Justice Chukwujekwu Aneke of the Federal High Court in Lagos on Wednesday dismissed a 13-count fraud charge filed by the Economic and Financial Crimes Commission (EFCC) against former chairman of FirstBank, Oba Otudeko and the bank’s former managing director, Olabisi Onasanya.
The judge’s decision followed an application by the EFCC to discontinue the case after all parties reached an out-of-court settlement and the alleged funds were fully repaid to FirstBank of Nigeria Plc, the nominal complainant.
EFCC counsel Rotimi Oyedepo told the court that in line with the agreement reached, the commission had written to the attorney general of the federation, Lateef Fagbemi, who approved the withdrawal in the interest of justice and to avoid abuse of court processes.
“The first defendant has made full restitution of the funds. FirstBank has withdrawn its complaint. The AGF has reviewed the case and, exercising his powers under Section 180 of the Administration of Criminal Justice Act, directed us to withdraw,” Oyedepo said.
Lawyers to the defendants, including Bode Olanipekun, Kehinde Ogunwumiju and Adeyinka Fusika confirmed the settlement and did not oppose the EFCC’s motion.
The EFCC had in January 2025 filed the charges marked FHC/L/20C/2025, accusing Otudeko, Onasanya, former Honeywell board member Soji Akintayo and Anchorage Leisure Ltd of allegedly perpetrating fraud through forged documents in transactions involving about N19 billion between 2013 and 2014.
The charge sheet listed transactions of N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion and N500 million allegedly involving fraudulent credit facilities and misuse of corporate accounts.
Otudeko, however, never appeared in court since the matter began in January, citing health reasons.
His lawyer informed the court that he had been receiving medical treatment abroad.
Following the EFCC’s formal withdrawal, Justice Aneke dismissed the case.
Reacting to the development, Honeywell Group in a statement by its general counsel, Olasumbo Abolaji, welcomed the decision and reaffirmed Otudeko’s innocence and legacy.
“This marks the closure of a chapter that, while challenging, never diminished our confidence in Dr. Otudeko’s integrity,” the company stated.
“There was no admission or finding of wrongdoing. This was a commercial dispute investigated and resolved eight years ago. The legal proceedings have now been formally withdrawn.”
The company praised Otudeko’s decades-long contribution to Nigeria’s economic growth, public service and institutional development, noting his leadership of FirstBank as one defined by “stability, stewardship, and strategic vision.”
Oba Otudeko, a seasoned entrepreneur and industrialist, has held top leadership roles in Nigerian banking, industry and commerce.
He is the founder of Honeywell Group and previously chaired FirstBank and FBN Holdings.
With the charges dismissed, Honeywell Group reiterated its commitment to “creating value through enterprise” in sectors including food, energy, infrastructure and financial services.
