Otudeko, Onasanya Cleared as EFCC Fraud Case Ends in Courtroom Closure
Justice Chukwujekwu Aneke of the Federal High Court in Lagos has struck out the N12.3 billion fraud case filed by the Economic and Financial Crimes Commission (EFCC) against Honeywell Group Chairman, Dr. Oba Otudeko, and three others, following a settlement between the parties.
The EFCC had accused Otudeko, former First Bank MD Olabisi Onasanya, ex-Honeywell board member Soji Akintayo, and Anchorage Leisure Limited of conspiring to fraudulently secure loans by misrepresenting them as credit facilities for third-party companies.
However, EFCC counsel Rotimi Oyedepo informed the court that First Bank, the nominal complainant, formally withdrew its petition after reaching an agreement with Otudeko. The Attorney General of the Federation approved the withdrawal under Section 180 of the Administration of Criminal Justice Act.
Otudeko’s legal team confirmed that the funds had been fully repaid and the matter amicably resolved. Honeywell Group said the development reaffirmed Otudeko’s integrity, noting that there was no admission of wrongdoing.
Speaking to reporters, Onasanya’s team said he had been vindicated and had always maintained his innocence. Onasanya attended every court session voluntarily to clear his name.
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