The Economic and Financial Crimes Commission (EFCC) has formally withdrawn the 13-count charge filed before the Federal High Court in Lagos against Chief Oba Otudeko, CFR, Chairman of Honeywell Group, and three other defendants. This development brings a conclusive end to proceedings that began in January 2025 regarding alleged non-performing loan transactions.
The prominent industrialist and philanthropist had consistently expressed confidence in Nigeria's judicial system, maintaining from the beginning that the matter was civil in nature and had been fully resolved eight years ago.
Olasumbo Abolaji, Counsel to Honeywell Group, reaffirmed the company's dedication to good governance, transparency, and responsible corporate conduct in a statement following the withdrawal.
"Dr. Otudeko has for over six decades contributed to Nigeria's economic and institutional development, including distinguished tenures across banking, industry, and public service. His leadership of First Bank was defined by stability, stewardship, and strategic vision," she stated.
According to Honeywell Group, "The development marks the closure of a chapter that, while challenging, never diminished our confidence in Dr. Otudeko's integrity or our belief in the principles that have guided his life and leadership. At no point was there any finding or admission of wrongdoing, and this conclusion further affirms what we have always maintained: that this was a commercial transaction, which was investigated by the EFCC and resolved eight years ago."
During court proceedings, Rotimi Oyedepo, SAN, representing the EFCC, informed the court that following a comprehensive review of representations submitted by all relevant parties—including First Bank of Nigeria and defense counsel—the Attorney General of the Federation exercised constitutional discretion to discontinue the prosecution.
Citing the overriding interest of justice, public policy, and the need to prevent abuse of judicial process, Oyedepo explained that the Attorney-General concluded it was no longer in the public interest to pursue the matter.
This case withdrawal restores certainty to stakeholders across Nigeria's financial markets, reinforcing confidence in institutional processes and highlighting the checks and balances that protect commercial engagements in the country's business environment.
The resolution comes as a significant vindication for Otudeko, whose six-decade career spans contributions to banking, industry, and public service sectors in Nigeria. Throughout the proceedings, he maintained his innocence and emphasized the civil nature of the original dispute.
Financial analysts note that this outcome reinforces the importance of proper resolution mechanisms for commercial disputes and highlights the distinction between civil matters and criminal proceedings in Nigeria's business landscape.
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