The EFCC has withdrawn the N12.3bn fraud case against Honeywell Group Chairman, Dr. Oba Otudeko, after a full and final settlement was reached with First Bank.
The Federal High Court in Lagos has struck out the N12.3bn fraud charge filed against Honeywell Group Chairman, Dr. Oba Otudeko, and three others, after the Economic and Financial Crimes Commission (EFCC) formally withdrew the case on Wednesday.
Otudeko, former First Bank MD Olabisi Onasanya, ex-Honeywell board member Soji Akintayo, and Anchorage Leisure Ltd. were accused of fraudulently obtaining funds from First Bank under the guise of credit facilities.
The defendants had faced a 13-count charge in Suit No. FHC/L/20C/2025.
EFCC counsel, Rotimi Oyedepo, told Justice Chukwujekwu Aneke that the matter had been “fully and finally settled” following a resolution between First Bank and Otudeko. “The funds… have been fully repaid,” Oyedepo said, citing letters dated July 16 and 21 confirming the withdrawal of the complaint.
Counsel for all defendants also confirmed the amicable resolution. Justice Aneke then struck out the case.
Following the ruling, Honeywell Group stated, “This development marks the closure of a chapter… and reaffirms Dr. Otudeko’s integrity.” The company emphasized that no wrongdoing was admitted, describing the dispute as a commercial transaction resolved years ago.
The group reiterated its commitment to value-driven enterprise in food, energy, and finance.