Skip to content
Tuesday 21 July 2026
  • Home
  • Advertise with us
  • Contact
The Frontier
Click to read
The Frontier
  • News
  • Crime
  • Politics
  • Headlines
  • Education
  • Health
  • Business & Economy
  • Sports
  • More
    • International
    • Religion
    • Entertainment
    • Info Tech
    • Matilda Showbiz
      • Gists
      • Music
      • Gossips
      • Oga MAT
      • Romance
    • Arts & Culture
    • Environment
    • Opinion
    • Features
    • Epistles of Anthony Kila
    • EyeCare with Dr Priscilia Imade
The Frontier
  • News
  • Crime
  • Politics
  • Religion
  • Headlines
  • Education
  • International
  • Business & Economy
  • Entertainment
  • Sports
  • Arts & Culture
  • Environment
  • Health
  • Matilda Showbiz
    • Gists
    • Music
    • Gossips
    • Oga MAT
    • Romance
  • Opinion
  • Epistles of Anthony Kila
  • EyeCare with Dr Priscilia Imade
  • Info Tech
  • Interview
The Frontier
Click to read
Crime
Crime

₦12.3 billion charge: Court strikes out charge against Oba Otudeko as EFCC withdraws case

The FrontierThe FrontierJuly 23, 2025 4782 Minutes read0

•EFCC operatives and Oba Otudeko

The Federal High Court sitting in Lagos, today, struck out the ₦12.3 billion charge filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Oba Otudeko, and three others.

The charge was withdrawn following submissions by EFCC counsel, Rotimi Oyedepo (SAN), who told the court that the matter had been amicably resolved between the nominal complainant, First Bank of Nigeria, and the first defendant, Otudeko.

Counsel to Otudeko, Bode Olanipekun (SAN), also told Justice Chukwujekwu Aneke that all issues leading to the charge had been resolved, reports Channels TV.

The EFCC counsel, Oyedepo, confirmed that both parties had indeed settled and the resolution had been formally communicated to the Attorney General of the Federation (AGF).

He referred to several correspondences between the parties and the AGF documenting the settlement terms. Oyedepo also stated that the first defendant had fully repaid the funds at the heart of the matter.

“In the interest of justice and to prevent abuse of the court process, the Attorney General has decided to discontinue the prosecution,” Oyedepo said.

He further explained that after the charge was filed, the AGF received applications from the defence proposing an amicable resolution. This led to a meeting convened by the AGF with all parties.

According to him, in a letter dated July 16, 2025, First Bank formally withdrew its complaint, confirming that the matter had been settled. On the same date, Otudeko’s counsel also wrote to the AGF affirming the settlement. A follow-up letter from First Bank on July 21 reiterated that the parties had resolved their differences and requested that the charge not be pursued.

“Upon thorough review of the allegations, and considering that the depositor funds involved in the charge have been fully recovered and returned to First Bank’s treasury, the AGF decided—under Section 180 of the ACJA—to withdraw the charge,” Oyedepo submitted.

All defence counsel, including Adeyinka Olumide-Fusika (SAN) for Onasanya, Tunde Afe Babalola (SAN) for Akintayo, and Charles Adeogun-Phillips (SAN) for Anchorage Leisure Ltd., confirmed that the matter had been amicably resolved.

In a brief ruling, Justice Aneke struck out the charge.

How It Began

The EFCC had filed a counter charge against Otudeko, former First Bank Managing Director, Olabisi Onasanya, former Honeywell board member, Soji Akintayo, and Anchorage Leisure Limited.

The prosecution alleged that the defendants conspired to fraudulently obtain ₦12.3 billion from First Bank by misrepresenting the funds as credit facilities requested by V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.

Tags
CourtEFCCOba Otudekostrikes
FacebookTwitterWhatsAppLinkedInEmailLink
Previous post Nigeria’s Super Falcons to play Morocco in Women’s Africa Cup of Nations final on Saturday
next post JUST IN: Results of common entrance exam into Unity Colleges released
Related posts
  • Related posts
  • More from author
Crime

EFCC clears Immigration boss Kemi Nandap of visa fraud probe

July 21, 20260
Crime

We didn’t allocate office space, deploy staff to ‘fake’ Presidential Council, says Head of Service

July 21, 20260
Crime

Legal team condemns call for extrajudicial killing of Nnamdi Kanu

July 21, 20260
Load more
Read also
Inside Akwa Ibom Today

inside the Hill top newspaper

February 9, 20250
International

Two Nigerians jailed for armed robbery in Kuwait

July 21, 20260
Business & Economy

‘Pure water’ producers in Oyo propose recycling scheme over total ban

July 21, 20260
Headlines

Throwback: I would rather stay at home than work for APC, says former Governor Fayose

July 21, 20260
News

Senate passes bill to rename NAICOM as Insurance Regulatory Commission

July 21, 20260
Africa

Xenophobia: House of Reps moves to document losses, seeks compensation for Nigerians in South Africa

July 21, 20260
Crime

EFCC clears Immigration boss Kemi Nandap of visa fraud probe

July 21, 20260
Load more

inside the Hill top newspaper

February 9, 2025

Two Nigerians jailed for armed robbery in Kuwait

July 21, 2026

‘Pure water’ producers in Oyo propose recycling scheme over total ban

July 21, 2026

Throwback: I would rather stay at home than work for APC, says former Governor Fayose

July 21, 2026

Senate passes bill to rename NAICOM as Insurance Regulatory Commission

July 21, 2026

Xenophobia: House of Reps moves to document losses, seeks compensation for Nigerians in South Africa

July 21, 2026

inside the Hill top newspaper

0 Comments

Two Nigerians jailed for armed robbery in Kuwait

0 Comments

5 burnt to death scooping fuel from fallen tanker

0 Comments

Naira slumps further as dollar scarcity bites harder

0 Comments

BREAKING: Appeal Court sacks Senate Minority Leader, orders election rerun

0 Comments

Again, Trump fined $10,000 for violating gag order

0 Comments

Follow us

FacebookLike our page
InstagramFollow us
YoutubeSubscribe to our channel
WhatsappContact us
Latest news
1

inside the Hill top newspaper

February 9, 2025
2

Osoba to FG: Encourage online institutions in Nigeria for better access to education

December 6, 2024
3

Turaki-led PDP banks on Supreme Court to end crisis •Accuses Tinubu of orchestrating crisis in party

March 31, 2026
4

Court remands woman over attempt to cut off boyfriend’s manhood

April 15, 2025
5

We won’t negotiate with criminals, capable of handling them – Kogi govt

December 2, 2025
6

Confab: Govt has treated youths like idiots, says Utomi

January 2, 2025
Popular
1

inside the Hill top newspaper

February 9, 2025
2

Hunger protest: Malnourished underage defendants fainting in court deliberate, scripted — Police

November 2, 2024
3

Former President Obasanjo welcomes Bishop Oyedepo to septuagenarian club on 70th birthday •VIDEO

September 27, 2024
4

Southwest security group demands release of kidnapped pupils, teachers, others in Oyo

July 3, 2026
5

Kogi govt closes markets, motor parks to flush out terrorists

February 9, 2026
6

2027: PDP threatens stiffer sanction against members endorsing Tinubu

August 8, 2025

About The Frontier

The Frontier is Nigeria’s leading online newspaper. It is published by Okims Media Links Limited headed by Sunny Okim, a veteran journalist who is widely known as The Grandmaster, fondly called so by colleagues and friends for being Nigeria’s pioneer movie journalist.

Most viewed

inside the Hill top newspaper

February 9, 2025

Senate set for debate over Trump’s genocide claims

November 4, 2025

David Mark to Tinubu: declare emergency on security

January 2, 2024

Woes for federal workers as govt fails to pay salary

February 2, 2024

HAPPENING NOW: Protest rocks Lagos over hardship, insecurity

June 12, 2026
Top posts

Categories

  • News4790
  • Politics4409
  • Crime4253
  • International2937
  • Sports2373
  • Business & Economy2222
  • Headlines2164
  • Education1334
  • Matilda Showbiz959
  • Health849
  • Entertainment778
  • Africa553
  • Religion474
  • Environment355
  • Special269
  • Info Tech236
  • Arts & Culture233
  • Hunger protests in Nigeria224
  • Inside Akwa Ibom Today194
  • Interview183
  • Opinion150
  • EyeCare with Dr Priscilia Imade126
  • World Cup 202692
  • Advert31
  • Epistles of Anthony Kila19
  • Trends19
  • Local News5

© 2026 The Frontier, Published by Okims Media Links Limited.

designed by winnet services

  • Home
  • Advertise with us
  • Contact