Court dismisses EFCC’s ₦12.3bn fraud case against Honeywell chairman Otudeko after settlement.
First Bank withdrew its complaint, confirming full repayment and resolution of the financial dispute.
The Federal High Court in Lagos has dismissed the N12.3 billion fraud case brought by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Dr. Oba Otudeko, and three others, following the agency’s decision to formally withdraw the charges on Wednesday.
The EFCC had initially arraigned Otudeko alongside former First Bank Managing Director, Olabisi Onasanya; former Honeywell board member, Soji Akintayo; and a company, Anchorage Leisure Limited. They were facing a 13-count charge (Suit No. FHC/L/20C/2025) over allegations of fraudulently securing credit facilities from First Bank under the names of V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
During the court session, EFCC counsel Rotimi Oyedepo informed Justice Chukwujekwu Aneke that the matter had been fully resolved between First Bank the complainant and the first defendant, Otudeko.
“The parties have reached a full and final settlement,” Oyedepo told the court. “First Bank has withdrawn its complaint after confirming that the disputed funds have been fully repaid. Given this development, and to prevent any abuse of court processes, the Attorney General of the Federation has opted to discontinue the case.”
He further explained that the AGF made the decision after receiving settlement letters dated July 16, 2025, from First Bank and Otudeko’s legal team. A follow-up correspondence from the bank on July 21 reaffirmed its request to terminate the legal proceedings.
Otudeko’s lawyer, Bode Olanipekun, SAN, also told the court that all matters that led to the case had been resolved. Other defence counsels including Adeyinka Olumide-Fusika, SAN, for Onasanya; Tunde Afe Babalola for Akintayo; and Dr. Charles Adeogun-Phillips for Anchorage Leisure Ltd. confirmed the settlement.
After reviewing the submissions, Justice Aneke ruled that the case be struck out.
Following the ruling, Honeywell Group issued a statement through its General Counsel, Olasumbo Abolaji, welcoming the decision and praising the outcome as a testament to Dr. Otudeko’s integrity.
“Honeywell Group confirms that the EFCC’s legal proceedings involving our Chairman, Dr. Oba Otudeko, CFR, have been formally discontinued,” the statement read. “This outcome reinforces our unwavering belief in Dr. Otudeko’s character and the values that have defined his leadership.”
The group emphasized that the matter was a commercial dispute that had been thoroughly investigated and resolved nearly a decade ago. It added that there was never any finding or admission of wrongdoing.
“For over sixty years, Dr. Otudeko has played a vital role in Nigeria’s economic development, contributing across sectors including banking, industry, and public service,” the company said. “His legacy remains one of integrity, vision, and national impact.”
Honeywell Group concluded by reiterating its focus on delivering value in key sectors such as food, energy, infrastructure, and financial services.
