EFCC Withdraws N13bn Case Against Honeywell Chairman Oba Otudeko, Citing Public Interest

The Economic and Financial Crimes Commission (EFCC) has officially withdrawn the 13-count charge filed at the Federal High Court in Lagos against Chief Oba Otudeko, CFR, Chairman of the Honeywell Group, and three others. The case, which stemmed from alleged non-performing loan transactions and was initiated in January 2025, has now reached a conclusive end.

Chief Otudeko, a respected industrialist and philanthropist, had consistently maintained that the case was civil in nature and had been fully resolved as far back as eight years ago. He expressed confidence in Nigeria’s judicial system throughout the process. According to his legal representative, Olasumbo Abolaji, Honeywell Group remains committed to transparency, good governance, and ethical business practices.

In her statement, Abolaji emphasized Otudeko’s long-standing contributions to Nigeria’s economy, noting his distinguished roles in banking, industry, and public service. She described his leadership at First Bank as one marked by stability and strategic foresight. She further stated that there was no admission or finding of wrongdoing, and the resolution affirms the group’s position that the matter was a commercial transaction.

During the court session, EFCC’s counsel, Rotimi Oyedepo, SAN, revealed that the Attorney-General of the Federation had exercised his constitutional powers to discontinue the case after reviewing submissions from all parties