A Federal High Court sitting in Lagos has adjourned proceedings in the alleged N12.3 billion fraud case involving the chairman of Honeywell Group, Oba Otudeko and others to June 11, to allow continued settlement discussions between the parties.
Justice Chukwujekwu Aneke postponed the matter on Thursday after the first defence counsel, Bode Olanipekun, informed the court that negotiations between both sides were still ongoing.
He assured that the settlement talks had not broken down and that efforts toward an amicable resolution remained active.
At the last adjourned date, March 17, lawyer Wole Olanipekun told the court that all parties had met at the instance of the attorney general in a bid to settle the dispute out of court.
Prosecutor Bilikisu Buhari also confirmed this position but requested that the matter be adjourned for either a settlement report or arraignment.
The Economic and Financial Crimes Commission (EFCC) had in January filed a 13-count charge against Otudeko, former First Bank managing director Olabisi Onasanya, former Honeywell board member Soji Akintayo and a firm, Anchorage Leisure Ltd.
The case is marked FHC/L/20C/2025.
The EFCC accused the defendants of fraudulently obtaining N12.3 billion from First Bank between 2013 and 2014 under false pretences.
At a previous hearing on January 20, the scheduled arraignment was stalled due to the absence of the defendants, who claimed they had not been served with the charges.
Justice Aneke later granted the EFCC’s application for substituted service after failed attempts to reach the accused at their last known addresses.
The case will now continue on June 11 for either a formal arraignment or a report on the progress of the settlement talks.
