Court Strikes Out N12.3bn Fraud Case Against Honeywell Chairman After Full Settlement

The Federal High Court in Lagos has struck out the N12.3 billion fraud case filed by the Economic and Financial Crimes Commission (EFCC) against Dr. Oba Otudeko, Chairman of Honeywell Group, and three others. This follows the formal withdrawal of the charges by the anti-corruption agency on Wednesday.

Dr. Otudeko was charged alongside former First Bank Managing Director, Olabisi Onasanya, ex-Honeywell board member, Soji Akintayo, and Anchorage Leisure Limited. The 13-count charge (Suit No. FHC/L/20C/2025) alleged that the defendants conspired to fraudulently obtain the funds from First Bank under the pretense of credit facilities for two companies—V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.

During proceedings, EFCC counsel Rotimi Oyedepo informed Justice Chukwujekwu Aneke that First Bank—the nominal complainant—had reached a final settlement with Dr. Otudeko, leading to full recovery of the disputed funds. As a result, the Attorney General of the Federation (AGF), after reviewing the case and in the interest of justice, approved discontinuation of the prosecution.

Supporting letters from both First Bank and Otudeko’s legal team confirmed the resolution. Defence counsel representing all accused parties also acknowledged the amicable conclusion. Consequently, Justice Aneke struck out the case.

In a statement signed by its General Counsel, Olasumbo Abolaji, Honeywell Group welcomed the court’s decision, describing it as a reaffirmation of Dr. Otudeko’s integrity. The company reiterated that the matter had always been a commercial transaction and that at no time was any wrongdoing established or admitted.

The group praised Otudeko’s longstanding contributions to Nigeria’s economic and institutional development, stating that the resolution reinforces their continued commitment to value creation across key sectors including food, energy, infrastructure, and finance.