Skip to content
Sunday 26 April 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 3732 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The charge was withdrawn following submissions by EFCC counsel, Rotimi Oyedepo (SAN), who told the court that the matter had been amicably resolved between the nominal complainant,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

Man pays ₦900,000 to kidnap aunt who raised him

April 26, 20260
Crime

Gunmen kill traditional ruler, wife, son, 2 others

April 24, 20260
Crime

Former Governor Yahaya Bello wins defamation suit as court slams N1billion damages against Senator Natasha

April 24, 20260
Load more
Read also
Inside Akwa Ibom Today

inside the Hill top newspaper

February 9, 20250
International

BREAKING: Trump, wife narrowly escape assassination as gunman invades dinner party venue •US secret service begins probes •PHOTO

April 26, 20260
Crime

Man pays ₦900,000 to kidnap aunt who raised him

April 26, 20260
Business & Economy

FG moves to cut aviation fuel costs, support airlines

April 26, 20260
Sports

Premier League: Superlative Eze fires Arsenal back into top spot

April 26, 20260
Politics

2027: Ibadan summit not targeted at one man, says Governor Makinde

April 26, 20260
Politics

2027: Atiku, Obi, Makinde, others back move to support single candidate against Tinubu

April 26, 20260
Load more

inside the Hill top newspaper

February 9, 2025

BREAKING: Trump, wife narrowly escape assassination as gunman invades dinner party venue •US secret service begins probes •PHOTO

April 26, 2026

Man pays ₦900,000 to kidnap aunt who raised him

April 26, 2026

FG moves to cut aviation fuel costs, support airlines

April 26, 2026

Premier League: Superlative Eze fires Arsenal back into top spot

April 26, 2026

2027: Ibadan summit not targeted at one man, says Governor Makinde

April 26, 2026

inside the Hill top newspaper

0 Comments

BREAKING: Trump, wife narrowly escape assassination as gunman invades dinner party venue •US secret service begins probes •PHOTO

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

Alleged cybercrime: Court grants detained popular Nigerian singer, Speed Darlington N20 million bail

January 15, 2025
3

JUST IN: Nigeria’s Flamingos trounce South Africa, reach next round in 2025 U-17 Women’s World Cup

March 15, 2025
4

Orosun Festival kicks off in Ondo, showcases rich cultural heritage of Idanre people

June 18, 2025
5

Lawmakers’ monthly earnings can’t last more than 3 days – Former House of Reps Speaker Dogara

July 3, 2024
6

Isak ready for Liverpool switch on Premier League deadline day

September 1, 2025
Popular
1

inside the Hill top newspaper

February 9, 2025
2

Amaechi hungry for power, not food – Wike tackles ex-minister

June 2, 2025
3

8 factors that could make or mar Edo governorship election on Saturday

September 19, 2024
4

Tesla board to review pay deal for Elon Musk

May 14, 2025
5

Emirate tussle: Sanusi, Bayero hold parallel turbaning of Galadiman Kano

May 3, 2025
6

FG, states pardon over 8,300 prisoners

March 21, 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

Nigerians reserve right to vent anger against Tinubu over hardship, says presidential aide Bwala

April 14, 2026

Police arrest 2 for starving family member to death

December 5, 2023

Australia beat China 2-0 to take step nearer to World Cup

March 25, 2025

Celtic sack manager Nancy after six defeats in eight games

January 5, 2026
Top posts

Categories

  • News4475
  • Politics3922
  • Crime3808
  • International2667
  • Sports2198
  • Business & Economy2080
  • Headlines2046
  • Education1218
  • Matilda Showbiz868
  • Health774
  • Entertainment710
  • Africa437
  • Religion431
  • Environment314
  • Special257
  • Arts & Culture226
  • Hunger protests in Nigeria224
  • Info Tech212
  • Interview175
  • Inside Akwa Ibom Today166
  • Opinion144
  • EyeCare with Dr Priscilia Imade113
  • Advert30
  • Epistles of Anthony Kila19
  • Trends16
  • Local News4

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

designed by winnet services

  • Home
  • Advertise with us
  • Contact