Court Dismisses N12.3bn Fraud Case Against Honeywell Chairman, Oba Otudeko, Others After EFCC Discontinuation 

The Federal High Court in Lagos on Wednesday dismissed the N12.3 billion fraud charges filed by the Economic and Financial Crimes Commission (EFCC) against Honeywell Group Chairman, Oba Otudeko, former First Bank MD, Olabisi Onasanya, and others.

The case was dropped after the EFCC informed the court that a settlement had been reached and the Attorney-General of the Federation approved the discontinuation.

Justice Chukwujekwu Aneke struck out the charges following confirmation from EFCC counsel Rotimi Oyedepo (SAN) that all parties had resolved the matter.

The defendants, including Otudeko, Onasanya, ex-Honeywell Flour Mills board member Soji Akintayo, and Anchorage Leisure Ltd, were accused of fraudulently obtaining N12.3 billion from First Bank between 2013 and 2014.

Earlier reports disclosed that the EFCC’s 13-count charge alleged the defendants secured N6.2 billion in loans under false pretenses for Stallion Nigeria Limited and failed to disclose Otudeko’s interest in a N6.15 billion facility for V-Tech Dynamics Links Limited.

At a previous hearing, Otudeko’s absence stalled his arraignment, with his lawyer, Wole Olanipekun (SAN), requesting more time for settlement talks. The court had insisted on taking the defendants’ pleas before hearing preliminary objections.

During Wednesday’s session, Otudeko’s counsel, Bode Olanipekun (SAN), confirmed the resolution of all disputes with First Bank, which the EFCC acknowledged.

Citing the Administration of Criminal Justice Act 2015, Oyedepo stated that discontinuing the case aligned with justice and public policy.

With no objections from other defense lawyers, Justice Aneke struck out the charges, closing the case.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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