A Federal High Court in Lagos has dismissed charges against the Chairman of Honeywell Group, Oba Otudeko, and several others, following a settlement reached between the involved parties.
The decision was made by Justice Chukwujekwu Aneke after the Economic and Financial Crimes Commission (EFCC) informed the court that they had agreed to settle the matter.
The EFCC had filed a total of 13 charges against Oba Otudeko, along with Olabisi Onasanya, the former Managing Director of First Bank Plc, Soji Akintayo, a former board member of Honeywell, and a company called Anchorage Leisure Limited.
During a previous court session in March, Chief Wole Olanipekun (SAN), representing Otudeko, had disclosed that a meeting was arranged by the Minister of Justice, Lateef Fagbemi to facilitate a peaceful resolution of the case.
The EFCC confirmed this was the case, and the court postponed the proceedings to allow for updates on the settlement.
When the court reconvened, various lawyers appeared on behalf of the defendants and the complainant, First Bank. Otudeko’s lawyer informed the court that all issues between him and the bank had been resolved. The lawyer for First Bank confirmed this as well.
The prosecution also acknowledged the settlement and noted all the meetings and agreements that had taken place.
Read also:
- Court delays hearing in alleged N12.3bn fraud case against Otudeko
- Oba Otudeko absent as N12.3bn fraud trial begins
- Court to rule March 17 on Otudeko’s application challenging jurisdiction in N12.3bn fraud case
Citing legal provisions, they stated that, in the interest of justice, the justice minister had decided to discontinue the case. All lawyers present concurred with this decision.
Justice Aneke then officially dismissed the charges against Otudeko and the others.
Following the court’s decision, Honeywell Group released a statement expressing its satisfaction with the outcome, reinforcing Otudeko’s integrity.
They emphasized that the legal issues brought forth by the EFCC had been formally resolved, describing the past proceedings as a commercial matter that had been investigated and concluded eight years ago without any wrongdoing.
