Alleged N12.3bn Fraud: Court Adjourns EFCC’s Case Against Otudeko, Others To June 11 For Settlement/Arraignment

BY MICHAEL AKINOLA

Justice Chukwujekwu Aneke of the Federal High Court, Ikoyi, Lagos has adjourned proceedings to June 11, 2025, to allow continued settlement talks in a N12.3 billion fraud case filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Oba Otudeko, and three others.

The adjournment followed a report by lead defense counsel, Mr. Bode Olanipekun, SAN, indicating that negotiations toward an out-of-court settlement were still ongoing.

Otudeko, along with former First Bank Managing Director Olabisi Onasanya, ex-Honeywell board member Soji Akintayo, and Anchorage Leisure Ltd., is facing a 13-count charge in suit number FHC/L/20C/2025.

The charges involve the alleged fraudulent acquisition of N12.3 billion from First Bank under false pretenses.

The settlement efforts are being facilitated by the Attorney General of the Federation, who had previously met with the parties before the March 17 court session and encouraged an amicable resolution.

At the resumed hearing, the EFCC was represented by Mrs. Bilikisu Buhari-Bala, while Otudeko was represented by Olanipekun, SAN. Other defence counsel included Adeyinka Olumide-Fusika, SAN, for Onasanya; Tunde Afe Babalola, SAN, for Akintayo; and Dr. Charles Adeogun-Phillips, SAN, for Anchorage Leisure Ltd.

Babajide Koku, SAN, held a watching brief for First Bank, the nominal complainant.

Olanipekun requested a short adjournment to allow further time for the ongoing discussions. Buhari-Bala supported the request, noting that the next appearance would be used either to report a settlement or proceed with arraignment.

“In view of the submissions of the learned Silk (Olanipekun, SAN), we seek a new date for either arraignment or report of settlement,” she stated.

Justice Aneke granted the request and adjourned the matter to June 11, 2025.

According to the EFCC, the defendants allegedly conspired to fraudulently obtain N12.3 billion from First Bank by falsely representing the funds as credit facilities requested by V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.

The Commission claims that N5.2 billion was obtained in November 2013 in the name of V-TECH, while N6.2 billion was fraudulently acquired between 2013 and 2014 through similar representations involving Stallion Nigeria Ltd.