onasanya said he has been vindicated.

Olumide-Fusika, counsel for Onasanya told the court, “My lord, I have no objection to the withdrawal. I attended the first meeting of the parties with the AGF (Attorney General of the Federation) and I affirmed that the matter was strictly between the nominal complainant which is the First Bank and the first defendant (Otudeko). I am happy that the matter has now been resolved among them and I thank all the parties for resolving it.”

Speaking to journalists after the case was dismissed,  Media Advisor to the retired banker, Michael Osunnuyi, affirmed Onasanya’s innocence and said he had always been determined to clear his name.

“He’s completely vindicated. From the beginning, we have maintained that he did nothing wrong. He was not actively involved in the approval process for the transaction as investigated by the EFCC about eight years ago.

“Dr. Onasanya has never taken part in any form of fraud in his over three decades of service in the Nigerian financial sector,” Osunnuyi said.

Osunnuyi said his principal demonstrated his innocence by voluntarily presenting himself to the court at each sitting to prove that he had nothing to hide.

Onasanya, who retired voluntarily as FirstBank Group managing Director in 2015, after years of meritorious service said the case had been particularly painful because of the attempted damage to his legacy.

 “Dr. Onasanya’s reputation is everything to him. He built a name in banking and corporate governance through dedication, discipline, professionalism and integrity. That’s why he didn’t run.

“That’s why he always came to court to defend his name and to uphold the values he has always believed in. Let it be known that Dr. Onasanya will continue to defend himself where necessary and will not succumb to the antics of mischief makers who target him in the advancement of their aggrandisement,” Osunnuyi said.