The Economic and Financial Crimes Commission (EFCC) has formally withdrawn the 13-count charge it filed against Oba Otudeko, chairman of Honeywell Group, and three others. The charges, related to alleged non-performing loan transactions, were pending before the Federal High Court in Lagos.
The matter, which began in January 2025, has now been discontinued following a review by the Attorney General of the Federation.
Rotimi Oyedepo, appearing for the EFCC, informed the court that the decision was made after considering submissions from all parties involved, including First Bank of Nigeria and the defence counsel.
He said the Attorney General exercised his constitutional powers to discontinue the case in the interest of justice, public policy, and to prevent an abuse of the judicial process.
Reacting to the news, Olasumbo Abolaji, Honeywell Group’s legal counsel, said the development reaffirms the company’s position that the case was a civil matter resolved eight years ago.
“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 said.
The group noted that at no point was there any finding or admission of wrongdoing.
“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,” the group said in a statement.
The company said the conclusion of the case reinforces its commitment to corporate governance and responsible business practices.
