EFCC Drops N12.3bn Fraud Case Against Otudeko, Others After Full Recovery of Funds
A Federal High Court sitting in Lagos has struck out the ₦12.3 billion fraud case instituted by the Economic and Financial Crimes Commission (EFCC) against prominent businessman Oba Otudeko, former First Bank Managing Director Olabisi Onasanya, and two others, following the commission’s formal withdrawal of charges. The EFCC had filed a 13-count charge against Otudeko, Onasanya, former Honeywell Group board member Soji Akintayo, and Anchorage Leisure Ltd, alleging financial misconduct and fraudulent transactions. The charges stemmed from a commercial dispute involving Honeywell Group and First Bank, which was the nominal complainant in the case. During Tuesday’s proceedings, EFCC counsel, Rotimi Oyedepo (SAN), informed the court that the commission was no longer pursuing the matter, having recovered the full amount allegedly in contention. He cited a formal withdrawal letter submitted by First Bank on July 16, 2025, and a follow-up on July 21 confirming complete settlement of the obligations. Oyedepo explained that the EFCC’s decision was backed by the Office of the Attorney-General of the Federation, acting in line with Section 108 of the Administration of Criminal Justice Act (ACJA), which allows discontinuation of cases where restitution has been made and further prosecution is no longer in the public interest. The defence counsel, including Bode Olanipekun (SAN) for Otudeko, Adeyinka Olumide-Fusika (SAN) for Onasanya, Kehinde Ogunwumiju (SAN) for Akintayo, and Elijah Okeke for Anchorage Leisure Ltd, did not oppose the withdrawal. They urged the court to dismiss the matter in its entirety. Justice Chukwujekwu Aneke, in his ruling, granted the application and struck out the case, effectively bringing the trial to an end. Following the ruling, Honeywell Group issued a statement reiterating that the matter had always been a civil commercial dispute which had been fully resolved. The company emphasized that no admission of guilt had been made and no finding of wrongdoing was reached by the court. Former First Bank MD Olabisi Onasanya expressed satisfaction with the outcome, saying the withdrawal and dismissal confirmed his long-standing position that the matter was business-related and not criminal. He stated that he felt vindicated by the court’s decision and reaffirmed his professional integrity. The EFCC’s decision to end the prosecution after recovering the disputed funds is seen as part of a broader shift toward prioritizing asset recovery and dispute resolution in cases involving high-profile financial institutions. With this decision, the case against Otudeko and the other defendants is officially closed
