Court Strikes Out N12.3 Billion Fraud Case Against Oba Otudeko
The Federal High Court in Ikoyi, Lagos, on Wednesday dismissed the ₦12.3 billion fraud case brought by the Economic and Financial Crimes Commission (EFCC) against Honeywell Group Chairman, Oba Otudeko, following the withdrawal of the case by the anti-graft agency.
Delivering the ruling, the trial judge, Chukwujekwu Aneke, gave the order after EFCC lawyer, Rotimi Oyedepo, who is a Senior Advocate of Nigeria (SAN), informed the court that the matter had been amicably resolved between the nominal complainant, First Bank of Nigeria, and the first defendant, Mr Otudeko.
The EFCC had filed a 13-count against Mr Otudeko; a former Managing Director of First Bank, Olabisi Onasanya; a former Honeywell board member, Soji Akintayo; and a firm, Anchorage Leisure Limited.
The defendants were accused of fraudulently obtaining N12.3 billion from First Bank by misrepresenting the funds as credit facilities requested by V-Tech Dynamic Links Ltd. and Stallion Nigeria Ltd between 2013 and 2014.
At Wednesday’s proceedings, Mr Otudeko’s lawyer, Bode Olanipekun, also a SAN, told the court that all issues leading to the charge had been resolved.
Mr Oyedepo, representing the EFCC, confirmed this and said the resolution was formally communicated to the Attorney General of the Federation (AGF).
He referenced a letter dated 16 July in which First Bank formally withdrew its complaint and a follow-up letter on 21 July reiterating that the parties had fully resolved their differences.
Mr Oyedepo added that Mr Otudeko had refunded the disputed funds to First Bank.
“In the interest of justice and to prevent abuse of the court process, the Attorney General has decided to discontinue the prosecution,” Mr Oyedepo submitted, citing Section 180 of the Administration of Criminal Justice Act (ACJA).
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