₦12.3 Billion Fraud Case: EFCC Withdraws Charges Against Otudeko, Onasanya
By Erewunmi Peace
In a major development, the Economic and Financial Crimes Commission (EFCC) has officially withdrawn fraud charges filed against Chief Oba Otudeko, Chairman of Honeywell Group, and Olabisi Onasanya, former Managing Director of First Bank Nigeria.
The charges, which centered around the alleged mismanagement of a ₦12.3 billion loan facility, were struck out by Justice Chukwujekwu Aneke of the Federal High Court in Lagos on Tuesday, July 23, 2025.
Why the Charges Were Dropped
EFCC’s lead counsel, Rotimi Oyedepo (SAN), informed the court that the parties involved had reached a full settlement, and First Bank had formally recovered the disputed funds. The Attorney-General of the Federation also approved the withdrawal of the charges in line with the Administration of Criminal Justice Act.
Justice Aneke, in his ruling, stated that the court granted the application in the interest of justice and to prevent abuse of judicial process.
Who Was Involved?
The case originally involved four defendants:
- Chief Oba Otudeko – Chairman, Honeywell Group
- Olabisi Onasanya – Former First Bank MD
- Soji Akintayo – Former Honeywell Board Member
- Anchorage Leisure Ltd – A corporate entity linked to Honeywell
The EFCC had accused them of conspiracy, forgery, and obtaining credit by false pretenses between 2013 and 2020.
Reactions
Honeywell Group, through its legal team, welcomed the withdrawal, stating it reaffirms the integrity of Chief Otudeko and resolves what was a civil disagreement.
Olabisi Onasanya described the ruling as vindication, maintaining that the original allegations lacked merit and were damaging to his reputation.
“I’m relieved to be cleared. This case has shown how complex corporate finance can be misrepresented,” he said.
What This Means
With the charges now struck out, the long-standing corporate legal tussle between Honeywell, First Bank, and EFCC has come to an official end. Analysts say this could pave the way for renewed investor confidence and greater caution in how civil disputes are escalated to criminal courts.
