Justice Chukwujekwu Aneke of the Federal High Court, Ikoyi, on Wednesday struck out the N12.3 billion 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The charge was withdrawn following submissions by EFCC counsel, Rotimi Oyedepo, SAN, who informed the court that the matter had been amicably resolved between the nominal complainant, First Bank of Nigeria, and the first defendant, Otudeko.
The EFCC had filed a 13-count charge (Suit No. FHC/L/20C/2025) against Otudeko, former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited.
The prosecution alleged that the defendants 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 Wednesday’s proceedings, Otudeko’s counsel, Bode Olanipekun SAN, informed the court that all issues leading to the charge had been resolved.
Oyedepo, for the EFCC, confirmed that both parties had settled and that the resolution was formally communicated to the Attorney General of the Federation (AGF).
In a brief ruling, Justice Aneke struck out the charge.
