EFCC withdraws case against Chairman of Honeywell Group, Oba Otudeko

The Economic and Financial Crimes Commission (EFCC) has formally withdrawn the 13-count charge filed before the Federal High Court in Lagos against Chief Oba Otudeko, Chairman of Honeywell Group, and three other defendants.

This marks a decisive conclusion to proceedings initiated in January 2025 regarding alleged non-performing loan transactions.

The foremost industrialist and philanthropist has long expressed confidence in the robustness of Nigeria’s judicial system, asserting from the outset that the matter was civil in nature and had been fully resolved eight years ago.

In a statement by Olasumbo Abolaji, Counsel to Honeywell Group, she reaffirmed the company’s unwavering commitment to good governance, transparency, and responsible corporate conduct: “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.”

According to the 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. Dr. Otudeko’s record of service, enterprise, and nation-building stands firm and unblemished.”

During the proceeding earlier today, Rotimi Oyedepo, SAN, appearing on behalf of EFCC, informed the court that following a comprehensive review of the representations submitted by all relevant parties, including those from the complainant, First Bank of Nigeria, and the defence counsel, the Attorney General of the Federation (AGF) has exercised his constitutional discretion to discontinue the prosecution.

Citing the overriding interest of justice, public policy, and the need to forestall abuse of judicial process, Mr. Oyedepo stated that the Attorney-General of the Federation concluded that it was no longer in the public interest to pursue the matter.

In a brief ruling today, Wednesday, July 23, 2025, Justice Chukwujekwu Aneke struck out the charge against Dr. Oba Otudeko.

The case withdrawal by the agency restores certainty to stakeholders across Nigeria’s financial markets, reinforcing confidence in institutional processes and highlighting the institutional checks that protect commercial engagements.