*As funds in question fully recovered and returned to the bank’s treasury
WorldStage Newsonline– A Federal High Court Lagos, on Wednesday, struck out a charge preferred by the Economic and Financial Crimes Commission (EFCC), against Chairman of the Honeywell Group, Oba Otudeko, and a former Managing Director of First Bank Plc, Olabisi Onasanya and others.
Justice Chukwujekwu Aneke, struck out the charge, following EFCC’s information to the court that parties had achieved full settlement in the case.
The EFCC had preferred a 13-count charge against Oba Otudeko and Olabisi Onasanya. Also charged were a former board member of Honeywell, Soji Akintayo and a firm, Anchorage Leisure Ltd.
At the last adjourned date of March 17, first defense counsel, Chief Wole Olanipekun (SAN), had informed the court that a meeting involving all counsel, had been convened at the instance of the Attorney General (AG).
He had said that this was aimed at reaching a peaceful settlement of the case.
The prosecution, had confirmed the position to the court, which then adjourned the case for a report of settlement.
When the case was called on Wednesday, Mr Rotimi Oyedepo (SAN) announced appearance for the prosecution together with Mrs Bilikisu Buhari and S.I Suleiman.
Mr Bode Olanipekun (SAN) appeared for the first defendant, Mr A Olumide-Fusika (SAN) appeared for the second defendant, and Mr Kehinde Ogunwumiju (SAN) appeared for the third defendant.
Meanwhile, Mr Elijah Akefe appeared for the fourth defendant while Mr B.O Ofulue, appeared for the nominal complainant (First Bank).
Counsel to the first defendant (Olanipekun), then informed the court that all outstanding issues between the first defendant and the nominal complainant (first bank), had been resolved.
He told the court that same had been duly communicated to the appropriate authorities, including the prosecution.
Counsel to the nominal complainant (Ofulue), confirmed the position to the court.
In response, the prosecutor confirmed the position to the court that there had been settlement of the issues, and gave a detailed recall of all incidences, including the meetings held as well as resolutions.
Citing the provisions of section 180 of the Administration of Criminal Justice Act 2015, he averred that in the interest of justice, public policy and the need to prevent abuse of court process, the AG decided that the matter be discontinued.
Rotimi Oyedepo (SAN), the counsel to the prosecution, the EFCC, said the withdrawal of the suit was consequent on the confirmation of the repayment of the controversial loan by the defence and the intervention by the office of the Attorney General of the Federation.
Mr. Rotimi Oyedepo, SAN, appearing for the prosecution, further informed the Court that the Honourable Attorney-General of the Federation (AGF) received a formal request to discontinue the matter. He noted that on 16th July 2025, First Bank of Nigeria (FBN), the nominal complainant, wrote to the AGF confirming that a settlement had been reached with the 1st Defendant (Oba Otudeko) and that the Counsel to the 1st Defendant similarly wrote to the AGF, confirming the settlement.
‘’Subsequently, by a letter dated 21st July 2025, FBN formally communicated its decision to no longer pursue the allegations against the Defendants. Following a thorough review of the representations by both the nominal complainant and the First defendant, and since the funds in question had been fully recovered and returned to the Bank’s treasury, the Honourable AGF considered it appropriate on grounds of justice, public policy, and to prevent abuse of legal process to withdraw the charge subject to Section 108 of the Administration of Criminal Justice Act (ACJA) 2015, we hereby move a motion to withdraw the case,” Oyedepo told the court.
Bode Olanipekun (SAN), the counsel to the first defendant, did not object to the withdrawal, confirming the settlement between the nominal complainant (First Bank) and his client, the first defendant (Oba Otudeko).
Adeyinka Olumide-Fusika (SAN), the counsel for Onasanya, told the court, “My lord, I have no objection to the withdrawal. I attended the first meeting of the parties with the AGF (Attorney General of the Federation) and I affirmed that the matter was strictly between the nominal complainant, which is the First Bank and the first defendant (Otudeko). I am happy that the matter has now been resolved among them, and I thank all the parties for resolving it.”
With no objection to the withdrawal of the suit by any of the parties, Justice Aneke declared the suit ‘struck out’.
Counsel to all defendants confirmed the position as stated by prosecution.
Justice Aneke, consequently held: “This charge is hereby struck out”.
Meanwhile, in a statement by its Counsel, Olasumbo Abolaji, Honeywell welcomed the development, calling it a reaffirmation of Otudeko’s integrity.
“Honeywell Group confirms that the legal proceedings initiated by the EFCC against our Chairman, Oba Otudeko, in connection with matters relating to First Holdco Plc, have been formally withdrawn.
“This development marks the closure of a chapter that, while challenging, never diminished our confidence in Otudeko’s integrity or our belief in the principles that have guided his life and leadership.
“At no point was there any finding or admission of wrongdoing, and this conclusion further affirms what we have always maintained, that this was a commercial transaction, investigated by the EFCC and resolved eight years ago.
“Otudeko’s service, enterprise, and nation-building record stand firm and unblemished.
“For over six decades, he has contributed significantly to Nigeria’s economic and institutional development, including distinguished tenures across banking, industry, and public service.” he said
The Group reaffirmed its commitment to creating value through enterprise in food, energy, infrastructure, and financial services.
“As we move forward, we do so strengthened by experience, focused on the future, and anchored in the enduring values that have always shaped our journey,”
Onasanya in a statement after the judgement said “I’m vindicated.”
Speaking to journalists after the case was dismissed, Michael Osunnuyi, Media Advisor to the retired banker, strongly affirmed Onasanya’s innocence and said he had always been determined to clear his name.
“He’s completely vindicated. From the beginning, we have maintained that he did nothing wrong. He was not actively involved in the approval process for the transaction, as investigated by the EFCC about eight years ago. Dr Onasanya has never taken part in any form of fraud in his over three decades of service in the Nigerian financial sector,” Osunnuyi said.
Osunnuyi said his principal demonstrated his innocence by voluntarily presenting himself to the court at each sitting to prove that he had nothing to hide.
Onasanya, who retired voluntarily as FirstBank Group managing Director in 2015 after years of meritorious service, said the case had been particularly painful because of the attempted damage to his legacy.
“Dr Onasanya’s reputation is everything to him. He built a name in banking and corporate governance through dedication, discipline, professionalism and integrity. That’s why he didn’t run. That’s why he always came to court to defend his name and to uphold the values he has always believed in. Let it be known that Dr Onasanya will continue to defend himself where necessary and will not succumb to the antics of mischief makers who target him in the advancement of their aggrandisement,” Osunnuyi said.
