Justice Chukwujekwu Aneke of the Federal High Court in Ikoyi on Wednesday struck out a N12.3 billion fraud charge filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Dr. Oba Otudeko, and three others, following an amicable resolution of the matter.

The EFCC formally withdrew the 13-count charge (Suit No. FHC/L/20C/2025) after both the nominal complainant, First Bank of Nigeria, and the first defendant, Otudeko, reached a settlement. The case also involved former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited.

EFCC counsel, Rotimi Oyedepo, SAN, told the court that the matter had been resolved and that the Attorney General of the Federation (AGF) had approved the withdrawal of the charges in line with Section 180 of the Administration of Criminal Justice Act (ACJA).

“In the interest of justice and to prevent abuse of the court process, the Attorney General has decided to discontinue the prosecution,” Oyedepo stated, citing correspondences and letters dated July 16 and 21, 2025, in which First Bank formally withdrew its complaint and confirmed full recovery of the disputed funds.

He added that the AGF’s office had convened a meeting between all parties involved, after which a consensus was reached and documented.

Counsel to Otudeko, Bode Olanipekun, SAN, as well as other defence lawyers including Adeyinka Olumide-Fusika (for Onasanya), Tunde Afe Babalola (for Akintayo), and Dr. Charles Adeogun-Phillips (for Anchorage Leisure Ltd.) confirmed the resolution and supported the withdrawal of the charges.

In his brief ruling, Justice Aneke struck out the case, bringing an end to the high-profile legal battle.

In a statement issued afterward, Honeywell Group welcomed the decision, describing it as a reaffirmation of Dr. Otudeko’s integrity. The company stated that at no point was there any finding or admission of wrongdoing, reiterating that the issue had stemmed from a commercial transaction that was investigated and resolved as far back as eight years ago.

“Honeywell Group confirms that the legal proceedings initiated by the EFCC against our Chairman, Dr. Oba Otudeko, CFR, in connection with matters relating to First Holdco Plc, have been formally withdrawn,” the company said.

The statement further highlighted Otudeko’s longstanding contributions to Nigeria’s economic growth and institutional development, particularly through his leadership roles in banking, industry, and public service.

With the matter now concluded, the Group reaffirmed its commitment to driving value creation across its key sectors—food, energy, infrastructure, and financial services.