The Federal High Court in Lagos has dismissed a N12.3 billion fraud case against Honeywell Group Chairman, Dr. Oba Otudeko, and three others after the Economic and Financial Crimes Commission (EFCC) formally withdrew the charges on Wednesday.

The EFCC had previously brought a 13-count charge (Suit No. FHC/L/20C/2025) against Otudeko, former First Bank Managing Director Olabisi Onasanya, ex-Honeywell board member Soji Akintayo, and Anchorage Leisure Limited. The defendants were accused of fraudulently securing N12.3 billion in credit facilities from First Bank of Nigeria, allegedly for companies named V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.

During Wednesday’s court session, EFCC counsel Rotimi Oyedepo informed Justice Chukwujekwu Aneke that the matter had been resolved amicably between First Bank—the complainant—and Otudeko.

He stated, “A full and final settlement has been reached. First Bank, the nominal complainant, has officially withdrawn its complaint. The disputed funds have been completely repaid, and there is no further interest in continuing the prosecution.”

Oyedepo explained that the Attorney General of the Federation reviewed the case following settlement requests from the defence and opted to discontinue the trial to uphold justice and avoid misuse of the judicial process.

The resolution came after a meeting convened by the AGF, which involved all relevant parties. The agreement was documented in a letter dated July 16, 2025, from First Bank, alongside a confirmation letter from Otudeko’s legal team. A subsequent letter on July 21 reaffirmed the bank’s decision and formally requested the case be dropped.

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