The Economic and Financial Crimes Commission (EFCC) has formally withdrawn the 13-count charge filed against Chief Oba Otudeko, CFR, Chairman of Honeywell Group, and three others at the Federal High Court in Lagos. The charges, which stemmed from alleged non-performing loan transactions, had been initiated in January 2025.
This development marks a significant resolution to a case that Chief Otudeko and Honeywell Group had consistently maintained was civil in nature and had been fully resolved as far back as eight years ago.
In a statement issued by Olasumbo Abolaji, counsel to Honeywell Group, the company reiterated its commitment to responsible corporate governance and transparency. The statement emphasized Dr. Otudeko’s contributions to Nigeria’s economic growth and institutional development, highlighting his leadership across banking, industry, and public service—especially during his tenure as Chairman of First Bank.
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“Dr. Otudeko has, for over six decades, upheld values of service and stewardship,” the statement read. “This outcome only reaffirms what we have always known, that there was no wrongdoing, and the matter had long been concluded. His legacy of enterprise and nation-building remains untarnished.”
At the court sitting earlier today, EFCC counsel Rotimi Oyedepo, SAN, informed the court that after reviewing detailed representations from all parties, including First Bank of Nigeria and the defendants, the Attorney General of the Federation decided to discontinue the case.
Mr. Oyedepo explained that the decision was made in the interest of justice, public policy, and to prevent abuse of the judicial process.
The EFCC’s withdrawal brings clarity to stakeholders in the financial and corporate sectors, reaffirming confidence in Nigeria’s judicial and institutional frameworks. Honeywell Group described the resolution as the closure of a “challenging chapter,” while maintaining that the case had always been a commercial dispute that was legally and conclusively resolved years ago.