Skip to content
Tuesday 25 August 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 5162 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The charge was withdrawn following submissions by EFCC counsel, Rotimi Oyedepo (SAN), who told the court that the matter had been amicably resolved between the nominal complainant,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

Drug war: Arrest alone can’t defeat traffickers — NDLEA boss Marwa tells global anti-crime experts

August 25, 20260
Crime

Tinubu orders immediate rescue of Niger mass abduction victims

August 25, 20260
Crime

Six nabbed, pregnant women and children rescued as Police burst baby factory

August 25, 20260
Load more
Read also
Inside Akwa Ibom Today

inside the Hill top newspaper

February 9, 20250
Headlines

BREAKING: American country music legend Dolly Parton is dead

August 25, 20260
Education

Nigeria must regulate AI before it’s too late — LASU don warns

August 25, 20260
Education

UNILAG appoints Felicia Ejiah as deputy director, Quality Assurance and Servicom Unit

August 25, 20260
Crime

Drug war: Arrest alone can’t defeat traffickers — NDLEA boss Marwa tells global anti-crime experts

August 25, 20260
News

FG announces new timeline to complete reconstruction of Carter Bridge in Lagos

August 25, 20260
News

2027: Yoruba Elders urge peaceful electoral campaigns, reaffirm commitment to development, security

August 25, 20260
Load more

inside the Hill top newspaper

February 9, 2025

BREAKING: American country music legend Dolly Parton is dead

August 25, 2026

Nigeria must regulate AI before it’s too late — LASU don warns

August 25, 2026

UNILAG appoints Felicia Ejiah as deputy director, Quality Assurance and Servicom Unit

August 25, 2026

Drug war: Arrest alone can’t defeat traffickers — NDLEA boss Marwa tells global anti-crime experts

August 25, 2026

FG announces new timeline to complete reconstruction of Carter Bridge in Lagos

August 25, 2026

inside the Hill top newspaper

0 Comments

BREAKING: American country music legend Dolly Parton is dead

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

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

SERAP sues Uba Sani, Wike, others over failure to account for N5.9 trillion, $4.6 billion loans

May 6, 2024
3

REVEALED: Kidnapped Oyo pupils, teachers still within national park corridor — Governor Makinde

June 12, 2026
4

UK-based lawyer begins process of renouncing Nigerian citizenship

July 10, 2026
5

SSANU declares indefinite strike over unpaid allowances in Taraba varsity

December 11, 2024
6

Varsity lecturers threaten fresh strike, says FG has destroyed trust on 2009 agreement

August 21, 2025
Popular
1

inside the Hill top newspaper

February 9, 2025
2

BREAKING: Police arrest ‘fake’ Presidential Council DG Adeyemi few hours after bench warrant issued by court

July 14, 2026
3

Despite ransom payment, kidnappers yet to release General Tsiga

March 18, 2025
4

Akpabio sets the tone as Tenth Senate enters final stretch, By Eseme Eyiboh

January 31, 2026
5

Award-winning actor earns visa to stay in France as mechanic

January 8, 2025
6

Body of Benchers sanctions 17 lawyers over professional misconduct

March 6, 2026

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

Youths set for massive protest in Abuja over undemocratic practices

July 19, 2026

2026 hajj: NAHCON concludes assessment of hotels, kitchens in Madinah

November 7, 2025

Guardiola predicts Man City will win Premier League

December 5, 2023

Don’t come back – South Africans threaten Super Eagles goalkeeper Nwabali

February 9, 2024
Top posts

Categories

  • News4947
  • Politics4606
  • Crime4417
  • International3053
  • Sports2464
  • Business & Economy2278
  • Headlines2228
  • Education1373
  • Matilda Showbiz991
  • Health881
  • Entertainment817
  • Africa579
  • Religion485
  • Environment368
  • Special277
  • Info Tech245
  • Arts & Culture240
  • Hunger protests in Nigeria224
  • Inside Akwa Ibom Today204
  • Interview186
  • Opinion153
  • EyeCare with Dr Priscilia Imade131
  • World Cup 202695
  • Advert34
  • Trends23
  • Epistles of Anthony Kila19
  • Local News5

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

designed by winnet services

  • Home
  • Advertise with us
  • Contact