A Federal High Court in Lagos has struck out a 13-count charge filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Oba Otudeko, and several others, following an out-of-court settlement.
Justice Chukwujekwu Aneke dismissed the charges on Wednesday after the EFCC informed the court that all parties involved had reached a full settlement.
The case, initially filed by the EFCC, also named former First Bank Plc Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and a firm, Anchorage Leisure Ltd., as co-defendants.
During a previous hearing on March 17, Chief Wole Olanipekun (SAN), counsel to the first defendant, informed the court that discussions had been initiated at the behest of the Attorney General to resolve the matter amicably. The prosecution confirmed this position, leading the court to adjourn for a settlement report.
When proceedings resumed on Wednesday, EFCC counsel Rotimi Oyedepo (SAN) confirmed that all outstanding issues had been resolved and formally requested the court to strike out the charges. He cited Section 180 of the Administration of Criminal Justice Act (ACJA) 2015, noting that discontinuing the case served the interest of justice, public policy, and the prevention of abuse of court processes.
All defense counsel and the representative of the nominal complainant, First Bank, confirmed the settlement. Justice Aneke subsequently ruled: “This charge is hereby struck out.”
In a statement issued by its counsel, Olasumbo Abolaji, Honeywell Group welcomed the decision and described it as a reaffirmation of Oba Otudeko’s integrity.
“Honeywell Group confirms that the legal proceedings initiated by the EFCC against our Chairman, Oba Otudeko, in connection with matters relating to First Holdco Plc, have been formally withdrawn,” the statement read.
Honeywell emphasized that no wrongdoing was ever established, calling the matter a commercial dispute that had already been resolved eight years ago. The Group praised Otudeko’s long-standing contributions to Nigeria’s economic development, citing over six decades of service across banking, industry, and public institutions.
“As we move forward, we do so strengthened by experience, focused on the future, and anchored in the enduring values that have always shaped our journey,” the company added.
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