By Innocent Anaba
A Federal High Court sitting in Lagos, yestersday, struck out the N12.3 billion charge by Economic and Financial Crimes Commission, EFCC, against the Chairman of Honeywell Group, Dr. Oba Otudeko, and three others.
Trial judge, Justice Chukwujekwu Aneke, struck out the case, following submissions by EFCC that the matter had been amicably resolved between the nominal complainant, FirstBank of Nigeria, and the first defendant, Otudeko.
The EFCC had filed the 13-count charge against Otudeko; former FirstBank 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 FirstBank by misrepresenting the funds as credit facilities requested by V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
But at yesterday’s hearing in the matter, Otudeko’s counsel, Bode Olanipekun, SAN, informed the court that all issues leading to the charge had been resolved.
The EFCC confirmed that both parties had settled and that the resolution was formally communicated to the Attorney General of the Federation, AGF.
The EFCC referred to several correspondences between the parties and the AGF documenting the settlement terms, adding that the first defendant had fully repaid the funds at the heart of the matter.
All defence counsel, including Adeyinka Olumide-Fusika, SAN, for Onasanya, Tunde Babalola, SAN, for Akintayo, and Dr. Charles Adeogun-Phillips, SAN, for Anchorage Leisure Ltd., confirmed that the matter had been amicably resolved.
In a brief ruling, Justice Aneke struck out the charge.
Meanwhile, Honeywell Group, in a statement by its General Counsel, Ausubo Abolaji, welcomed the development, describing it as a reaffirmation of Dr. Otudeko’s integrity.
“Honeywell Group confirms that the legal proceedings initiated by the EFCC against our Chairman, Dr. Oba Otudeko, in connection with matters relating to First Holdco Plc, have been formally withdrawn.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 service, enterprise, and nation-building record stand firm and unblemished. For over six decades, he has contributed significantly to Nigeria’s economic and institutional development, including 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 creating value through enterprise in food, energy, infrastructure, and financial services.
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