Court Adjourns Case Between EFCC, Otudeko, Others to June for Settlement Continuation
A Federal High Court sitting in Lagos has adjourned the case between the Economic and Financial Crimes Commission (EFCC), First Bank, the Chairman of Honeywell Group, Oba Otudeko, and others until June 11, to allow for the continuation of settlement talks.
The adjournment was granted by Justice Chukwujekwu Aneke, following an agreement by the parties involved that negotiations were still ongoing.
The court’s decision is aimed at providing an opportunity for the parties to reach a mutually acceptable resolution, thereby avoiding a lengthy and potentially costly trial.
According to Bode Olanipekun, SAN, who is representing Oba Otudeko, the adjournment was necessary to allow the negotiations to continue. Olanipekun informed the court that the parties were making progress in their talks and required more time to finalize a settlement.
The case, which has been ongoing for some time, involves allegations of financial impropriety and has generated significant interest in the business and financial communities. The adjournment is seen as a positive development, as it suggests that the parties are committed to finding a resolution through negotiation rather than litigation.
The EFCC, First Bank, and Oba Otudeko’s legal teams will now have until June 11 to continue their settlement talks.
If a settlement is reached, it is likely to be presented to the court for approval, bringing an end to the case.
However, if the parties are unable to reach an agreement, the case will proceed to trial.
The adjournment has been welcomed by observers, who see it as a sign that the parties are willing to work together to find a resolution. The outcome of the case will be closely watched, as it has implications for the business community and the fight against financial crime in Nigeria.
In a statement, a spokesperson for the EFCC said, “The commission is committed to ensuring that justice is served in this case, and we are willing to explore all options, including settlement, to achieve this goal.”
Similarly, a representative of First Bank said, “We are working towards a resolution that is in the best interest of all parties involved, and we are hopeful that the settlement talks will be successful.”
Oba Otudeko’s legal team also expressed optimism about the outcome of the settlement talks, saying, “We are confident that a resolution can be reached, and we are working diligently to ensure that our client’s interests are protected.”
The case will resume on June 11, when the court will receive a report on the settlement talks and determine the next course of action.
